Compare Equitable Bank Mortgage Rates in Canada
Compare Equitable Bank Mortgage Rates in Canada
Equitable Bank is a Canadian bank that offers personal, residential, and commercial real estate lending through mortgage brokers and digital banking solutions through its direct banking brand, EQ Bank. If you’re looking to compare mortgages and mortgage products from Equitable Bank, look no further. This post will help you see where Equitable Bank stacks up in its rate offerings and products compared to other major Canadian banks.
Key Highlights
- Equitable Bank, or EQ Bank as it is also known through its digital platform, is a digital challenger bank that specializes in personal banking and consumer lending for Canadians.
- Equitable Bank is Canada’s 7th-largest Schedule I bank and is considered an A and B Lender.
- Equitable Bank mortgage rates are competitive with those of other big banks and lenders. However, your personal financial situation will often determine the lowest rate you qualify for.
Compare Equitable Bank Mortgage Rates
Equitable Bank’s mortgage rates can be found on their website. However, if you want to compare these to hundreds of other lenders instantly and find the best rate possible, check out our mortgage rate comparison. Finding the best rate possible for your situation will help you save money over the lifetime of your loan and make borrowing a whole lot easier. Here’s a breakdown of how Equitable Bank’s rates stack up against other lenders in Canada.
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How to Compare Bank Rates From Big Banks
Although Equitable Bank is not considered one of Canada’s Big 5 Banks, it is a Schedule I bank. This means that it is a federally regulated financial institution and would be considered an A-lender or conventional lender. When comparing rates from larger lenders like Equitable Bank or the Big Five, you should focus on finding the best rate possible. The easiest way to do this is to compare the best rates simultaneously.
As part of our low rate guarantee, if you find a rate from Equitable Bank or another conventional lender you like, nesto will guarantee to match or beat it (or you could get $500).
Equitable Bank Overview & Stock Information
Branding itself as ‘Canada’s Challenger Bank,’ Equitable Bank is the seventh-largest bank in the country by assets and serves over 700,000 customers. It is part of EQB Inc., which has over $132 billion in combined assets under management and administration (as of January 31, 2025). Founded in 1970 as The Equitable Trust Company, Equitable Bank offers clients a range of consumer, personal, and commercial solutions, including through its digital platform EQ Bank.
Stock information
- Listed on the Toronto Stock Exchange: EQB.TO
Equitable Bank Prime Rate
As of Friday, May 23, 2025, Equitable Bank’s prime rate is
Here’s a snapshot of the Prime Rate over time.
*Most Recent Prime Rate Shown
Source: BankofCanada.ca
Equitable Bank 5-Year Fixed and Variable Rate History
Below is a breakdown of Equitable Bank’s 5-year rates over the last couple of years. Equitable Bank’s rates have generally followed the trends of other conventional A-lenders over the last few years. Rates are expected to change in line with Bank of Canada’s interest rate decisions.
We don’t track historical rates at Equitable Bank. 5-year mortgage rates are the most popular rates in Canada, with people switching between fixed and variable depending on market trends. Analyzing the Bank of Canada chart below can help you choose between a fixed or variable 5-year mortgage rate in today’s market.
Bank of Canada Policy & Prime Rate Changes
| Date of Rate Change | Key Overnight Target Rate (%) | Change (%) | Bank Prime Rate |
|---|---|---|---|
| June 2, 2010 | 0.30% | 0.25% | 2.50% |
| July 21, 2010 | 0.55% | 0.25% | 2.75% |
| September 9, 2010 | 0.80% | 0.25% | 3.00% |
| January 28, 2015 | 0.65% | -0.15% | 2.85% |
| July 16, 2015 | 0.50% | -0.15% | 2.70% |
| July 13, 2017 | 0.75% | 0.25% | 2.95% |
| September 7, 2017 | 1.00% | 0.25% | 3.20% |
| January 18, 2018 | 1.25% | 0.25% | 3.45% |
| July 12, 2018 | 1.50% | 0.25% | 3.70% |
| October 25, 2018 | 1.75% | 0.25% | 3.95% |
| March 5, 2020 | 1.25% | -0.50% | 3.45% |
| March 17, 2020 | 0.75% | -0.50% | 2.95% |
| March 30, 2020 | 0.25% | -0.50% | 2.45% |
| March 3, 2022 | 0.50% | 0.25% | 2.70% |
| April 14, 2022 | 1.00% | 0.50% | 3.20% |
| June 2, 2022 | 1.50% | 0.50% | 3.70% |
| July 14, 2022 | 2.50% | 1.00% | 4.70% |
| September 7, 2022 | 3.25% | 0.75% | 5.45% |
| October 26, 2022 | 3.75% | 0.50% | 5.95% |
| December 7, 2022 | 4.25% | 0.50% | 6.45% |
| January 25, 2023 | 4.50% | 0.25% | 6.70% |
| March 8, 2023 | 4.50% | 0.00% | 6.70% |
| April 12, 2023 | 4.50% | 0.00% | 6.70% |
| June 7, 2023 | 4.75% | 0.25% | 6.95% |
| July 12, 2023 | 5.00% | 0.25% | 7.20% |
| September 6, 2023 | 5.00% | 0.00% | 7.20% |
| October 25, 2023 | 5.00% | 0.00% | 7.20% |
| December 6, 2023 | 5.00% | 0.00% | 7.20% |
| January 24, 2024 | 5.00% | 0.00% | 7.20% |
| March 6, 2024 | 5.00% | 0.00% | 7.20% |
| April 10, 2024 | 5.00% | 0.00% | 7.20% |
| June 5, 2024 | 4.75% | 0.25% | 6.95% |
You can learn more about this topic by understanding how the Bank of Canada Policy Rate works.
Equitable Bank Mortgage Products
Equitable Bank offers a range of mortgage products for consumer borrowers, including fixed and adjustable-rate mortgages. It is also one of only two banks in Canada to offer reverse mortgages. Additionally, Equitable Bank offers several mortgage solutions for alternative income situations, such as individuals who are salaried with a commission and those who are self-employed.
EQB Evolution Suite®
Equitable Bank’s EQB Evolution Suite® encompasses a range of prime mortgage solutions that appeal to a wide range of borrowers, from salaried workers to those who earn commission, are self-employed, investors looking to acquire rental properties, newcomers to Canada, and those purchasing second or vacation homes.
Reverse Mortgage
A reverse mortgage lets you convert some of the equity in your home into cash without having to sell. Equitable Bank’s reverse mortgage offering allows you to borrow up to 59% of your home’s value if you reside in Ontario, Québec, British Columbia, or Alberta and are 55+. With a reverse mortgage with Equitable Bank, you retain 100% ownership of your home and can use your home equity however you wish. Common use-cases include: paying off traditional mortgages with the proceeds from the reverse mortgage to manage monthly cashflow, supplementing retirement income and covering unexpected expenses.
Equitable Bank Home Equity Line of Credit (HELOC)
Equitable Bank also offers a popular lending product known as a Home Equity Line of Credit (HELOC). A HELOC is a revolving line of credit that lets you borrow against your home’s equity. HELOCs accrue interest only on money you spend, much like other revolving lines of credit or credit cards. Equitable Bank’s HELOC is similar to most conventional HELOCs, a common way to borrow against your home’s equity.
Equitable Bank’s HELOC offers several options for people looking to unlock equity in their residential property. You can combine the HELOC with your first mortgage, or apply for the Equitable Bank HELOC if you have an existing mortgage with them. You can also use your Equitable Bank HELOC funds to pay out your existing mortgage if you already have one elsewhere.
Equitable Bank Mortgage Payment Increases
Mortgage prepayment is a situation in which a borrower pays off some or all of their mortgage early. Each lender has its own allowances for prepayment and its own penalties for breaking the mortgage early through prepayment.
Equitable Bank provides prepayment privileges on all its mortgage products, including making a lump sum payment up to a certain percentage of your original principal balance or increasing your regular payments by a certain amount. These privileges depend on the type of mortgage you have with Equitable Bank and the specifics of your mortgage terms and conditions.
If you have a closed-term mortgage with Equitable Bank and you prepay your mortgage loan in full or make a lump sum payment to reduce your principal amount, but this payment exceeds your prepayment privilege, you will have to pay an additional prepayment charge, for which Equitable Bank has a prepayment charge calculator.
Equitable Bank Annual Mortgage Prepayment
Equitable Bank offers a competitive annual mortgage prepayment amount of 15-20%, depending on the type of mortgage you have with them. On their website, the bank recommends checking your mortgage loan documents for your exact prepayment terms or by calling them directly at 1-888-334-3313.
| Canadian Bank Closed Mortgage Prepayment Amounts | |
|---|---|
| RBC | 10% |
| National Bank | 10% |
| TD Bank | 15% |
| Scotiabank | 15% |
| BMO | 20% |
| HSBC | 20% |
| Equitable Bank | 15-20% |
Renewal Process With Big Banks
If you already have a mortgage with Equitable Bank, you can speak to them directly about your mortgage renewal at 1-888-334-3313 or by emailing renewals@eqbank.ca. Generally, the process will be that as your mortgage expires its term, your bank will send you a letter of renewal containing the terms, conditions, and rate for your renewal.
However, it’s worth noting that you don’t have to stick with the same lender when it comes to renewal time. This is a good moment to check around for better rates with other lenders. If you want to renew your Equitable Bank mortgage with another lender, explore mortgage rates first and make sure you’re getting the best one possible.
At nesto, we can help you find the best rate on your mortgage. Plus, we also lend directly. To learn more about renewing your Equitable Bank mortgage with nesto, check out our guide to the renewal process in Canada.
Frequently Asked Questions (FAQ)
Here are the most commonly asked questions about Equitable Bank’s mortgages and rates.
Are Equitable Bank rates lower than other big banks?
Equitable Bank’s fixed and variable rates for A lending are generally lower than the big banks, whereas its B lending rates would be higher. When comparing rates, it’s important to keep in mind that some larger banks will have different criteria and flexibility around negotiating rates. It ultimately depends on your individual application and the level of risk you bring to the table from a lender’s perspective.
Are Equitable Bank mortgages portable?
According to Equitable Bank, depending on your mortgage product, you may be able to move your mortgage to a new home and transfer the existing balance, annual interest rate, and term (i.e. a straight port) or increase your loan balance (i.e. port and increase) with a new blended rate.
Is Equitable Bank an A or B lender?
Equitable Bank is a Schedule I lender in Canada, meaning that it is federally regulated. Although it is a large independent lender, it is considered primarily a B Lender since it provides a lower barrier of entry to qualification but with higher rates compared to the larger banks. Still, it has some offerings that are consistent with A lenders.
Final Thoughts
Equitable Bank is a large independent lender in Canada and popular for residential mortgages, particularly for individuals who may have different needs compared to other conventional lender clients. The bank provides reasonable rates and a range of common mortgage products, and its prepayment options are fair in comparison with other banks.
If you’re thinking of getting a mortgage soon, nesto can help you compare the best rates available, and we also lend directly. If you’re with Equitable Bank and looking to renew with a different lender, speak to our team today, and we’ll help you get started.