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Top 5 Big
Bank Rates

The top 5 big bank rates all in one easy-to-view table. See their rates then beat their rates (or get $500) with nesto’s low rate guarantee.

*Toronto rates

Average Bank Posted Mortgage
Rate History

Let’s time travel. Below you can see the history of bank posted mortgage rates and where they’ve stood throughout the years.

YearMortgage
5 Year
Mortgage
3 Year
Mortgage
1 Year
Prime
Rate
20225.24%5.39%5.44%%
20214.79%3.49%2.79%2.45%
20204.94%3.89%3.19%2.45%
20195.34%4.29%3.64%3.95%
20185.34%4.29%3.49%3.95%
20174.64%3.39%3.14%3.20%
20164.64%3.39%3.14%2.70%
20154.64%3.39%2.89%2.70%
20144.79%3.75%3.14%3.00%
20135.24%3.73%3.14%3.00%
20125.24%3.95%3.20%3.00%
20115.39%4.35%3.50%3.00%
20105.42%4.15%3.55%3.00%
20095.79%4.45%3.80%2.25%
20087.15%7.00%6.95%3.50%
20077.19%7.30%7.05%6.00%
*Most Recent Prime Rate Shown

How to Compare Bank Rates from Big Banks

Looking to get a mortgage from one of the big Canadian banks? There are a number of things to keep in mind when researching a mortgage with a conventional, or A-lender. The best way to compare rates is to see which rate is the lowest first. A lower interest rate on your mortgage could reduce your monthly repayments, and the total amount of interest you pay back over the lifetime of your loan. From there, the next step involves a little more digging into the lender and the mortgage you want. Our guides on Mortgage Basics will help take you through the process and explain the fundamentals.

Compare TD Bank Mortgage Rates

TD is one of Canada’s longest-running and biggest banks. As part of the Big 5 Banks (or Big 6, depending on who you ask), TD is a conventional lender with strict lending guidelines and a number of residential mortgage products. Here’s a breakdown of TD’s mortgage process and what makes them unique.

  • 120-day rate hold. Once pre-approved, TD will give you a 120-day rate hold. This holds the interest rate on your pre-approval term for 120 days, subject to all conditions, even if interest rates change.
  • TD’s online mortgage pre-approval process lets you know how much you can afford. The process is straightforward and covers many of the same document requirements for a mortgage as nesto.
  • Features of TD’s 5-step pre-approval process include an immediate response to your online application, zero credit score impact when you submit online, and a rate hold of 120 days.

Compare TD Bank Mortgage Rates

Six-Month Convertible Mortgage.

This fixed-rate, six month convertible mortgage from TD lets you to convert your mortgage to a longer-term closed mortgage at any time within the first 6 months, at zero cost. It comes with a range of repayment schedules from weekly to monthly, and there’s flexibility for prepayment and payment increase options throughout the term.

High Ratio Mortgage.

All TD mortgages are available either as a conventional or high ratio mortgage, giving you flexibility about how frequently and for how long you want to make payments. A high ratio mortgage is a loan higher than 80% of the lending value of the property.

Multi-unit Residential Mortgage.

A specialist loan for people wishing to buy a building with five or more rental units or invest in more property. TD’s multi-unit mortgage gives flexibility and custom financing for investors and corporations. The loan is designed for people looking for finance of up to 75% of the property’s appraised value. It can be used to activate existing equity for personal or investment use, e.g. to diversify real estate holdings.

Agricultural Mortgages.

TD has a dedicated team of agriculture specialists who help farmers get a mortgage. Typically, agriculture mortgages are used to expand or buy farmland or other capital projects related to farm operation, like equipment or livestock. TD offer customized terms and payment options, fixed or floating rate loans, and annual prepayment options for fixed rate loans.

Compare RBC Mortgage Rates

RBC is another long-standing Big Five Canadian bank, with a global reach and solid, consistent financial performance. RBC has a range of conventional lending products to suit many different financial needs, from residential to commercial. Here’s an overview of RBC’s rate hold length and mortgage approval process.

  • 120 day rate hold. RBC also offers an 120 day rate hold for most mortgages once you’re approved.
  • Mortgage process. RBC recommends pairing up with an RBC Mortgage Specialist to help you figure out your finances and goals. Their specialists work flexible hours and have access to professionals like lawyers, realtors, and accountants, who can help you in the home buying process. From there, RBC has a relatively straightforward online pre-approval process, which will show you how much mortgage you can qualify for before you go house hunting. RBC’s pre-approval typically lasts for 60-120 days, with a rate hold guaranteed for that time. 

RBC Bank Mortgage Products

Fixed rate.

RBC offers a range of closed, open and convertible fixed rate mortgages, so you can select a term that provides the rate and level of security that works best. RBC are currently offering special rates on 2, 3, and 5 year fixed rate closed term mortgages.

Variable rate.

RBC’s variable rate mortgages are convertible, meaning they can be converted to another term at any time, giving borrowers greater flexibility. This includes switching to a longer closed term if your variable rate no longer suits your needs.

RBC Homeline Plan®

The RBC Homeline Plan combines an RBC Mortgage and Credit Line into one product that allows borrowers to access the equity in their home. It provides flexible access to credit at a low interest rate, with flexible repayment options


CashBack Mortgage.

RBC®’s Cash Back Mortgage allows you to take out cash you need to help pay land transfer taxes, lawyer’s fees, moving costs, closing costs and other expenses.

Compare CIBC Mortgage Rates

CIBC, who recently rebranded to connect with their customer base, have made an effort to provide more flexible and diverse mortgage products in recent years. Here’s a breakdown of their rates and solutions.

  • Up to 120 day rate hold.
  • Mortgage process. CIBC recommends working with one of their Mortgage Advisors to help you through the approval process. Like other Big 5 Banks, CIBC has an online application process that begins with pre-approval, and aim to have you hear back from an advisor within 1 business day.

CIBC Bank Mortgage Products

Fixed rate.

CIBC offer closed, open, and convertible fixed rate mortgages. Closed and convertible mortgages have up to 10% prepayment options, and the open mortgage allows you to prepay part of all of your mortgage. Payment terms include weekly, bi-weekly, semi-monthly or monthly.

Variable rate.

CIBC offer their Variable Flex Mortgage® and a Variable Open Rate mortgage. The Variable Flex Mortgage® has a low variable interest rate with the flexibility of higher prepayment privileges. The Variable Open Rate mortgage is a standar variable rate style term that lets borrowers capitalize on changing interest rates and flexible payment options.

5% Cash Back.

This is offered on CIBC’s Fixed Rate Closed Mortgage and Variable Flex Mortgage®, and is dependent on your mortgage amount and term.



Home Power Mortgage.

CIBC’s Home Power Mortgage is a refinancing package that lets you use your home equity to borrow more money on your mortgage. CIBC’s Home Power Mortgage lets you borrow up to 80% of the value of your home, with competitive interest rates.

Compare HSBC Mortgage Rates

While it’s not considered one of the big Canadian banks, HSBC is a global bank with offices around the world. With its headquarters in London, England, HSBC has become a popular bank for Canadian residents looking to get mortgages. Here’s a breakdown of their rates and offerings.

  • 120 day rate hold. Most HSBC residential mortgages come with an up to 120 day rate hold once pre-approved.
  • Mortgage process. Speak to an HSBC mortgage specialist to get started, or apply online to get pre-qualified. Typically, you’ll require the same documents as you would with other conventional lenders, like proof of employment, SIN number, personal tax returns, bank account information, credit history, and financial statements if self employed.

HSBC Bank Mortgage Products

HSBC Traditional (Residential) Mortgage.

This is HSBC’s basic mortgage solution, designed for first-time homebuyers, or if you have limited down payment options and want to build equity in your home. It includes flexible early payment options up to 20% of the original mortgage amount.

HSBC Power Equity Mortgage.

Similar to other home equity mortgages from different lenders, HSBC’s Equity Power Mortgage lets you access up to 80% of the value of your home to renovate, consolidate debt, travel, or make other major purchases. Comes in fixed and variable term options.

HSBC Home Equity Line of Credit

HSBC offers a Home Equity Line of Credit (HELOC). These are revolving lines of credit that let you access cash whenever you need it, as much or as little as you need. You only pay interest on the amount you actually use with HELOCs, so they’re often a flexible solution for cash flow purposes.

Compare ScotiaBank Mortgage Rates

Scotiabank is another of the large Big Five banks in Canada, with branches and offices across the country. They are a well-known bank with millions of customers, and the usual range of conventional mortgage products, similar to other big banks.

  • 120 day rate hold.
  • Mortgage process. Scotiabank pairs you with local mortgage Advisors through their online portal. Scotiabank lets applicants apply online through their eHome website, as well as searching for a home.

ScotiaBank Mortgage Products

Fixed Rate Mortgage.

Scotiabank offers both closed term and short term / open fixed rate mortgages. Their closed term mortgages can be anywhere from 1-10 years, and open rate mortgages can be 6 months or a year, with flexible closed term mortgages also offered at 6 month terms.

Variable Rate Mortgage.

Scotiabank offer a range of variable rate mortgages, including:

  • Scotia Ultimate Variable Rate Mortgage – 3 Year Closed Term
  • Scotia Flex Value Mortgage-Closed 5 Year Term
  • Scotia Flex Value Mortgage-Open 5 Year Term


Each of these comes with different term lengths and payment options, depending on your goals.

Scotia Total Equity Plan (STEP)

STEP is essentially a flexible borrowing plan against the value of your home (up to 80%), similar to other home equity programs from other banks.

Posted Rates vs Best Rates

Be mindful not to confuse posted rates from the banks and the best rates available. If you choose to go with a mortgage broker, you may be able to get a better rate on your mortgage, as they have relationships with lenders and are incentivised to find quality candidates for borrowing. 

Generally, posted rates to retail customers looking for residential mortgages, online and in store, are often less favorable than the best rates out there. In addition, posted rates are often up to a full percentage point more than the rates banks are willing to offer to suitable borrowers, so it’s worth talking with your advisor and seeing if there’s room to negotiate.

Bank Rates vs. Broker Rates

Mortgage brokers have relationships with many lenders, and access to lower rates through the lenders they work with. Generally, mortgage brokers are able to get better rates for applicants they work with, since they do much of the leg work to get borrowers ready during the pre-approval process, thereby vetting candidates before they even reach the lenders. Brokers are incentivized by banks and other lenders to secure customers. As such, broker rates are typically more favorable than the banks posted rates. It’s worth speaking to both banks and brokers to see what they can offer in terms of rates, since your mortgage payments will be affected in the thousands if you can find a lower rate before you sign. 

Renewal Process with Big Banks

One of the most common questions people ask about the renewal process with the Big Banks is this: do I have to renew my mortgage with my current bank? The answer? No. You have the choice to renew at the end of your term with any bank or mortgage provider. If you decide to renew your mortgage before your term has expired, this is known as refinancing. Refinancing involves breaking your term early and potentially paying significant prepayment penalties. However, if you’re just looking to renew your mortgage, waiting until the end of your term allows you to renew with your current lender or a completely new lender. 


At nesto, we help you find the best rates available on your mortgage, and we also lend directly. Our simple renewal process guide explains in more detail how to renew your mortgage with a new lender. To get started and renew your mortgage with nesto, start by finding the best rate available near you, at least a couple months before your current term is due to expire. Once you’ve found a solution you’re interested in, simply get in touch and a mortgage advisor will help you through the process. Renewing with nesto is a simple, hassle-free process that could save you thousands over the lifetime of your mortgage compared to the Big Banks.

Frequently Asked Questions

Here are the most commonly asked questions about the big banks and mortgage rates in Canada right now.

Do big banks offer better mortgage rates?

Big Banks, or A-lenders, as they’re sometimes known, offer a range of mortgage solutions for different financial situations. Big banks can offer competitive rates, but this also comes with more stringent lending criteria and approval processes. It’s worth comparing the rates from the Big 6 Banks in Canada to see which rates you can find, or looking into using a mortgage broker who can help you find rates not usually available to retail customers.

What was the all-time highest mortgage rate in Canada?

In 1982, the posted rate for a 5-year fixed term mortgage was a staggering 19.25%. The 1980s, particularly the early 80s, saw rampant inflation, and interest rates in turn were increased to slow the swell of huge price increases. While rates have increased recently for a similar reason, inflation is not quite as high as it was in the 1980s, and it’s unlikely we’ll see rates climb to these levels again any time soon.

Do Different banks offer different mortgage rates?

While banks try to stay competitive with their posted rates, there’s always variance between what they offer. Conventional lenders provide similar interest rates on standard mortgage products, but often have a range of other lending products that serve different customers, with different rates. Lenders also have different approval criteria, and this may be reflected in their rates. At nesto, we help you compare the best rates from all of the Big Banks, and we also lend directly.

Can you negotiate a mortgage rate?

While banks have posted rates online and in store, often they may be willing to negotiate a better rate with suitable candidates. It also helps to work with a mortgage broker, who can negotiate with lenders on your behalf and may have relationships with lenders that give them access to better rates than those posted for the general public.

Final Thoughts

The Big Five (or Big Six) Canadian banks offer comparable solutions and mortgage rates for many different financial situations. From fixed rate mortgages to HELOCs, conventional lenders like CIBC, RBC, and the other Big Banks, use the help of mortgage advisors and online applications processes to make applying for a mortgage easier. Ultimately, Big Banks may not have the most competitive rates available to the public, so it’s worth looking a little deeper when searching for your mortgage. To speak to one of our mortgage professionals today, get in touch, and we’ll help you find the best rate possible.

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