Best for
First-time buyers and conservative borrowers wanting predictability
5-year fixed (insured, e.g. nesto / Ratehub best rate): Rate and payment certainty for 5 years
Real Estate
Mortgage Comparison
Compare fixed, variable, open, and closed mortgage offers.
Updated May 26, 2026
Fact-checked by MoneyMapCanada Editorial TeamUpdated May 26, 2026
MoneyMapCanada Editorial Team
Editorial review and fact-check team
The MoneyMapCanada Editorial Team reviews every article and calculator for factual accuracy, source integrity, and consistency with current Canadian government guidance. Each piece is cross-checked against CRA publications, FCAC consumer guidance, CMHC rules, or CDIC coverage definitions before publication. The team also monitors for rate and rule changes and flags outdated content for revision.
Fact-check process: each article cross-referenced against the named government source before publication
Rate and rule monitoring: content flagged and updated when CRA, FCAC, CMHC, or CDIC guidance changes
Sample total value score
5-year fixed (insured, e.g. nesto / Ratehub best rate)92/100
5-year variable (e.g. Prime − 0.80%)84/100
Open variable mortgage76/100
HELOC (Home Equity Line of Credit)68/100
How this comparison works
Scores and table rows are educational examples, not paid rankings or personalized recommendations. Compare the full cost, eligibility rules, flexibility, support access, and current provider terms before choosing a financial product.
Comparison table
Fees, APR, ratings, pros and cons
| Product | Rating | Monthly / Annual Fee | APR / Rate | Best For | Pros | Cons |
|---|---|---|---|---|---|---|
5-year fixed (insured, e.g. nesto / Ratehub best rate) Rate and payment certainty for 5 years | 4.5 | 3-month interest penalty to break | 4.39%–4.89% (May 2026 range) | First-time buyers and conservative borrowers wanting predictability | Locked rate; easy budgeting; insured rates are lowest available | Break penalty risk; may pay more than variable if rates fall |
5-year variable (e.g. Prime − 0.80%) Historically lower total interest; simpler break penalty | 4.1 | 3-month interest penalty to break (simpler math) | Prime − 0.50% to − 1.00% (approx. 5.45%–5.95% at Prime 6.45%) | Borrowers with flexible income and higher risk tolerance | Often cheaper over full term; smaller break penalty than fixed IRD | Rate uncertainty; renewal risk if rates spike |
Open variable mortgage Full prepayment flexibility anytime | 3.8 | No penalty to break or prepay | 6.50%–8.00% | Sellers expecting to discharge mortgage within 12 months | Break anytime; useful bridge during sale or refinance window | Rate premium is costly; poor choice as a long-term product |
HELOC (Home Equity Line of Credit) Reusable revolving credit secured by home equity | 4.0 | Legal/appraisal setup ~$1,000–$1,500 | Prime + 0.50%–1.00% | Established homeowners funding renovations or investment | Borrow only what you need; interest-only option; reusable as you repay | Variable rate; lender can restrict access; requires 20% equity minimum |
Best for
Borrowers with flexible income and higher risk tolerance
5-year variable (e.g. Prime − 0.80%): Historically lower total interest; simpler break penalty
Best for
Sellers expecting to discharge mortgage within 12 months
Open variable mortgage: Full prepayment flexibility anytime
Check current offers
Compare live real estate rates from Canadian providers
The table above uses planning examples. Actual fees, rates, and offers change — verify directly with providers before applying.
Compare mortgage rates — Ratehub
Current fixed and variable rates from Canadian lenders
Mortgage brokers — nesto
Online mortgage comparison and rate hold
Mortgage calculators — CMHC
Government mortgage planning tools
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Sources used
Official references checked for this page
Updated May 26, 2026
Each claim on this page is traceable to one of the government authorities or regulators below. Rates, tax rules, eligibility requirements, and product terms can change — verify current details directly with the linked source before making any financial decision.
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