How much could you save on your next renewal?

Compare Multi-Prets Mortgage Rates in Canada

Rate Alerts
Get rate alerts so you’re always in the know

Compare Multi-Prets Mortgage Rates in Canada

Multi-Prets was established in 1982 in Montreal and is part of M3 Financial Group. Multi-Prets is a mortgage brokerage that services Quebec and New Brunswick with access to more than national 35 lenders, though some are exclusively offered in Québec and New Brunswick. 

It’s crucial to compare rates before securing a mortgage. Shopping around for a better rate can result in savings not only in your mortgage payment but also in the interest-carrying costs over the term of your mortgage. If a lender consistently offers lower-than-average rates, this could translate into significant savings over the entire life of your mortgage.

Key Highlights

  • Multi-Prets is a mortgage brokerage with access to over 35 lenders in Québec and New Brunswick. 
  • Multi-Prets mortgage interest rates will vary based on the lender and mortgage solution the borrower chooses. 
  •  Your personal financial situation often determines whether you qualify for the lowest rates.

Compare Big Bank Rates in Canada

Compare the average big bank mortgage rates to nesto’s in the easy-to-view table below. This enables you to quickly compare nesto average rates against the average rates from the big 6 banks in Canada. 

At nesto, we do all the work to ensure you always get the best rate upfront!

Why look at the rates offered by the Big 6 Banks in Canada? The 6 biggest banks in Canada hold over 70% of all mortgages and, as such, are the starting points of most mortgage originations in the country. Their combined average simplifies the expectation and trend for Canadian mortgage rates.

nesto’s lowest vs Big Bank insured mortgage rates


For the month of December, 2023, nesto’s average mortgage rate can be compared against the big 6 banks in Canada. Choose nesto and see how much you can save.

How to Compare Bank Rates From Big Banks

Shopping for mortgage rates on your own can be a tiresome task. nesto has simplified the entire process by providing all the information you need in one place. When comparing rates, be sure to measure mortgage products based on term length and type. For instance, if you’re looking at a fixed-rate mortgage, compare banks’ 5-year offerings, then 3-year offerings, etc., as opposed to looking at just the rate without the term length being offered.

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.

Multi-Prets Prime Rate

Multi-Prets reports their lenders’ prime rate, which is used as the basis for many of their lender products, including revolving credit products, variable-rate mortgages, lines of credit and HELOCs. The prime rate is typically combined with a spread depending on the product and its associated risk to make up the final interest rate that you’re offered. As of December 1, 2023, Multi-Prets’ prime rate is

Here’s a snapshot of the Prime Rate over time.

*Most Recent Prime Rate Shown

Multi-Prets 5-Year Fixed and Variable Rate History

When shopping around for mortgage rates, it’s important to compare against historical trends. These trends will provide insights into how Multi-Prets’ interest rates have changed over the years. Tracking these trends can help you make predictions on where interest rates may be headed in the future. 

We don’t track historical rates for Multi-Prets, but we’ll tell you that they are quite similar to the Big 6 Bank average mortgage rates discussed above. 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.

Bank of Canada Policy & Prime Rate Changes

Date of Rate ChangeKey Overnight Target Rate (%)Change (%)Bank Prime Rate
June 2, 20100.30%0.25%2.50%
July 21, 20100.55%0.25%2.75%
September 9, 20100.80%0.25%3.00%
January 28, 20150.65%-0.15%2.85%
July 16, 20150.50%-0.15%2.70%
July 13, 20170.75%0.25%2.95%
September 7, 20171.00%0.25%3.20%
January 18, 20181.25%0.25%3.45%
July 12, 20181.50%0.25%3.70%
October 25, 20181.75%0.25%3.95%
March 5, 20201.25%-0.50%3.45%
March 17, 20200.75%-0.50%2.95%
March 30, 20200.25%-0.50%2.45%
March 3, 20220.50%0.25%2.70%
April 14, 20221.00%0.50%3.20%
June 2, 20221.50%0.50%3.70%
July 14, 20222.50%1.00%4.70%
September 7, 20223.25%0.75%5.45%
October 26, 20223.75%0.50%5.95%
December 7, 20224.25%0.50%6.45%
January 25, 20234.50%0.25%6.70%
March 8, 20234.50%0.00%6.70%
April 12, 20234.50%0.00%6.70%
June 7, 20234.75%0.25%6.95%
July 12, 20235.00%0.25%7.20%
September 6, 20235.00%0.00%7.20%
Bank of Canada’s Benchmark Key Policy Target for the Overnight Rate increases. This is the benchmark or Policy rate that dictates all lending in the country. Source: Bank of Canada

The Bank of Canada (BoC) will deliberate on the Key Overnight Target rate twice every quarter. Generally, all lenders will follow suit to keep their prime rates in line with the country’s Big Six chartered banks. Find below the most recent changes to the baseline, which impacted the spreads to the Big Banks Prime Rates.

You can find more details about the Key Overnight Target Rate and an explainer from the Bank of Canada (BoC) if you want to learn more about this topic.

Multi-Prets Mortgage Product Offerings

Multi-Prets is a mortgage brokerage that offers a variety of fixed and variable mortgage options depending on the lender chosen to service your mortgage. As a mortgage brokerage, they have lenders that can offer alternative, subprime (B) and private lending solutions.

Multi-Prets Annual Mortgage Prepayment

The annual prepayment privilege enables you to prepay between 10%-20% depending on your chosen lender and solution. This will help reduce your interest payments and pay down your mortgage much faster, as all of the lump sum amount will go towards the mortgage principal balance. 

Important: if you choose to pay down more than the pre-payment limit of your mortgage principal annually, you’ll be charged a penalty. 

Renewing With Current Lender vs. nesto 

Did you know you can renew with nesto and save up to $25,232* in your first term? 

The renewal process often raises questions like whether you have to renew your mortgage with your current bank. The answer is no. You have the choice to renew at the end of your term directly with any bank or lender or through a mortgage broker. If you’re looking to renew your current mortgage, it’s worth shopping around for better rates and terms that suit your situation before you renew with Multi-Prets.

At nesto, we’re the pioneer in online mortgage lending in Canada. Our mission is to offer a positive, empowering and transparent property financing experience, simplified from start to finish. To do that, we provide you with the best mortgage deal possible in an unbiased, commission-free way.

To get started and renew your mortgage with nesto, find the best rate available near you at least a couple of months before your current term expires. Once you’ve found a rate you’re interested in, get in touch with us, and one of our mortgage experts will be delighted to help build your tailored mortgage solution. 

Renewing with nesto is a simple, transparent, hassle-free process that could save you thousands over the lifetime of your mortgage compared to big banks. 

Frequently Asked Questions

Here are some of the commonly asked questions about Multi-Prets mortgage offerings and rates recently. 

Are Multi-Prets rates lower than other big banks?

Multi-Prets mortgage rates are similar to or competitive with big banks and mortgage lenders. Your personal financial situation will often determine whether you qualify for the lowest rates. If, for instance, your credit score is low or you’re carrying a higher debt load, you’re not likely to qualify for the best rates. In order to get the best mortgage rate and the features you desire, it’s important to compare mortgages from multiple providers, which is exactly what nesto does on your behalf.

What are the benefits of choosing a smaller lender?

A smaller lender, such as a virtual or monoline lender, is not looking to cross-sell you multiple products. Their sole purpose is to sell you the best mortgage while providing the best client experience, as they want to retain you for the whole life of your mortgage.

Why use a Mortgage Brokerage?

By starting at a brokerage, you’ll be able to simplify your search for the best mortgage through a licensed mortgage expert to access multiple mortgage options and rates at once.

Why should you not use a Mortgage Brokerage?

Brokers and brokerages receive discounts for volume with certain lenders, so the solution you receive may not be completely impartial. You’ll also get mortgage advice from a salesperson who won’t be the actual lender servicing your mortgage once your contract is signed. What you were told when you signed up for the mortgage may not match the mortgage you receive at the end of the sale. Always review your mortgage contract thoroughly with your broker before signing to avoid surprises.

How do I get a mortgage with Multi-Prets?

You can get a mortgage through Multi-Prets by filling out an online application or contacting a broker directly by searching on the website.

Final Thoughts

While Multi-Prets may be a good choice for many mortgage borrowers, it’s always important to compare your options whenever you’re in the market for a new mortgage, renewal or refinance. 

Your nesto advisor will ensure you get the very best rate every time.

Text for an express quote

Subscribe to Rate Alerts

Get mortgage rate alerts every time a rate changes in Canada, especially when they drop to new lows.

Thank you, your email has been added to our mailing list.