Today's Best Mortgage Rates in Canada
Comparing Credit Unions in Canada
Top 5 Big
Bank Rates
The top big bank rates all in one easy-to-view table. Compare their rates, and see how nesto stacks up with some of the lowest mortgage rates in Canada.
*Toronto rates
nesto’s lowest vs Big Bank insured mortgage rates
Results
For today, December 9, 2025, nesto’s {term}-year {type} mortgage rate is {bps} bps ({bps_percent}) lower than the similar average at Canada’s Big 6 Banks. On a {mortgage_ammount} mortgage over a {amortization_period}-year amortization, with nesto your monthly payment would be {nesto_monthly_payment}, saving you up to {monthly_savings} on your monthly payment. This equals {savings_interest} in interest saved while allowing you to pay down {extra_payment} extra on principal over your term.
Average Posted Mortgage
Rate History
Let’s time travel. Below is the history of posted mortgage rates and where they’ve stood over the years.
| Year | Mortgage 5 Year | Mortgage 3 Year | Mortgage 1 Year | Prime Rate |
|---|---|---|---|---|
| 2022 | 5.24% | 5.39% | 5.44% | 4.45% |
| 2021 | 4.79% | 3.49% | 2.79% | 2.45% |
| 2020 | 4.94% | 3.89% | 3.19% | 2.45% |
| 2019 | 5.34% | 4.29% | 3.64% | 3.95% |
| 2018 | 5.34% | 4.29% | 3.49% | 3.95% |
| 2017 | 4.64% | 3.39% | 3.14% | 3.20% |
| 2016 | 4.64% | 3.39% | 3.14% | 2.70% |
| 2015 | 4.64% | 3.39% | 2.89% | 2.70% |
| 2014 | 4.79% | 3.75% | 3.14% | 3.00% |
| 2013 | 5.24% | 3.73% | 3.14% | 3.00% |
| 2012 | 5.24% | 3.95% | 3.20% | 3.00% |
| 2011 | 5.39% | 4.35% | 3.50% | 3.00% |
| 2010 | 5.42% | 4.15% | 3.55% | 3.00% |
| 2009 | 5.79% | 4.45% | 3.80% | 2.25% |
| 2008 | 7.15% | 7.00% | 6.95% | 3.50% |
| 2007 | 7.19% | 7.30% | 7.05% | 6.00% |
Canada’s mortgage market has seen a surge in the number of lenders offering various mortgage products. From traditional banks to credit unions, mortgage finance companies, monoline and online lenders, potential homeowners have many options. However, given the vast array of choices, finding the right lender can require a lot of homework. This Canadian mortgage lenders guide has been designed to help you find the best mortgage lenders who offer the most suitable mortgage solution for your needs.
What is a Mortgage Lender?
A mortgage lender is a financial institution, company, or corporation that extends credit as mortgage loans to individuals and businesses to purchase real estate. These institutions lend money to borrowers, who then use the funds to buy a property. The property is collateral against the loan, ensuring the lender can recoup its money should the borrower default on their payments.
How to Choose a Credit Union
Choosing a credit union involves considering several factors beyond the interest rate. Here are some key aspects to consider:
- Interest Rates: Compare the interest rates offered by different lenders. Remember, the lowest rate may only sometimes be the best option if it comes with unfavourable terms.
- Fees: Be aware of any additional fees the lender might charge. Though only sometimes optional, additional fees could include application fees, appraisal fees, and closing costs.
- Customer Service: Consider the lender’s reputation for customer service. This could include their response time, availability, and willingness to answer your questions.
- Loan Terms: Look at the terms of the loan, including the length of the loan, the type of interest rate (fixed or variable), and any penalties for early repayment (past your annual prepayment privileges).
- Flexibility: If you foresee needing some flexibility in your repayment plan, look for a lender that offers options such as double-up prepayments, match-a-payment, miss-a-payment, deferred payments, capitalization, longer early renewal period, blend and extend, mortgage porting, mortgage conversion or loan modification options.
Credit Unions in Canada
Canadian credit unions offer a variety of mortgage solutions. We have created tables showing their names and specialties. Beneath each table, we have illustrated some small but important details for each credit union.
Comparing Credit Unions in Canada
| Credit Unions | About |
|---|---|
| Caisse Desjardins | Canada’s 6th largest financial institution by assets |
| Duca Financial Services Credit Union | Ontario’s 5th largest credit union serving primarily the GTA and Southern Ontario |
| Alterna Savings Credit Union | Credit union serving the Ontario market |
| Meridian Credit Union | Ontario’s biggest credit union |
| First Ontario Credit Union | Biggest credit union serving South Central Ontario |
| Kawartha Credit Union | Biggest credit union serving the Peterborough-Kawarthas region |
Caisse Desjardins
Desjardins is a full-service credit union in Québec, with some locations in a few large cities in Ontario. It provides mortgage lending services through branches and broker channel operations within Québec and Ontario.
Best for: Borrowers seeking flexible and alternative lending options with prime pricing.
Special rate offerings: Desjardins reserves discounts for relationship-based pricing.
Rate terms offered: Desjardins offers a full suite of real estate secured lending (RESL) solutions for all types of clients.
Limitations: Desjardins primarily offers mortgages under their collateral charge product, the Versatile Line of Credit (VLC). These require Collateral Charge registration, which has a few advantages and a multitude of disadvantages for the borrower.
Duca Financial Services Credit Union
Duca is a full-service credit union with locations limited to Southern Ontario. They provide their mortgage lending services through provincial broker channel operations.
Best for: borrowers seeking flexible lending options in Southern Ontario.
Special rate offerings: Duca reserves discounts for relationship-based pricing.
Rate terms offered: Duca provides a full suite of real estate-secured lending solutions for all residential and commercial clients.
Limitations: Duca offers both Standard Charge and Collateral Charge mortgages. The Flex Mortgage requires a Collateral Charge registration, which has some advantages and many disadvantages for the borrower.
Alterna Savings Credit Union
Alterna is a full-service credit union in Ontario with limited locations in select cities. It provides its mortgage lending services through provincial broker channel operations.
Best for: borrowers seeking flexible lending options in Ontario.
Special rate offerings: Alterna reserves discounts for relationship-based pricing.
Rate terms offered: Alterna provides a variety of real estate-secured lending solutions.
Limitations: Alterna offers both Standard Charge and Collateral Charge mortgages. The Flexi Mortgage requires a Collateral Charge registration, which has some advantages and many disadvantages for the borrower.
Meridian Credit Union
Meridian is a full-service credit union in Ontario. It provides mortgage lending services through broker channels operations provincially.
Best for: borrowers seeking flexible lending options in Ontario.
Special rate offering: Meridian reserves discounts for relationship-based pricing.
Rate terms offered: Meridian provides a full suite of real estate-secured lending solutions for residential, agricultural and commercial clients.
Limitations: Meridian offers both Standard Charge and Collateral Charge mortgages. The Hybrid Mortgage requires a Collateral Charge registration, which has some advantages and many disadvantages for the borrower.
First Ontario Credit Union
First Ontario is a full-service credit union with locations limited to South Central Ontario.
Best for: borrowers seeking flexible and alternative lending options with prime pricing.
Special rate offering: First Ontario reserves discounts for relationship-based pricing.
Rate terms offered: First Ontario provides a full suite of real estate-secured lending solutions for residential and commercial clients.
Limitations: First Ontario offers both Standard Charge and Collateral Charge mortgages. The MeritLine Mortgage requires a Collateral Charge registration, which has some advantages and many disadvantages for the borrower.
Kawartha Credit Union
Kawartha is a full-service credit union in Southeastern and Central Ontario. It provides mortgage lending services through broker channel operations nationally.
Best for: borrowers seeking flexible and alternative lending options with prime pricing.
Special rate offerings: Kawartha reserves discounts for relationship-based pricing.
Rate terms offered: Kawartha provides all clients with a full suite of real estate secured lending (RESL) solutions.
Limitations: Kawartha offers both Standard Charge and Collateral Charge mortgages. The All-In-One Mortgage requires Collateral Charge registration, which has a few advantages and a multitude of disadvantages for the borrower.
Frequently Asked Questions
What does a mortgage lender do?
A mortgage lender loans the funds for a borrower to purchase a property. The property itself serves as collateral for the loan. The borrower then pays back the loan, with interest, over a set period.
How can I find a local mortgage lender in my neighbourhood?
The easiest way to find a local lender is to search online or ask for recommendations from friends or family. Consider working with the best mortgage brokers who can help you find suitable lenders in your area.
What is prime lending?
Prime lending refers to mortgage rates priced using the Bank of Canada prime rate. Although fixed mortgage rates are independent of the central bank’s prime rate, they are directly linked to Government of Canada bonds, priced using the expectations and fluctuation in prime rates.
What is a credit union?
Credit unions or caisses populaires in Canada, are provincially regulated financial cooperative corporations that provide traditional banking services. They are collectively owned by people who use their services. Credit union owners are referred to as members and, as such, share in its profits and decision-making process.
What is an NHA-approved lender?
An NHA-approved lender refers to a lending institution designated as an approved lender by the Canada Mortgage and Housing Corporation (CMHC) under the National Housing Act (NHA). Only NHA-approved lenders may qualify for CMHC mortgage default loan Insurance. These institutions are approved to lend, underwrite, and administer CMHC-insured housing loans.
Why Choose nesto
At nesto, our commission-free mortgage experts, certified in multiple provinces, provide exceptional advice and service that exceeds industry standards. Our mortgage experts are salaried employees who provide impartial guidance on mortgage options tailored to your needs and are evaluated based on client satisfaction and the quality of their advice. nesto aims to transform the mortgage industry by providing honest advice and competitive rates through a 100% digital, transparent, and seamless process.
nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.
Contact our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.