Will mortgage rates go down in 2024?

Compare Pine Mortgage Rates in Canada

Compare Pine Mortgage Rates in Canada

When it comes to the mortgage industry in Canada, Pine Mortgage has revolutionized the landscape, bringing a digitally savvy approach to the forefront. As a mortgage disruptor, Pine Mortgage has made strides toward making homeownership more straightforward, faster and accessible for Canadians.

Top 5 Big
Bank Rates

The top 5 big bank rates are 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

nesto’s lowest vs Big Bank insured mortgage rates


For today, {date}, 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.

About Pine Mortgage

Established in 2021, Pine Mortgage was co-founded by Justin Herlick and Jonathan Shih. Their combined experiences in the financial sector led to the birth of their digitally-driven mortgage process.

Pine Mortgage is headquartered in Toronto and operates in the Canadian market. Pine Mortgage operates as a digital-first mortgage lender, allowing Canadians to apply for a mortgage online. 

Recently, Pine acquired Properly, one of Canada’s leading digital real estate brokerages. This acquisition expands Pine’s reach to Canadians.

If you’ve found a rate from a lender other than nesto, we guarantee that we’ll match or beat it, or you could get $500. Learn more about nesto’s low-rate guarantee.

Pine Stock Symbol and Market Information

Official name: Pine Canada Financial Corporation

President/CEO: Justin Herlick

Headquarters: Toronto

Trading and Listing: Privately Owned / UnlistedStock information

Compare Pine Mortgage Rates

Mortgage rates refer to the interest rates lenders charge on loans used to finance the purchase of a property. These rates are influenced by current economic conditions, inflation rates, and the borrower’s creditworthiness. Additionally, mortgage rates can be fixed or adjustable, with fixed rates remaining constant throughout the loan term, while variable and adjustable rates may fluctuate over time. 

Pine offers a selection of mortgage solutions at competitive rates, including closed fixed and variable mortgage terms.

Looking at the mortgage loan-to-value (LTV) ratio, transaction type, borrower’s credit score and debt-to-income (DTI) ratios is the best approach to compare Pine mortgage rates with those offered by other lenders.

We’re curious…

Are you a first-time buyer?

Pine Fixed Mortgage Rates

Fixed mortgage rates are an interest rate that remains constant throughout the loan’s term. This means that regardless of any fluctuations in the market or changes in the economy, the interest rate on the mortgage will not change. This gives borrowers a sense of stability and predictability, as they can accurately budget and plan their monthly mortgage payments without worrying about any unexpected increases. 

One of the main advantages of fixed mortgage rates is that they offer long-term security. At Pine, borrowers can lock in a specific interest rate for a set period, typically 2 to 5 years. This gives them peace of mind, knowing that their mortgage payments will remain the same over the entire term of the loan. This stability is particularly beneficial for individuals who prefer a predictable budget or those on a fixed income. 

Furthermore, fixed mortgage rates protect against rising interest rates. If the market experiences an increase in interest rates, borrowers with fixed rates will not be affected. This can be advantageous during economic uncertainty or when interest rates are expected to rise. By choosing a fixed mortgage rate, borrowers can shield themselves from potential financial strain from fluctuating interest rates, ensuring that their monthly payments remain affordable and manageable.

As of November 9, 2023, Pine has posted the following fixed rates on their website:

TermFixed Rate
2 year6.39%
3 year5.74%
4 year5.49%
5 year5.54%
We strive to provide our users with the most comprehensive and accurate information possible to help them find the best mortgage rate and solution. Mortgage Rates will be updated from time to time. We recommend our users refer to the lender’s website for the most updated rates.

Pine Variable Mortgage Rates

The variable mortgage rate refers to an interest rate that is subject to change over the loan term. This mortgage rate is typically tied to the Bank of Canada’s prime rate. The prime rate naturally fluctuates with a premium of 2.20% from the Bank of Canada’s overnight target to the policy rate.

The adjustments to the Bank prime rate can occur at 8 predetermined dates annually when the Bank of Canada’s Governing Council deliberates on monetary policy changes due to economic conditions. As a result, borrowers with variable mortgage rates may experience significant changes in their monthly mortgage payments at renewal, as the interest rate can either increase or decrease. This type of mortgage rate offers flexibility and the potential for savings if interest rates fall but also carries the risk of payment shock at renewal if payments rise.

When payments on a variable mortgage rate stay fixed, it carries risks such as negative amortization when the mortgage eclipses its trigger rate. However, if the variable mortgage payment adjusts with changes to the prime rate, it is more aptly known as an adjustable mortgage rate. This type of mortgage rate is not fixed and can fluctuate with Pine’s prime rate. An adjustable-rate mortgage (ARM) is best suited for borrowers who would rather pay for changes to their mortgage immediately instead of leaving it until the end of their term to address any potential changes.

Pine offers adjustable mortgage rates on their variable mortgage, which avoids the risk of payment shock at renewal, negative amortization, and trigger rates.

As of November 9, 2023, Pine has posted the following variable rates on their website:

TermAdjustable Rate
5 year6.05%
We strive to provide our users with the most comprehensive and accurate information possible to help them find the best mortgage rate and solution. Mortgage Rates will be updated from time to time. We recommend our users refer to the lender’s website for the most updated rates.

Pine at a Glance

Looking at mortgage features side-by-side is the best approach to compare Pine mortgage rates with those other lenders offer.

Prime Rate
Interest Rate Differential calculationContract rate
Variable Rate Type Adjustable
Fixed Payment Fluctuating Payment Trigger Rates  Negative Amortization
Debt Service Ratios (GDS/TDS)35/42 to 39/44
GDS/TDS Debt Service Ratios
Mortgage PreapprovalsTheir website confirms they provide mortgage preapprovals. However, their definition of preapprovals on their Mortgage Calculator page doesn’t have a rate hold to differentiate preapprovals from prequalification.
Collateral Charge MortgageNo
Standard Charge MortgageYes
Prepayment PrivilegeUp to 20% per year
Prepayment Minimum$100 per occurrence 
Prepayment Double UpNo
Payment IncreaseUp to 20% per year
Payment Frequency ChangeYes
Porting PeriodTBD
Rate Hold PeriodUp to 120 days
Rate Float DownOnce
Mortgage AssumabiltyTBD
Mortgage ConversionYes
Early Renewal PeriodTBD
Lowest and Higher Rate RangeTBD
Mortgage Default PolicyTBD
Payment FrequencyAll
Mortgage Interest CompoundingFixed – Semi-Annual, not in advance (2 x annually)Variable – Monthly, not in advance (12 x annually)
Restricted Rate SolutionTBD
Full Feature SolutionTBD
First Time Home BuyerYes
Investment Property MortgageNo
3-Season Vacation PropertiesNo
Total Wealth SolutionNo
Alternative LendingNo
Reverse MortgagesNo
HoldCo MortgageNo
Purchase Plus Improvement
Bridge FinancingTBD
Self-Employed MortgageYes
Cash Back MortgageTBD
Full-ServiceVirtual Only
Property Tax PaymentsTBD
Mortgage Protection PaymentTBD
Appraisal FeeTBD
Legal FeesTBD
Application FeesTBD
Discharge FeesTBD
Cash CrawlbackTBD
We strive to provide our users with the most comprehensive and accurate information possible to help them find the best mortgage rate and solution. Unfortunately, there may be instances where we do not have all the answers or cannot locate them on our competitor’s website. We have marked these unknown insights as to be determined (TDB). We appreciate your patience and understanding and encourage you to email us at website@nesto.ca with updated/correct information and sources. Click on the links to learn more about a specific category.

Pine Posted Rates

Posted rates are subject to change and may vary depending on the mortgage product and the borrower’s financial situation. Borrowers need to speak with a Pine representative to determine the best mortgage option for their needs and to receive an accurate rate quote. Additionally, Pine offers a variety of tools and resources to help individuals navigate the homebuying process, including online calculators and educational materials.

The impact of posted mortgage rates on penalties depends on various factors. Your mortgage agreement’s specific terms and conditions should outline any penalties and fees. If your mortgage agreement allows for an interest rate differential (IRD) penalty calculation based on the posted rates at the time of prepayment, then any increase in the posted rates could potentially result in a higher penalty due to this differential. 

Conversely, if your agreement uses a different benchmark, such as the contract or discounted rate, the posted rates may have little to no effect on your penalty. Additionally, the timing of your prepayment relative to the changes in posted rates can also influence the penalty. If you prepay your mortgage when the posted rates are lower than those at your mortgage origination, your penalty may be higher. Conversely, suppose the posted rates have increased since the start of your mortgage term. In that case, your penalty may be lower, as your penalty calculation may default to the lower 3-month interest calculation. 

It is essential to carefully review your mortgage agreement and consult with Pine to fully understand how posted mortgage rates can impact your mortgage penalty.

Calculating Your Mortgage Rate Penalty With Pine

Understanding how interest rate differential calculations work on fixed-rate mortgages at Pine is essential. This calculation determines the penalty a borrower would have to pay if they were to break their mortgage contract before the end of the term. 

The calculation considers the difference between the interest rate on the borrower’s current mortgage and the interest rate the lender could earn by lending the same amount of money when the borrower breaks the contract. This difference is then multiplied by the remaining time left on the mortgage term and the mortgage’s outstanding balance. 

The resulting amount is the penalty that the borrower would have to pay. It is important to note that the interest rate differential calculation can vary between lenders and mortgage contracts.  It’s advisable to contact Pine directly to understand your prepayment privilege and your prepayment’s impact on calculating your discharge penalty.


You have $300,000 remaining on your current Pine fixed mortgage and 3 years left on your mortgage term. The rate you got when you took out the mortgage was 2.90%, and you didn’t receive any discounts. Pine’s posted rate for a 3-year mortgage term is 3.99%, which means there is a 1.09% difference between your mortgage rate and the posted rate. Therefore, your mortgage break penalty would be 1.09% multiplied by the 3 years you have left on the mortgage, and your remaining mortgage balance, meaning your mortgage break penalty is $9,810.

Calculated as $300,000 x 1.09% x 3 years = $9,810

If you have a variable mortgage rate, you may face a discharge penalty if you decide to break your mortgage agreement. This penalty can vary depending on the terms of your agreement. This penalty is typically 3 months of interest. 


You have $200,000 remaining on your current Pine variable mortgage and 4 years left on your mortgage term. The rate you got when you took out the mortgage was 4.95%, and now, with a 1.75% change to their prime rate, it’s 6.20%. Therefore, your mortgage break penalty would be 6.20% multiplied by 3 months, and your remaining mortgage amount, meaning your mortgage break penalty is $3,100.

Calculated as $200,000 x 6.20% x 3 months / 12 months = $3,100

How to Compare Mortgage Rates at Pine

Every mortgage lender, including Pine, will have their own lending/risk assessment standards and risk appetite. It might take some time to compare rates from all potential lenders, but doing so can save you hundreds of dollars on your monthly mortgage payment and thousands in interest over your term. 

With your best mortgage rate, choosing a mortgage solution that meets your needs is crucial. Pine has a limited assortment of mortgages and focuses on a specific type of clientele. To ensure you receive the best deal, comparing Pine mortgage rates with other lenders in the market is worthwhile. 

We’re curious…

Are you a first-time buyer?

Pine Prime Rate

The Canadian prime rate for Pine is as of May 20, 2024. Lenders base a variety of their products, including variable mortgages, some variable rate credit cards, variable rate loans and lines of credit, on their prime rates. 

For the majority of their variable rate products, Pine prime rates are paired with either a positive (premium) or negative (discount) spread (for example, +/- 0.75%), depending on the amount of risk that a client and their credit facility represents. 

The prime rate for most Canadian Lenders is the same. Here is a timeline of the Canadian Prime Rate:

*Most Recent Prime Rate Shown
Source: BankofCanada.ca

Pine 5-Year Fixed and Variable Rate History

Here’s a graph showing Pine’s 5-year fixed and variable rates over the last few years. Typically, Pine has followed prevailing trends in interest rates, including interest rate cuts during the peak of COVID-19 and subsequent rate hikes after the pandemic.

We don’t track historical rates at Pine. 5-year mortgage rates are the most popular rates to choose from in Canada, with people switching between fixed or 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.

Historical Comparison of the 5-year Fixed and Variable Rate since 2008

Source: BankofCanada.ca

Navigating Pine’s Mortgage Process

Pine’s mortgage process is designed to be straightforward and user-friendly, adapting to your needs rather than theirs. Whether purchasing a new home, renewing your mortgage or refinancing an existing loan, their team of experts will guide you.

Purchasing Your Home with Pine

You’ll find their intuitive digital application process a breeze when purchasing a home with Pine. You can apply anytime, anywhere, and the process remembers your details, even if you jot them down at 5 a.m. Their team members can also explain your most suitable mortgage option and why it suits your needs.

Renewing Your Mortgage with Pine

If your mortgage term is ending, Pine makes it easy to renew your mortgage. The whole process is digital from start to finish. They offer competitive rates, ensuring you get the best possible deal when renewing your mortgage.

Refinancing Your Mortgage with Pine

If you want to refinance your mortgage, Pine offers a straightforward and beneficial process. Refinancing allows you to negotiate a new mortgage term, potentially with a different rate. Their team can guide you through this process, helping you understand when refinancing makes sense and how to manage your mortgage effectively to save money in the long run.

Pine Reviews

Reviews play a significant role in decision-making, especially when choosing a mortgage lender. Pine Mortgage boasts positive reviews, with customers praising its competitive rates, efficient service, and ease of the application process.

Google Reviews can change daily, and it’s best to look at Pine’s Google Review page to see the most updated information.

As of November 9, 2023, Pine has 130 Google Reviews with an average rating of 4.9 stars.

We’re curious…

Are you a first-time buyer?

Frequently Asked Questions (FAQ) on Pine

Is Pine a good lender?

Pine has established a strong reputation as an innovative and customer-centric lender. Its digital-first approach, competitive rates, and streamlined processes make it a popular choice among Canadians.

Are Pine’s rates lower?

Pine’s rates are competitive and often in line with other lenders in the market. However, comparing Pine’s rates with other lenders is essential to ensure you’re getting the best deal.

Is Pine an A or B lender?

Pine is technically considered an A lender, meaning it has stringent lending criteria, and it caters to borrowers with a good credit score and a steady income.

How much savings can I get by leaving Pine?

The savings you can make by leaving Pine and switching to another lender will depend on the rates and terms offered by that lender. Therefore, it’s crucial to compare mortgage rates, terms and fees to switch lenders before deciding.

nesto’s lowest vs Big Bank insured mortgage rates


For today, {date}, 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.

How do I get a mortgage with Pine?

Getting a mortgage with Pine is a straightforward process. You can apply online anytime, anywhere. Their team will then guide you through the process, helping you choose the best mortgage product that suits your needs.

Are Pine’s advisors licensed mortgage professionals?

Yes, Pine has a team of licensed mortgage professionals to assist you with your mortgage. As Pine is not a federally registered financial institution (FRFI), it’s required by provincial mortgage regulators to have advisors in the provinces where they sell mortgages.

How nesto works

At nesto, all of our commission-free mortgage experts hold concurrent professional designations from one or more provinces. Our clients will receive the best advice and care when they speak with specialists that exceed the industry status quo. 

Unlike the industry norm, our agents are not commissioned but salaried employees. This means you’ll get free, unbiased advice on the most suitable mortgage solution for your unique needs. Our advisors are measured on the satisfaction and quality of advice they provide to their clients. 

nesto is working hard to change how the mortgage industry functions. We start with honest and transparent advice, followed by our best rates upfront. We can offer you these low rates using the fintech industry’s best-in-class and safest technology to provide a 100% digital online experience and process to reduce overhead costs.

By working remotely across Canada, all our mortgage experts and staff spend less time commuting to work and more time with their friends and family. This makes for more dedicated employees and contributes to our success with happy and satisfied clients.

nesto is on a mission to offer a positive, empowering and transparent property financing experience, simplified from start to finish.

Reach out to our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.