An update on Canadian Mortgage Rates* from the five main banks.

Here are the lowest rates offered online for a 5 year Closed Term Fixed Mortgage as of December 22:

BMO – Bank of Montreal Rate – 3.49% APR**
TD – Canada Trust Rate – 4.09%
RBC – Royal Bank of Canada Rate – 4.09%
CIBC – Canadian Imperial Bank of Commerce Rate – 3.94%
Scotiabank – Scotiabank Rate – 5.29%

And here are the current rates for the 5 year Closed Term Variable Mortgages:

BMO – Bank of Montreal Rate – 3.10% APR***
TD – Canada Trust Rate – 3.10%
RBC – Royal Bank of Canada Rate – 3.10%
CIBC – Canadian Imperial Bank of Commerce Rate – 3.10%
Scotiabank – Scotiabank Rate – 3.10%

*Rates, products and their features are subject to change without notice at any time.

For BMO mortgages, the Annual Percentage Rate (APR) assumes no fees apply. If you are required to obtain an appraisal, the appraisal fee would increase your APR. And applications are subject to meeting our usual credit criteria.

**The APR is for the low-rate fixed closed mortgage.

*** The APR for the 5-year variable rate (closed) term is equal to our Prime Rate plus 0.10%. The interest rate for a fixed rate mortgage is calculated half-yearly not in advance. The interest rate for a variable rate mortgage is calculated monthly not in advance.