Mortgage Guides
Researched and written by the Canadian Rates editorial team.
Bank or broker: where should you get your Canadian mortgage?
Brokers shop a wider lender pool and almost always quote a lower rate. Banks offer simpler servicing and bundle discounts. Here's when each actually wins.
Read the guide →Closing costs in Canada: land transfer tax + everything else
Closing costs in Canada run 1.5–4% of the purchase price, dominated by provincial land transfer tax. Estimate yours with the calculator below.
Read the guide →Fixed vs variable mortgage: which to pick in Canada
Variable rates usually start cheaper, but fixed locks the payment for five years. We break down when each wins and give you a tool to model your numbers.
Read the guide →How much down payment do you need for a Canadian mortgage?
Minimum down payment in Canada: 5% on the first $500k, 10% to $1.5M, 20% above. The real decision is whether 20% is worth it to skip CMHC premiums.
Read the guide →How much mortgage can I afford in Canada?
Affordability is bound by GDS/TDS ratios, the federal stress test, and your down payment. Here's how to back into your real number, not the bank's maximum.
Read the guide →Insured vs uninsured mortgage rates: why your quote doesn't match what you see online
Canadian mortgages come in three rate tiers — insured, insurable, and uninsured. The cheapest rates online are usually insured, which most buyers can't get.
Read the guide →Mortgage prepayment privileges in Canada: how to actually use them
Canadian closed mortgages let you prepay 15–20% of the original balance and bump your payment by the same. Used well, this shaves years off the amortization.
Read the guide →Mortgage renewal in Canada: should you stay with your bank or shop?
Lenders count on inertia at renewal. The rate they offer first is rarely their best, and switching is often easier than people think. Here's how to play it.
Read the guide →Mortgage term length: should you pick 1, 3, 5, or 10 years in Canada?
Five years is the Canadian default, but it isn't always the right answer. How to pick a 1, 3, 5, or 10-year term based on the rate cycle and your timeline.
Read the guide →Should I break my mortgage to get a lower rate?
Breaking a closed mortgage triggers a penalty — 3 months' interest for variable, the greater of 3MI or IRD for fixed. Run your numbers before calling.
Read the guide →The Canadian mortgage stress test, explained
OSFI's B-20 rule makes every borrower qualify at the higher of contract+2% or 5.25%. How it works, who it applies to, and the 2024 renewal exemption.
Read the guide →