Canada Mortgage Rates as of January 11, 2021

What are the Canada mortgage rates currently? Many want to know because many people find themselves reevaluating their living arrangements due to COVID-19. As a result, more and more Canadians are looking to purchase a house where they can have more space and more land so they can feel safer. It is a new right now. So what are the Canada mortgage rates right now?

Canada Mortgage Rates Currently at 3 of the Big Banks

Scotiabank

Variable Rate Mortgages

Posted Rate
Scotia Ultimate Variable Rate Mortgage-Closed 3 Year Term3.350%1
Scotia Flex Value Mortgage-Closed 5 Year Term2.650%2
Scotia Flex Value Mortgage-Open 5 Year Term5.750%3

Closed Term Fixed Rate Mortgages

TermRate
1 year3.090%
2 years3.190%
3 years3.790%
4 years4.090%
5 years4.790%
7 years5.390%
10 years5.890%

Short Term Fixed Rate Mortgages

TermRate
Open Mortgage – 6 month5.750%
Open Mortgage – 1 year5.750%
Flexible/Closed Mortgage – 6 month4.250%

Royal Bank

Popular Rates

TermSpecial OffersAPR
2 Year Fixed2.090%2.150%
5 Year Fixed2.170%2.200%
5 Year VariableRBC Prime Rate – 0.550% (1.900%)1.930%

TD Bank

TD Special Mortgage Rates

TermSpecial Rate3APR    4,   5
3 Year Fixed Closed72.14%2.18%
5 Year Fixed Closed71.94%1.96%
5 Year Fixed Closed
High-Ratio9
1.84%1.86%
5 Year Variable Closed61.70%1.72%

TD Mortgage Prime Rate is 2.60%

Conclusion

The rates above are just a sample of the rates currently available today. However, rates can change, so it is good to either look at a bank’s website or contact them directly for latest rates.

Home ownership in Canada is high when compared with other countries and this trend will continue. (Approximately 66% of Canadians own a property.) And despite (or perhaps even because of) Coronavirus, Canadians are still looking for homes. As a result, mortgage rate shopping has become more important. Please stay safe.