Today’s Mortgage Rates updated as of October 18, 2025 5:47 am
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
At Citadel Mortgages, we understand the unique financial needs of purchasing a mini home, modular home, or property on leased land. Whether you’re investing in an affordable housing solution, customizing a modular design, or leasing land in a mobile home park, our tailored mortgage options make your dream home a reality.
Whether you’re a first-time homebuyer, refinancing, or renewing your mortgage, understanding current trends and available options helps you make informed financial decisions.
Mortgage brokers play a pivotal role in helping Canadians find tailored financing options, providing expert advice, and navigating the often complex mortgage market.
For more detailed information on mortgage types, costs, and rights, consult the Government of Canada – Financial Consumer Agency of Canada (FCAC).
Mini homes, also referred to as mobile homes, are prefabricated structures that can be placed on leased land or within mobile home parks. These homes are typically compact, cost-efficient, and easy to maintain. Mini homes are ideal for first-time buyers, retirees, or anyone seeking affordable housing options.
Modular homes are built in sections at an off-site facility and then assembled on a permanent foundation. These homes meet or exceed local building codes, offering customizable designs and faster construction times. Modular homes are perfect for buyers looking for a balance between affordability and high-quality construction.
Leased land refers to land that is rented rather than owned, commonly found in mobile home parks or planned communities. Leasing land significantly lowers the upfront cost of homeownership, making it an attractive option for those buying mini homes or modular homes.
Learn more about today’s best mortgage rates in Canada.
Affordability
Customization
Energy Efficiency
Faster Construction
Portability
If the home is on owned land with title and deed, many banks and credit unions treat it like a standard mortgage.
If the home is on leased land, mobile home parks, or resort property, lenders may classify it as personal property. This requires a chattel loan with different rates and terms.
If your modular home meets building codes and is on a permanent foundation, Canada Mortgage and Housing Corporation (CMHC) and other insurers may allow insured financing. Learn more at CMHC »
Using a mortgage broker that has access to some of the lowest mortgage rates in Canada, is key to ensure you have the best approval rate.
Mortgage approval depends on the type and length of lease:
✅ Crown (Government) Land → If the lease is 99+ years, most lenders accept it.
✅ Private Lease Land → If the lease is longer than the amortization + term combined, financing works in most cases.
Example: 25-year amortization + 5-year term = 30 years total → lease must be at least 35 years.
❌ Short-Term Leases (month-to-month or yearly) → Not always acceptable. Very few Lenders offer this as they cannot secure the land.
⚖️ Tribal Land → Requires written approval from the Chief and community before financing is considered. See Indigenous Services Canada »
| Metric | 1-Year Fixed | National Average |
|---|---|---|
| Average Rate (2024) | 5.75% | 5.50% – 6.50% |
| Typical Loan Size | $360,000 | $390,000 |
| Approval Time | 3–5 Business Days | 3–7 Business Days |
| Property Type | Financing Option | Requirements |
|---|---|---|
| Home on owned land | Traditional Mortgage | Meets lender credit & income guidelines |
| Home on leased land | Chattel Mortgage | Lease term longer than mortgage + amort. |
| Home on Crown land | Traditional / Insured | Lease 99+ years |
| Home on tribal land | Special Approval | Chief/community approval required |
While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
Good Credit Score
Stable Income
Down Payment
Appraisal
Location
Access to Competitive Rates
Flexible Financing Solutions
Fast Pre-Approvals
Personalized Advice
Partnerships with Leading Lenders
We compare mortgage rates from top lenders, including BMO mortgage rates, CIBC mortgage rates, RBC mortgage rates, TD Bank Mortgage Rates, and MCAP mortgage rates, alongside our exclusive Citadel Smart Home Plan mortgage rates. Let us simplify the process and help you secure approval quickly and stress-free!
At Citadel Mortgages, we recognize how important it is to stay informed about changing mortgage interest rates. Whether you’re purchasing your first home, refinancing, or renewing your mortgage, we’re here to guide you through the process with solutions that suit your financial needs, even in fluctuating rate environments.
From fixed to variable rates, we offer tailored solutions that help you secure the most competitive interest rates for your situation.
Our team monitors the Canadian mortgage market to provide insights on current rates, helping you make informed decisions.
We focus on finding solutions, even if you’ve faced credit challenges or financial setbacks.
Income constraints shouldn’t hold you back. We specialize in making homeownership accessible for Canadians in various financial situations.
Enjoy a smooth experience with quick approvals and clear communication every step of the way.
Secure today’s interest rates to avoid surprises if rates increase before your mortgage closes.
Consolidate high-interest debt into a single, lower-interest mortgage payment, saving you money and simplifying your finances.
Choose flexible payment terms that fit your budget, whether you prefer the stability of a fixed rate or the potential savings of a variable rate.
Refinance your mortgage to tap into your home’s equity for renovations, debt consolidation, or investment opportunities.
Yes, chattel mortgages are available for mini homes on leased land or in mobile home parks
Yes, if the home is placed on a permanent foundation and owned land, it qualifies for traditional financing.
Yes, many provinces offer rebates for energy-efficient modular homes. Check local programs for details.
Down payments typically range from 5% to 20%, depending on the loan type and whether it’s CMHC-insured.
Yes, if it meets code and is on owned land. Lease land requires special lender approval.
It’s a loan for personal property (like modular homes on leased land).
Yes, if the lease is 99 years or longer.
Yes, but financing requires Chief approval under Indigenous Services Canada.
Financing will likely be declined. Lenders require the lease to extend beyond the mortgage amortization and term combined.
Use our mortgage calculator to gain a clearer picture of what you can expect in terms of monthly payments, interest costs, and amortization schedules. Simply input your loan amount, interest rate, and amortization period to get started. This tool provides estimates to help you make informed decisions as you explore different mortgage options.
Mini and modular homes offer affordable, efficient, and flexible housing options for Canadians. At Citadel Mortgages, we simplify the financing process, providing expert advice and access to competitive rates. Whether you’re purchasing a mini home in a mobile park or building a customized modular home, our team is here to help you achieve your homeownership goals.
At Citadel Mortgages, we specialize in helping Canadians navigate the complexities of mortgage rates and terms. Whether you’re looking for a 6-month fixed rate, a 5-year variable, or something in between, our team is here to provide personalized guidance and access to the best rates in Canada.
At Citadel Mortgages, we pride ourselves on offering expert, client-focused mortgage solutions that stand out in the industry. Here’s why you should choose us:
Our mortgage brokers are licensed and certified across multiple provinces, providing exceptional advice and service tailored to your unique needs. Our mortgage brokers are committed to delivering the highest standards of professionalism and expertise.
Unlike traditional commission-based models, our mortgage agents are evaluated based on client satisfaction and the quality of their advice. This ensures that you receive impartial guidance on the best mortgage options for your situation.
Citadel Mortgages offers competitive rates that help you save money over the life of your mortgage. Our team works diligently to find the most favorable terms to suit your financial goals.
We are dedicated to transforming the mortgage industry by offering a transparent, seamless process. Our 100% digital platform ensures that you can manage your mortgage application from start to finish with ease and confidence.
At Citadel Mortgages, our mission is to provide a positive, empowering, and transparent property financing experience. We simplify the mortgage process to make it as straightforward and stress-free as possible.
For personalized advice and the best mortgage rates in Toronto, contact our licensed and knowledgeable mortgage experts at Citadel Mortgages.
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