Today's Best Mortgage Rates

***** Mortgage Rates Last Changed - March 25 2025 *****

Today's Prime Lending Rate	4.95%	Next Bank of Canada Meeting - April 16th 2025
Variable Rates: *
Home Equity Line of Credit	P + .25% (5.20% today)	No Change
5 Year Closed - 25 year amortization Purchases	P - .90% (4.05% today)	No Change
5 Year Closed - 30 year amortization Refinances	P - .50% (4.45% today)	No Change
Residential Owner Occupied Fixed Mortgage Rates: **
1 Year Closed	6.05%	No Change
2 Year Closed	5.29%	No Change
3 Year Closed	4.49%	No Change
4 Year Closed	4.49%	No Change
5 Year Closed - Refinances	4.44%	No Change
5 Year Closed - CMHC/Sagen insured purchases and renewals/transfers	3.94%	No Change
7 Year Closed - CMHC/Sagen insured purchases and renewals/transfers	5.74%	No Change
10 Year Closed - CMHC/Sagen insured purchases and renewals/transfers	5.79%	No Change



Federal Government / Bank of Canada Qualifying Rate or contract rate plus 2% (the higher)

*Interest rate is compounded monthly, not in advance. Variable rate mortgages offers you a low variable interest rate based on the prime rate over a 5-year fixed term. The prime lending rate represents a variable rate of interest announced by the lender from time to time as its Prime Lending Rate. Rates subject to change without notice.
**The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees, such as legals costs and/or appraisal costs, which would increase your APR. Rates subject to change without notice.

Bank of Canada January 29th 2025 Meeting News

The Bank of Canada reduced its benchmark interest rate by .25% as core inflation remains at 2%. Inflation, which had been as high as 5.9% at the start of 2024, has softened to 2.00% since August 2024, aligning with the Bank’s target rate of 2%. However, a key factor behind this recent 0.25% rate cut is the concerning rise in the unemployment rate, which recently hit 6.80%—the highest level since 2017.

The federal government’s lack of attention to fiscal discipline, coupled with excessive economic stimulus and carbon tax increases, has created a challenging environment for borrowers, especially first-time home buyers. As mortgage refinance rates settle at 4.79%, the federal stress test requires borrowers to qualify at a 6.79% rate. This means that rising interest rates are reducing Canadians’ ability to both purchase homes and refinance existing properties, while also dampening overall investment in the country.

In practice, all home buyers, regardless of their down payment size, and homeowners seeking to refinance, regardless of equity, must qualify for mortgages based on the federal government's stress test, which is set at 2% above the offered contract rate.

The Bank of Canada Qualifying Rate applies to high-ratio insured mortgages, variable-rate mortgages, and fixed-rate mortgages with all federally regulated lenders.