nesto Content & Publishing Disclosure
nesto Content & Publishing Disclosure
Interest Rates
Qualified using nesto’s fixed and variable 5-year insured, insurable and uninsured rates as advertised on our mortgage rates page. For today, Thursday, June 19, 2025, our example calculations are based on our lowest rates, which may or may not apply to your unique financing situation or long-term goals.
New insured fixed-rate mortgages (purchases) may be qualified at
New insured variable-rate mortgages (purchases) may be qualified at
All insurable fixed-rate mortgages (purchases) may be qualified at
As contractually insured and uninsured straight switches and transfers from federally regulated financial institutions (FRFIs) no longer need to be stress-tested, they may qualify at their contract rate. However, we’ll continue to stress-test all mortgage income requirements for illustration purposes. Nesto’s mortgage pricing is dynamic, meaning that our insurable mortgage rates are based on the loan-to-value (LTV) ratio. Our mortgage rates are constantly changing, even on an intra-day basis, with pricing updates from investors behind each of our mortgage offerings. We typically use the lowest available rates for each category when a content update is made. Calculations used in our blogs and webpages are provided for informational and educational purposes only and may not reflect the most recent changes to our mortgage rates.
Interest Rate Averages
The average rates are calculated based on the advertised rates of the six biggest lenders in Canada. The six largest lenders are the chartered banks: Toronto-Dominion Bank (TD), Royal Bank of Canada (RBC), Bank of Montreal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC), and National Bank of Canada (NBC). We may also display a similar average with the inclusion of Desjardins, Tangerine, First National Financial (FN) and nesto to round out Canada’s 10 biggest mortgage lenders. The averages shown may be further broken down between insured and conventional rates.
Property Values and Data
Home values and data collected from the Canadian Real Estate Association (CREA) or the Québec Professional Association of Real Estate Brokers (QPAREB) are presented as the composite benchmark, median, or average prices for each city, province, or region, unless specified. They may be interchangeably called average home prices, though an average or median home price may not be available for all regions outside Quebec.
We also track mortgage originations, new listings, home sales, and sales-to-new-listings ratios (SLNR) when available through the same providers. Website users should note that not all data points will align perfectly with the structure of our curated illustrations. Adjustments may be made when publishing to ensure the most relevant and accurate representation of the available information.
MLS Home Price Index (HPI)
The MLS® Home Price Index (HPI) is a real estate price index compiled by the Canadian Real Estate Association (CREA) that tracks the price of homes in your neighbourhood. It’s a quick way for Canadians to compare home prices in different parts of Canada and between different periods without having to factor in the unique characteristics of a particular property.
While market prices can fluctuate from one month to the next due to seasonal factors, the Home Price Index (HPI) provides a more consistent view, tracking price trends over an extended period. The Home Price Index (HPI) is updated annually in May to reflect changes in real estate markets.
MLS HPI is the most comprehensive and precise way to track a neighbourhood’s home price level and trends. MLS HPI utilizes over 15 years of data from the MLS System and advanced statistical models to create a “typical” home based on the characteristics of homes that have been purchased and sold. This benchmark home is tracked across all Canadian neighbourhoods and various types of homes.
Property Types
Detached or single-family homes are residential properties that stand alone and are not connected to other buildings. They are legal single residential units on their parcel of land and have a separate title.
Semi-detached homes are characterized by their unique architectural design. Two houses are built side by side and share a common wall. Although sharing a building, semi-detached homes have their own parcel of land and separate legal titles.
Townhouses are residential dwellings typically characterized by narrow, tall structures, often sharing walls with neighbouring units. Although they may share yards or common elements with their neighbours, townhouses will have separate legal titles from any adjoining building. Townhouses can be purchased as freehold or leasehold properties within a condominium or strata, and may come with their respective land parcels. Townhouses can be part of a low-rise or high-rise building.
Condo apartments, or condominiums, are residential properties that combine elements of apartments and individual homes. It is a unit within a larger building or complex owned by an individual who also shares ownership of common areas and amenities with other residents. Condo apartment owners have legal ownership of their units and can modify them within the guidelines set by the condominium association. Unlike townhouses, condos typically do not offer exclusive use of outdoor space, unless they come with a balcony or terrace. Condos can be part of a low-rise or high-rise building.
Plexes or multiplexes are unique residential buildings constructed into 2 to 6 units within a single structure. Traditionally, they have been designed as low-rise residential buildings where any unit is accessible via an external entrance, with higher floors connected by staircases. Each unit will have a separate registration and title but may share common elements and co-ownership fees with the other multiplex owners. Plexes are common in Québec and older parts of Toronto.
Property Ownership Classes
A freehold is a type of property ownership where an individual or entity has complete and indefinite ownership rights over a property and its parcel of land. Common freehold property types include detached houses, semi-detached houses, farms, and townhouses, which are not part of condominium corporations.
A condominium, or condo, is a distinct type of property class that combines elements of apartment living and individual homeownership. In a condominium, individual units are owned by the residents, while the common areas and amenities are shared among all the unit owners. This type of ownership grants you rights to your specific unit, as well as certain rights and responsibilities to the common areas, including hallways, elevators, garage, pool, and rooftop patios.
A leasehold is a legal arrangement where a person or entity holds the right to use and occupy a property for a specific period, typically through a lease agreement. In some cases, the leaseholder may own the building or unit and rent the land from the landowner, also known as the landlord.
Strata insurance
Strata insurance is insurance that a strata or condominium uses to cover damages to common areas, assets and liabilities to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures.
Strata insurance can cover the following:
- Buildings and structures on the strata’s property, including common areas such as the garage, roof, lobby, pool, etc.
- Liabilities for any property damage or bodily harm due to an injury suffered on a strata property,
- Which also includes fixtures in the standard unit or part of the original make of each unit.
Strata insurance generally does not cover personal belongings and appliances in a condo unit. A personal condo insurance policy typically covers damage caused by individual unit owners (e.g., water damage due to a unit owner’s negligence).
Rental Values
Our monthly, year-over-year rental averages and all other related data are sourced manually from Urbanation.ca and Rentals.ca’s monthly updates to their National Rental Report.
All Other Infometrics and Data
Data such as the consumer price index (CPI), gross domestic product (GDP), household and average gross and after-tax incomes, Canadian bond yields, and US Treasury yields may be gathered through a combination of government, bank, and financial websites, including, but not limited to, Canada Mortgage and Housing Corporation (CMHC), StatsCanada and the Bank of Canada.
Mortgage Qualifying Criteria
Insured qualifying criteria are limited to a 39% gross debt service (GDS) ratio and up to 25 years of amortization. For insured mortgage transaction calculations, we have used a 20% downpayment, unless otherwise indicated, in our examples and excluded any mortgage default insurance (CMHC) premiums. Uninsured qualifying criteria are limited to a 35% gross debt service (GDS) ratio and up to 30 years of amortization. Our examples use a 20% downpayment for uninsured mortgage transaction calculations.
Website users should note that on a live mortgage application, nesto may qualify using a variation of GDS/TDS ratios based on the applicant’s credit score. Mortgage lenders, financial institutions and banks may scale their GDS and TDS ratios from 32/40 to 39/45.
Some lending guidelines will allow a higher GDS if the client has no other debts to consider outside their mortgage-related monthly debts. These monthly debts may include a stress-tested mortgage payment, heating costs, 50% of maintenance or condo fees, and a monthly proportion of property taxes.
Unless otherwise indicated, a $100 monthly heating cost is attributed to the total monthly stress-tested payment. Municipal tax rates are the most recently shown or those collected at the time of our annual updates from the applicable municipality’s website. However, property taxes of 1% of the property value are used nationally as a default, when unavailable, or for a region with an unspecified mill rate.
Mortgage default insurance is not permitted on purchases with valuations of $1.5 million or more, amortizations exceeding 25 years, or refinance transactions. However, updated federal mortgage rules allow up to 30-year amortizations on insured mortgages if the property is newly built (not a resale) or purchased by a first-time home buyer (FTHB).
Regulatory Titles
Titles such as mortgage broker, mortgage agent, submortgage broker, mortgage salesperson, or principal broker are provincially regulated licensing terms with educational requirements specific to each province. Although they may all commonly be referred to as mortgage brokers, in Ontario, where mortgage agents are used as a sales designation, mortgage brokers or principal brokers have additional responsibility for compliance and training mortgage agents.
Licensed mortgage professionals often use the industry norm of “mortgage broker,” “broker,” or “advisor” to refer to themselves. However, disclosure requirements for licensed mortgage professionals’ titles vary across each province in Canada. These disclosures require mortgage brokers to adhere to specific rules when using titles to represent their qualifications and expertise. The provinces have regulations and guidelines that govern the use of titles by mortgage brokers. These regulations aim to ensure transparency and protect consumers in the mortgage industry.
What is a mortgage broker?
A mortgage broker is a professional who acts as an intermediary between borrowers and lenders, facilitating the process of obtaining a mortgage. They work with multiple lenders to find the most suitable mortgage options for their clients, taking into account their financial circumstances and needs. Mortgage brokers are licensed and regulated provincially and must adhere to specific ethical and professional standards set by their provincial regulators through legislation, regulations and rules.
A mortgage broker assists with the application process and ensures that all necessary documentation is submitted to the lender underwriting the loan. The lender pays mortgage brokers a commission for their services, but this does not always affect the cost of the loan for the borrower. Working with a mortgage broker often saves borrowers money by finding the most suitable rates and terms.
What is a mortgage agent?
A mortgage agent is a professional who acts as an intermediary between borrowers and lenders, facilitating the process of obtaining a mortgage loan. They assist borrowers in finding the most suitable mortgage options that align with their financial circumstances and goals. Mortgage agents are licensed professionals who have completed the necessary education and training in their province to provide mortgage advice and services to clients.
Mortgage agents work with various lenders and financial institutions to offer their clients multiple mortgage options. They help clients understand the various types of mortgages available, including fixed-rate, variable-rate, and adjustable-rate mortgages, and guide them through the application process.
Titles such as mortgage broker, mortgage agent, submortgage broker, mortgage salesperson, or principal broker are provincially regulated licensing terms with educational requirements specific to each province. However, they are commonly referred to as mortgage brokers. In Ontario, where a mortgage agent is used as a designation, mortgage brokers or principal brokers have additional responsibility for compliance and training mortgage agents.
Licensed mortgage professionals often use the industry norm of “mortgage broker,” “broker,” or “advisor” to refer to themselves. However, disclosure requirements for licensed mortgage professionals’ titles vary across each province in Canada. These disclosures require mortgage brokers to adhere to specific rules when using titles to represent their qualifications and expertise. The provinces have regulations and guidelines that govern the use of titles by mortgage brokers. These regulations aim to ensure transparency and protect consumers in the mortgage industry.
British Columbia (BCFSA) has two distinct roles within the mortgage industry: the Submortgage Broker and the Mortgage Broker. These positions have specific responsibilities and functions that contribute to the overall process of securing mortgages for clients. The Submortgage Broker operates under the supervision of a licensed Mortgage Broker and assists with various tasks, including gathering client information, completing paperwork, and liaising with lenders. The Mortgage Broker oversees the entire mortgage application process, including assessing client needs, finding suitable mortgage options, negotiating terms, and ensuring compliance with regulations.
In Alberta (RECA) and New Brunswick (FCNB), the distinction between a Mortgage Associate and a Mortgage Broker lies in their roles and responsibilities within the mortgage industry. A Mortgage Associate typically works under the supervision of a Mortgage Broker and assists in the mortgage application process by gathering necessary documentation and providing support to clients. A Mortgage Broker is licensed to independently negotiate and arrange mortgage loans on behalf of clients, offering a more comprehensive range of mortgage options and expertise in the field.
In Saskatchewan (FCAA) and Nova Scotia (Government of Nova Scotia, Business Licensing), there are distinct roles for both Associate Mortgage Brokers and Mortgage Brokers. The critical difference lies in their level of experience and licensing requirements. Associate Mortgage Brokers work under the supervision of a licensed Mortgage Broker and are in the early stages of their career. They may assist with gathering client information and preparing mortgage applications. Mortgage Brokers have obtained the necessary qualifications and licences to operate independently and provide mortgage services directly to clients. They have the authority to negotiate mortgage terms, advise clients, and facilitate the mortgage process from start to finish.
In Manitoba (MSC), a Salesperson is primarily responsible for promoting and selling products or services. At the same time, an Authorized Official holds the authority to make legally binding decisions on behalf of the organization. These roles have different levels of authority and expertise, with the Salesperson focusing on sales and the Authorized Official having broader decision-making powers and acting as the liaison between the brokerage and the regulator.
In Ontario (FSRA), Mortgage Brokers and Agents both serve as the middleperson between borrowers and lenders, helping clients find the most suitable mortgage options for their financing situation. A Mortgage Agent works under the supervision of a Mortgage Broker and assists in the mortgage application process. A Mortgage Broker may also be responsible for compliance requirements for their brokerage or team.
The provinces of Quebec (AMF) and Newfoundland (Digital & Government Service NL) both exclusively use the designation “Mortgage Broker” as a licensing designation.
For a complete list of licensing terms in Canada, please see the published list by the Mortgage Broker Regulators’ Council of Canada (MBRCC).
nesto Mortgage Experts
Titles such as mortgage broker, mortgage agent, submortgage broker, mortgage salesperson, or principal broker are provincially regulated licensing terms with educational requirements specific to each province. Although they may all commonly be referred to as mortgage brokers, in Ontario, where mortgage agents are used as a designation, mortgage brokers or principal brokers have additional responsibility for compliance and training mortgage agents.
Licensed mortgage professionals often use the industry norm of “mortgage broker,” “broker,” or “advisor” to refer to themselves. However, disclosure requirements for licensed mortgage professionals’ titles vary across each province in Canada. These disclosures require mortgage brokers to adhere to specific rules when using titles to represent their qualifications and expertise. The provinces have regulations and guidelines that govern the use of titles by mortgage brokers. These regulations aim to ensure transparency and protect consumers in the mortgage industry.
Important Mortgage Information
The mortgage rates displayed are based on the information you provide and are subject to change. When you apply for a mortgage, your lender may offer different rates depending on your complete application details, current market conditions, and regulatory updates. Your credit score, income stability, and payment history can also influence the final rate offered. Additional terms and conditions may apply.
The default rates shown on nesto.ca assume the following profile: an insured, high-ratio mortgage for a home purchase under $1,500,000, with a down payment of less than 20%, intended for personal occupancy by a borrower with excellent credit. These assumptions reflect standard industry scenarios but may not apply to your unique circumstances.
Qualification remains subject to federal mortgage stress test rules and lender-specific underwriting policies, including debt service ratios, credit health, property details, and employment verification. Rates and estimated payments displayed in any comparison chart are for illustrative purposes only and may not include property taxes, home insurance, or other carrying costs.
Your actual mortgage rate, approval amount, and monthly payment will depend on a full assessment of your financial situation. For tailored guidance, speak with a nesto mortgage expert today.
Website users should note that not all data points will align perfectly with the structure of our curated illustrations. Adjustments may be made when publishing to ensure the most relevant and accurate representation of the available information.
We appreciate your patience and understanding, and encourage you to email us at website@nesto.ca with any information that needs correction, along with your sources.
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 non-commissioned, salaried employees who provide impartial guidance on mortgage options tailored to your needs and are evaluated based on client satisfaction and advice quality. nesto aims to transform the mortgage industry by providing honest advice and competitive rates using a 100% fully digital, transparent, 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.