Mortgage Rates

Current as of April 3, 2025

TERM - MORTGAGE RATE

1 Year - 4.69%

2 Year - 4.19%

3 Year - 3.94%

4 Year - 4.29%

5 Year - 3.99%

7 Year - 5.14%

10 Year - 5.24%

ARM/Variable - 4.05%

HELOC - 5.45%

*Please note that rates are subject to change and are on approved credit*

What is the difference between fixed rates and variable/adjustable rates?

  • Fixed rate: The rate you get is locked in for the term length that you sign up for. (E.g. If you get a 5 year fixed rate of 3.99%, that rate is set for the whole 5 year term.)

  • Variable rate: The discount you get off Prime is what is locked in for the whole term and Prime is what has the potential to change throughout the term. (E.g. If you get a 5 year variable rate of Prime - 0.90%, the discount of 0.90% is set for the whole term but Prime can change throughout and as the Bank of Canada makes changes to their overnight lending rate, it will affect the Prime rate and thus affect a change in your rate.)

What term length should I get for my mortgage?

That should be based on your wants, needs, future plans, to make sure you are getting the RIGHT mortgage. The most popular term length is a 5 year term but that doesn’t mean it makes sense for everyone. There are lots of different reasons to consider different term lengths that will align with the future plans for you.

How is my mortgage rate determined?

It is based on the loan-to-value of the mortgage, amortization length, if it’s a purchase or renewal or refinance, or if it’s for a primary residence or rental property.

What happens when my mortgage term ends?

You renew your mortgage. As you approach your renewal, specifically in the 120 days to your renewal, two things should happen:

  1. You should reach out to your current lender and get their renewal offer. Don’t accept it, just get it.

  2. You reach out to me and we compare the renewal offer your current lender gave you to what other lenders are offering. If your current lender is offering something better, you stay with them. If a different lender is offering something better, we renew you with the different lender to get you something better.