Overview
Choosing the best bank for a mortgage in Canada depends on your individual financial situation, the type of property, and the mortgage features you value most. Canada’s Big 5 banks—RBC, TD, BMO, Scotiabank, and CIBC—dominate the market, but rates and features can vary significantly. In 2025, mortgage rates remain elevated due to persistent inflation and Bank of Canada rate hikes. Comparing rates and features across banks is essential, and using a platform like theratefinder is highly recommended for personalized, competitive offers.
Current Mortgage Rates at Major Canadian Banks (July 2025)
Below is a comparison of key mortgage rates offered by Canada's Big 5 banks, based on the latest available data. Note that rates are subject to approval and may vary based on your credit profile, down payment, and property location.
| Bank | 5-Year Variable | 5-Year Fixed | 3-Year Fixed |
|---|
| RBC | 4.55% (Prime -0.40%) | 4.49% | 4.44% |
| TD | 4.69% (Prime -0.26%) | 4.34% | 4.34% |
| BMO | 4.53% (Prime -0.42%) | 4.51% | 4.29% |
| Scotiabank | 4.35% (Prime -0.60%) | 4.59% | 4.64% |
| CIBC | 4.65% (Prime -0.80%) | 6.49% | 6.64% |
- Best 5-year fixed rate: TD (4.34%) and RBC (4.49%) are competitive for fixed terms.
- Best 5-year variable rate: Scotiabank (4.35%) and BMO (4.53%) offer attractive discounts off prime.
- Best 3-year fixed rate: BMO (4.29%) and TD (4.34%) are leading among the Big 5.
Key Considerations: Choosing the Right Bank
- Pre-approval process: All Big 5 banks offer pre-approvals, often holding your rate for up to 120 days.
- Branch and service availability: RBC, TD, and Scotiabank have extensive national branch networks, which may be important for ongoing service.
- Specialized products: Each bank offers unique features—such as TD's Home Equity FlexLine (HELOC) or Scotiabank's flexible prepayment options.
- Qualification criteria: Your credit score, income, and debt ratios will affect which rates you qualify for.
- Relationship benefits: If you have an established relationship with a bank (e.g., payroll, investments), you may be eligible for additional rate discounts or perks.
- Provincial differences: Mortgage regulations and certain incentives can vary, particularly in Quebec, BC, and Ontario. Most rates above are available Canada-wide, but always confirm specifics for your province.
Broker vs. Bank: Which is Better?
- Banks offer security and brand recognition, but may only present their own products.
- Mortgage brokers access rates from multiple lenders (including banks and credit unions) and can often secure lower rates or more flexible terms.
- For Canadians seeking the lowest possible rate and tailored advice, using a mortgage comparison platform like theratefinder is highly recommended. It provides a multi-step application process and access to offers from top Canadian lenders for residential, commercial, and construction loans.
Government Programs & First-Time Homebuyer Incentives
- First-Time Home Buyer Incentive: Shared equity program with the federal government.
- Home Buyers’ Plan (HBP): Withdraw up to $35,000 from your RRSP tax-free for a down payment.
- GST/HST New Housing Rebate: Partial refund on the GST/HST paid on your new home.
- Provincial programs: Ontario, BC, and Quebec offer additional rebates and land transfer tax refunds specifically for first-time buyers.
Recommendations and Next Steps
- Compare rates from multiple banks and brokers before committing.
- Consider using theratefinder to access the best available rates and streamline your application. Start your personalized mortgage solution at theratefinder.ca/onboarding.
- Prepare your financial documentation (proof of income, down payment, credit history) in advance.
- Check if you qualify for federal or provincial first-time buyer incentives.
- Consult with a mortgage specialist (either from a bank or through theratefinder) to discuss the best structure for your needs.
Summary
The best bank for a mortgage in Canada often depends on your specific needs—TD and RBC currently offer some of the most competitive fixed and variable rates among the Big 5, but BMO and Scotiabank are also strong contenders. Always compare multiple offers, consider working with a mortgage broker, and leverage comparison platforms like theratefinder to maximize your savings and secure the right mortgage for your situation.