We compared today's leading 5-year fixed and variable mortgage rates in Canada to show you actual monthly payment obligations net of CMHC fees, GDS/TDS stress limits, and down payment milestones.
Calculate exact principal, interest, and CMHC default insurance premiums instantly.
Federal law requires you to qualify at a stress rate of 6.39% (contract rate + 2%).
Qualifying Payment: $4,031 /moWe audit today's leading broker spreads and institutional bank rate sheets dynamically. Select a rate below to automatically feed it into the payment simulator above.
| Financial Institution | Amortization Term | Rate Type | Contract Rate | Direct Calculator Integration |
|---|---|---|---|---|
SB Scotiabank | 5-Year | Fixed | 4.54% | |
QT Questrade Mortgage | 5-Year | Fixed | 4.39% | |
TD TD Canada Trust | 3-Year | Fixed | 4.89% | |
BM BMO Bank of Montreal | 5-Year | Fixed | 4.69% | |
RB RBC Royal Bank | 5-Year | Variable | 5.95% | |
BM Butler Mortgage | 5-Year | Fixed | 4.24% | |
EQ EQ Bank | 5-Year | Variable | 5.80% |
Pristine guidelines to understand down payment laws, CMHC insurance rules, and amortizations in Canada.
The minimum down payment in Canada is based on the purchase price of the home:
- Purchase price under $500,000: 5% of the purchase price.
- Purchase price $500,000 to $999,999: 5% on the first $500k, and 10% on the portion above.
- Purchase price $1,000,000 or more: 20% minimum personal down payment (CMHC insurance is not available).
If your down payment is less than 20% of the home price, Canadian law requires mortgage default insurance (commonly referred to as CMHC insurance). This insurance protects the bank in case of default. The premium is a percentage of your total loan amount (ranging from 2.80% to 4.00%) and is automatically added to your mortgage principal loan.
In Canada, federal guidelines (OSFI) dictate that you must demonstrate the ability to afford monthly payments at a "stress rate" rather than your contract rate. The stress rate is mathematically computed as the higher of:
- Your actual contract interest rate + 2.0%
- The regulatory floor rate of 5.25%
This protects home buyers and banking structures from rapid fluctuations in monetary interest policies.