In this article, I am going to focus on the Best Mortgage Rates in Canada and outline lenders who offer the most competitive fixed and variable rates.
If you are purchasing a new home or even refinancing, locating the right mortgage rate can save you a lot of money. For your decision in 2025, I will present options from financial institutions, credit unions, and even online brokers.
Key Point & Best Mortgage Rates Canada List
| Mortgage Provider | Key Point |
|---|---|
| Butler Mortgage | Offers low-rate guarantees and personalized mortgage planning. |
| Nesto | 100% digital mortgage process with consistently low rates. |
| Frank Mortgage | Transparent platform comparing multiple lender offers for borrowers. |
| CIBC | Provides flexible mortgage solutions with cash back and prepayment options. |
| Meridian | Offers competitive rates with member-focused services and advice. |
| Canadian Western | Tailored mortgage solutions for business owners and professionals. |
| BMO | Wide range of mortgage products with access to pre-approval online. |
| First National | Leading non-bank lender known for fast approvals and investor services. |
| CMLS | Commercial and residential mortgages with strong broker relationships. |
| motusbank | Digital bank offering low rates and no-frills mortgage solutions. |
1. Butler Mortgage
By partnering with over 350 lenders across Canada, Butler Mortgage offers some of the lowest mortgage rates but also has some of the highest. Their 5-year fixed rate is currently listed at $3.84 while their 5-year variable rate sits at $3.99.
Butler Mortgage guarantees their rates will always be among the top 1% of all rates available in Canada. In the event that a borrower discovers a lower rate, Butler Mortgage vows to beat it or pay $500 if they close with them.
In addition, they guarantee clients will benefit from any rate reductions post-approval before the mortgage is finalized. Because Butler Mortgage bypasses a number of middlemen, they are able to offer greater prices directly to customers.
Butler Mortgage Features
- Butler may guarantee the lowest rates. They guarantee to provide the lowest mortgage rates in Canada and offers cashback for found lower rates elsewhere.
- Cashback. Clients who qualify get cashback for lower rates pre-closer.
- Monitors post- approval rates: Butler helps clients save by checking lower rates pre-closer.
- Multi-lenders Access: Butler collaborates with over 350 lenders and brings a variety of mortgages.
- Transparent Mortgage Costs: Ensures no- concealed fee makes it clear that clients understand their expenses before contracting.
2. Nesto
Nesto offers the first completely online mortgage services in Canada as a digital lender. They have low rates, including a 5-year fixed rate of 3.91%, and a 5-year variable rate of 4.05%.
Nesto has a reputation of being transparent, advertising only its lowest rates with no hidden fees. They also guarantee that customers receive the best deal possible.
In addition, Nesto has other specialized mortgage products such as cashback options and offers for newcomers to Canada. Their quick approval process makes them popular for borrowers looking for convenience and affordability.
Nesto Features
- First fully digital lender in Canada: All processes from paperwork to approvals are done online.
- Best Rate Guarantee. Nesto only advertises its lowest rates.
- No Concealed Charges Policy: All prices are upfront.
- Cashback Mortgage Programs: Offers cashback to borrowers that meet its requirements.
3. Frank Mortgage
Frank includes an online mortgage marketplace that enables borrowers to check and compare rates from multiple lenders. Their starting rates are fixed mortgage rates of 4.09% with variables offered at reasonable rates.
Frank Mortgage also has exclusive offers for members of the union and first-time home buyers. Frank Mortgage aims to simplify the mortgage process for borrowers, enabling an efficient step-by-step guide to a stress-free experience due to the lack of paperwork and negotiations. Given the competitive rates, the platform allows borrowers to obtain fast approvals.
Frank Mortgage Features
- Marketplace Model. Clients can compare rates from different lenders at a go.
- No Concealed Charges Policy: Theres no catchy fees down the line.
- Best Deals. First time home buyers as well as union members are entitled to special offers.
- Innovated Application Process: Frank makes it easy aiding to lesser tight deadlines.
- Flexible Terms: Provide customized mortgages based on clients preferences.
4. CIBC
Like the rest of the major banks in Canada, CIBC offers comprehensive mortgage products and additional financing services at competitive rates. Their 5-year fixed rate is 4.44% relative to 5-year variable rate of 4.75%.
To assist newcomers, CIBC has special mortgage programs for first-time buyers that help them qualify even with no credit history using alternative credit score models. Alongside these programs, CIBC has flexible payment possibilities that allow borrowers to make lump-sum payments or increase their monthly payments, which can be benefited from in every case.
CIBC’s mortgage advisors guide clients toward the ideal mortgage term which helps meet their financial objectives and life milestones. The fact that CIBC has branches all over Canada means that they can easily be accessed by many people which improves their service.
CIBC Features
- Best Rates Guarantee. Offers Low and High fixed and variable rates mortgages along with best rates.
- Newcomer Programs: A credit flexible mortgage solution for immigrants with little to no credit history.
- Flexible Payment Options: Provide the option to pay a set amount as well as a sukcsequent monthly payments.
- Strong National Presence: Offers in-person mortgage advisory services across all regions of Canada.
5. Meridian
Meridian Credit Union’s mortgage products, alongside the other services they offer, have some of the most appealing terms and rates in the market as compared to other financial institutions.
Their 5-year fixed rate is 4.69% while their 5-year variable rate is 4.04%. Meridian offers customized proposals like high-ratio mortgages and other lesser-known specialized mortgage solutions such as HELOCs to meet the needs of those who want to use their home’s equity.
Meridian’s mortgage advisors focus solely on clients that need specific tailored ideas to solve their financial problems and create unique proposals just for them.
Their strong customer service combined with aggressive pricing shows how Meridian effectively gives non-competitive traditional banks a run for their money.
Meridian Features
- High-Ratio Mortgages: Suitable for borrowers with lower relative ratios of down pillow.
- Home Equity Line of Credit (HELOC): Mobility of Property Owners seeking hecrossed loans on prorties against which they hold mortgagess.
- Flexible Loan Terms: Adjustable conditions to suit the borrower’s requirements.
- Member-Owned Structure: Union owned fund which prioritizes customers over making profit as a cooperative.
6. Canadian Western Bank
CWB (Canadian Western Bank) offers a 5-year fixed rate of 4.44% and a 5-year variable rate of 4.60% as best fit for each client’s specific economic situation. CWB offers both high-ration and conventional mortgages, which means they deal with borrowers from various financial levels.
Canadian Western Bank also offers mortgage with flexible payment and refinancing options. As one of the best known lenders in Western Canada, CWB is well known for their personalized mortgage services.
Clients are guaranteed to receive the best financing deals, owing to their competitive rates and customer-oriented policies.
Canadian Western Bank Features
- Personalized Mortgage Solutions: Provides distinct service by designing the mortgage together with the customer.
- Flexible Repayment Plans: Allows paying back before the period ends without paying extra.
- High-Ratio Mortgage Options: Have less expensive options with less relative down payment required.
- Focus on Western Canada: Specialized mortgage services tailored for clients in the Western provinces.
7. BMO
BMO (Bank of Montreal) offers a variety of mortgage products along with good standing rates, including a 5-year fixed rate of 4.59% and a 5-year variable rate of 4.65%. Along with these, BMO provides cashback incentives to new mortgage applicants that can go up to $4100 all at once.
They also offer specialized mortgage solutions for investment properties and secondary homes. BMO’s dedicated mortgage consultants efficiently help their clients finalize the right shaped solutions for their requirements.
Ensured to deliver the best services, BMO is one of the most well recognized trusted mortgage services amongst homebuyers in Canada.
BMO (Bank of Montreal) Features
- Cashback Incentives: Provides cash benefits for new mortgages up to 4100 dollars.
- Diverse Loan Products: Types of loans that include those for investment, second homes, or a vacation house.
- Strong Customer Support: Offers even more detailed spending plan forms and advice on mortgaging after little scrutinizing the interest rates.
- Nationwide Reach: Purchase of mortgage service redeemable from anywhere in Canada.
8. First National
With a 5-year fixed rate of 4.39% and a 5-year variable rate of Prime – 0.65%, First National is one of the largest non-bank mortgage lenders in Canada, and offers reliable rates to customers.
First National specializes in providing mortgage solutions for residential and commercial properties. They have a broad focus on easing the mortgage burden by automating the steps of application and approval using their digital tools.
Their mortgage broker networks allow clients to receive optimal rates and terms. The assurance from First National regarding discretion and attentive customer service aids many Canadians in sky-high living standards.
First National Features
- Non-Bank Lender: Offers the largest amount of mortgaging funds out of the banks within the country.
- Prime-Based Variable Rates: Offers discounts on prime variable rates and remains competitive in the industry.
- Digital Tools: Supports mortgage application and approval processes through online tools.
- Commercial Mortgage Options: Provides financing for residential and commercial properties.
9. CMLS
CMLS offers some of the lowest prices for mortgages in Canada. Their 5-year fixed rate is 4.44% and 5-year variable rate is set at lower levels. They specialize in residential and commercial mortgages and CMLS provides exceptional services for every financial need.
Through collaborative efforts with mortgage brokers, CMLS makes it possible for the clients to be in the best rates. The strive to meet the needs of the clients and guarantee accuracy drive CMLS away from the more conservative banking institutions.
CMLS Financial Features
- Competitive Interest Rates: Provides some of the lowest mortgage rates in Canada.
- Residential and Commercial Loans: Offers mortgages for diverse financial requirements.
- Strong Broker Network: Collaborates with mortgage brokers to help alongside the strongest offers.
- Transparent Process: Costs and fees are straightforward, without surprises.
10. motusbank
Motusbank is owned by Meridian Credit Union and provides online-only banking services like competitive mortgages. Currently, they offer a 5-year fixed rate of 6.69% and a 3-year fixed rate of 6.39%.
In addition, motusbank offers a fully digital mortgage application, enabling borrowers to obtain funding expeditiously.
They offer varying refinancing options as well as flexible payment plans. Relability coupled with lower priced services is guaranteed because they are backed by Meridian Credit Union.
motusbank Features
- Online-Only Bank: Fully digital mortgage lender established by Meridian Credit Union.
- High Fixed Rates: Provides other mortgage solutions at high fixed rates.
- Fast Digital Approvals: Additional streamlining of the online application process.
- Flexible Repayment Plans: Borrowers may alter repayment schedule terms.
Conclusion
As diverse as the lenders in Canada’s mortgage market are their biases and interests. From Nesto and Motusbank, to CIBC and BMO, borrowers can choose from first digital banks or traditional ones, each offering their own deals on repayment terms, cashback incentives, specialized solutions and flexible repayment options; all within the competitive mortgage market.
First National and CMLS, offer alternative non-banking financing solutions through their extensive broker networks.
To facilitate convenience in choosing a mortgage provider, essential factors to consider are fixed and variable interest rates, flexibility of repayments, and additional perks like cashback rate guarantees.
Canada’s competitive mortgage market offers solutions to diverse borrower needs ranging from lack of personalization, lack of convenience, full-service advisors and consultants. If you want to know more, feel free to ask me!
