Mortgage Rates & Calculator

Updated 10 October 2018

Sample broker rates*

Term (years)	1	2	3	4	5	7	10
Fixed Rates	3.19%	3.19%	3.24%	3.54%	3.29%	3.49%	3.94%
Variable 5-yr	2.60%

12-Month History for a 5-Year Fixed Mortgage

Past Months	10/17	11/17	12/17	1/18	2/18	3/18	4/18	5/18	6/18	7/18	8/18	9/18
Rates*	3.04	3.04	2.99	2.99	3.09	3.19	3.19	3.24	3.24	3.24	3.24	3.29

*Sample broker. Actual rates will vary day-to-day for individual brokers. Special offers with better rates are common.

A NOTE ABOUT MORTGAGE BROKERS

I recommend that buyers speak with a broker as well as going directly to their bank. Rates can be better through brokers, who provide services with no additional charge to the borrower, but a greater difference is often also in the mortgage contract term options that a broker can offer, specifically regarding the penalties for leaving a mortgage contract early. These feels can be very high indeed, but not all lenders are as punative. Getting a mortgage directly from a lending institutions, such as credit unions, can offer excellent rates and local service. And you may have a long relationship with your bank that can work in your favour. Which option is best? Shop around. Brokers generally access the same lenders and can offer the same products and rates. — Jerome

A mortgage broker I can comfortably recommend:

Hein Moes, of Invis
250-812-3548 | www.heinmoesmortgages.com

A NOTE TO FOREIGNERS ABOUT CANADIAN MORTGAGES
In Canada, mortgages are generally amortized over a 20-25 year period. However, the rate of interest for that mortgage will typically be fixed for a shorter length of time, such as in the table above. At the end of the rate term a borrower must refinance either with the same institution or another. At that time, a borrow may also choose a new amortization period. This is somewhat different than in the US, where mortgage terms and rates are often fixed for the length of the amortization. In Canada, common terms chosen by borrowers are five years at a fixed rate with a 25-year amortization. Refinancing or paying the loan off before the end of the term generally requires the borrower to pay a penalty. Accelerated payments, double monthly payments and an annual additional payment of 15-20% of the original amount borrowed are often allowed without penalty.