Last updated: February 20, 2026 • Author: Effortless Mortgage
Today's Mortgage Rates in Canada (Updated Regularly)
Current mortgage rates Canada are updated here weekly — including fixed, variable, and HELOC options.
- Last updated: February 20, 2026
- Update Frequency: Updated Weekly
- We serve borrowers in: Ontario, Alberta, and BC
TL;DR
TL;DR:
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The “best” rate online is usually a starting point, not a guarantee.
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Your actual rate depends on down payment/equity, credit, income type, and mortgage purpose.
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Fastest next step: use the quote form (we serve ON, AB & BC).
Featured Rate Today: 3.35% 
- Featured starting rate: 3.35%
- Best fit for: borrowers with strong qualifications (details matter).
Check if you qualify for 3.35%. Use the QUOTE FORM on this page (takes ~2 minutes). We’ll confirm what you qualify for and show the best-fit options.
Prefer to speak to a human first? Book a quick 15-minute call.
*Important disclosure: 3.35% is a starting rate for select scenarios, subject to change and approval. Final rate depends on credit, down payment/equity, income, property, and lender program.
Who this featured rate is usually best for…
This featured rate may be a good match if:
you have strong credit and solid repayment history
your income and documents are straightforward (or well-prepared if self-employed)
the property and mortgage request fits the specific lender criteria
you’re comfortable with the term/type that comes with that rate
Not sure? That’s normal. Use the quote form and we’ll tell you quickly if it fits — and what the best alternatives are if it doesn’t.
Current Mortgage Rates Canada (Rates Snapshot)
These are starting (“from”) rates for qualified borrowers. Your actual rate may differ — and that’s not unusual.
| Highlight | Term | Type | Starting Rate | Typical Fit | Next Step |
| ⭐ Featured | 5-Year | Variable | 3.35% | Strong, clean qualification | Get My Rate |
| 3-Year | Fixed | 3.54% | Shorter commitment + Flexibility | Get My Rate | |
| 5-Year | Fixed | 3.69% | Predictability + Most Common Term | Get My Rate | |
| 5-Year | Variable | 3.35% | Comfortable with Rate Movement | Get My Rate | |
| *HELOC | Variable | 4.45% | Flexible access to equity | Get My Rate |
Not every file fits a bank box. If an A-lender isn’t the right match right now, we also arrange solutions through B lenders and private lenders for qualified borrowers (ON/AB/BC).
*A HELOC (Home Equity Line of Credit) is a revolving credit line secured against your home. You can borrow, repay, and borrow again — and interest is typically based on Prime plus a lender margin.
👉 Get My Personalized Rate Options
Use the quote form on this page to confirm what you qualify for (fast, no obligation).
*Disclosure: “From” rates are subject to change and approval. Rates vary by down payment/equity, credit, income type, property type, amortization, and lender program.
What Impacts Your Mortgage Rate
Two people can apply the same week and get different rates. That’s normal — lenders price risk and fit.
Here are the biggest factors:
Down payment / equity: under 20% down is priced differently than 20%+
Mortgage purpose: purchase, renewal/transfer, and refinance can price differently
Credit profile: not just score — also history, utilization, and any missed payments
Income type: salaried vs self-employed vs variable income (how it’s verified matters)
Debt levels: lenders look at how your payments compare to income
Property type: house vs condo, owner-occupied vs rental, location, etc.
Amortization: longer amortizations can change the available programs
Mortgage features: some ultra-low-rate products come with stricter penalties/limits
Bottom line: you’re not shopping for a number…you’re shopping for a mortgage that fits your life and protects you from surprises.
Choose Your Situation
1) Buying a Home (Purchase)
If you’re buying, your goal is usually to balance:
a payment that fits your real monthly budget, and
an approval plan that reflects your income properly (especially if self-employed).
Smart move: many buyers benefit from a rate hold / pre-approval strategy while they shop. It gives you clarity and helps reduce stress during negotiations.
Next step: Use the quote form → select Purchase.
2) Renewing Your Mortgage (Renewal/Transfer)
Renewal is where people often overpay — not because they did anything wrong, but because it’s easy to sign and move on.
Before you sign, compare:
Rate (obviously)
Penalty rules (huge if you might break early)
Flexibility (prepayments, portability, ability to change later)
If you already have a renewal offer, we can quickly tell you:
if it’s competitive,
what alternatives exist,
and whether the terms could cost you more later.
Next step: Use the quote form on this page → select Renew (or book a call).
3) Refinancing / Debt Consolidation / Accessing Equity
If you’re looking to consolidate debt, fund renovations, or access equity, the best option depends on your current situation.
Sometimes a traditional refinance works. Other times it doesn’t — especially if:
income has changed,
debt ratios are tight,
or lender rules make it harder in the current market.
Even then, there can be alternatives depending on equity and goals:
HELOC strategy
2nd mortgage
alternative lender solutions (when the bank says no)
Next step: Use the quote form → select Refinance.
Fixed vs Variable
Fixed rate: your rate stays the same during the term.
Best for: people who want predictable payments and fewer surprises.
Variable rate: your rate can move up or down over time.
Best for: people with budget flexibility who can handle change.
A simple decision guide:
If you want calm and stable, fixed is usually the safer-feeling choice.
If you have wiggle room, variable can make sense — but you need to be comfortable with uncertainty.
If you might sell, refinance, or break early, ask about penalties before choosing. This can matter as much as the rate.
What Matters More Than Rate
Two mortgages can have the same rate — but one can be far more expensive later depending on its rules.
Before choosing, ask:
What’s the penalty if I break early?
Can I make lump-sum payments without fees?
Can I increase payments if I want to pay it down faster?
Is it portable if I move?
Are there restrictions that limit refinancing later?
We’ll translate the fine print into plain language so you don’t get stuck with a “low-rate mortgage” that becomes expensive when life changes.
FAQs
We keep this page updated so you can check current mortgage rates Canada without hunting across multiple sites.
Are these rates the same in every province?
Rates are often advertised Canada-wide, but availability depends on lender programs and your details. We serve borrowers in Ontario, Alberta, and BC.
Will requesting a quote hurt my credit score?
Requesting info doesn’t automatically affect credit. If a full application needs a credit check, we’ll tell you first.
My bank gave me a renewal offer - should I still compare?
Often, yes—interest-only keeps monthly cost lower during your short timeline. Some lenders allow principal + interest; we can always look into this for you.
What fees should I expect at closing?
Usually lender/broker fees (percent of loan, typically 1%) plus legal, appraisal, admin/title. We quote all-in so you can compare to the benefit.
What if refinancing isn't possible right now?
You may still have options depending on your equity and goals. We’ll review what fits (and what doesn’t) so you can make a clear decision.
Ready to Explore Your Options?
Contact Effortless Mortgage today to get connected with trusted private lenders Ontario homeowners rely on.
We have VIP relationships with over 90+ banks, b lenders and private mortgage lenders including our own in-house private lender with $0 broker fee.
Call us at 1-888-978-4984
Email info@effortlessmortgage.ca
