RBC vs TD vs CIBC vs BMO vs SB Mortgage Rates



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One of the most significant decisions you’d ever have to make as a prospective Canadian homeowner is choosing not only the right lender but the perfect mortgage plan for your home.

It is a decision you will live with for the rest of your life, paying thousands of dollars more or less as a result. That’s a good enough reason for you to do your research and consult your broker before signing on the dotted lines.

Fortunately, we have made your lifetime decision a little less stressful by bringing you a comparison of the mortgage rates of the ‘Canada Big Five’. These lenders together control over $100 billion in assets, and they are:

  • Royal Bank Of Canada (RBC)
  • TD Canada Trust (TD)
  • Canadian Imperial Bank of Commerce (CIBC)
  • Bank of Montreal (BMO)
  • ScotiaBank (SB)

Did you know that more than 60% of Canadian homeowners have 5-year terms? Yes, you heard that right. We are going to discuss and describe the various mortgage plans the big five offer. We would then do a benchmark test using the 5 Year Fixed Term.

So let’s begin, shall we?

RBC Mortgage Rate Overview

Underneath this sentence is the current 5-year fixed-rate for the Royal Bank of Canada.

RBC Rate – 5.19%

Apart from the fixed plan mentioned above, the Royal Bank of Canada has a clutch of mortgage plans on offer. Some of these mortgage plans include:

  • RateCapper Mortgage
  • RBC Homeline Plan
  • Cash Back Mortgage
  • Self-Employed Mortgage
  • EnergySaver Mortgage

The RBC introduced the RateCapper Mortgage as a twist on the variable mortgage with the added advantage of a cap which protects your rate for a five-year term. What this means is, you get protection where your rates go above the capped rate within the five years and if the prices go down, then yours would too just like a regular variable rate.

The Royal Bank of Canada Homeline Plan lets you combine existing debt, thereby saving thousands of dollars on interest rates while enjoying the advantages of a mortgage and credit line in a single plan.

The Cash Back Mortgage plan simply offers you cash once the duration of your mortgage has reached an advanced stage. The size of the money received depends on the value and amortization of your mortgage. In some cases, it’s possible to receive around 7% of the total amount.

The Self-Employed Mortgage is as written. It is designed for self-employed Canadians, who struggle to secure competitive mortgage rates. Be it for refinancing, renovating as well as buying their property. You can finance up to 90% of the total equity of your home with this plan.

The EnergySaver Plan is a mortgage package that comes with a C$300 rebate which decreases your energy expenses and at the same time improving the efficiency of your home’s energy.

Finally, the Vacation Home Plan allows you to seek financing up to the value of 95% of the equity of your vacation property.

You can inquire about the current RBC rates here or by visiting the branch nearest to you.

TD Mortgage Rate Overview

Just like all the major lenders, TD Canada Trust has a 5-year fixed-rate, and it’s described below:

TD Bank Rate – 3.19%

In addition to the fixed plan stated above, TD has a roster of programs you can take a look at. Some of these plans are:

  • The 5% CashBack Mortgage
  • The 6-Month Convertible Plan
  • The Green Mortgage
  • The High Ratio Mortgage
  • Multi-Unit Residential Plan
  • The Farm Mortgage
  • Rural Property Mortgage

The 5% CashBack Mortgage is a package whereby TD gives you up to 5% of the principal upfront and in cash for the 6 Year fixed residential plan.

TD’s 6 Month Convertible Plan is a mortgage where you have the choice of going for a longer closed term without paying any fees for converting your mortgage.

As with all things green, The Green Mortgage plan is targeted at energy savers who can qualify for a discount of up to1% their posted interest rate. They are also eligible to receive a maximum of 1.5% in cash rebates for making ENERGY STAR qualification or buying solar panels recommended by the CSA.

The Multi-Unit Residential Plan is accessible to those who intend purchasing a property with 5+ units.

The High Ratio Plan makes it possible for you to own your home with a down payment as low as 5% the property value.

If you’re interested in farming, you should opt for TD’s Farm Mortgage package while the Rural Property Mortgage plan is for those who’d like to buy countryside homes.

You can find the latest TD Rates here, and if you intend to talk to the lender’s agent, you should consider visiting your local TD branch.

CIBC Mortgage Rate Overview

Below this paragraph is the current 5-year fixed-rate for the Canadian Imperial Bank of Commerce.

CIBC 5 Year Fixed Rate = 3.14%

The CIBC also has other mortgage products it offers to its customers, and some of them are:

  • The AeroMortage Plan
  • Better than Posted Mortgage
  • Self-Employed Recognition Mortgage
  • Convertible Mortgage
  •  The Home Power Mortgage
  • New Resident and Non-Resident Home Ownership Program

The AeroMortage Plan is a package that gives you the freedom to earn travel miles for each dollar of interest you put into your mortgage payments. It also offers customers one-time reward of 15,000 Aeroplan Miles.

The Better than Posted Mortgage is a variation of the fixed-rate which assures you of reductions on posted rates, without the need to negotiate closed mortgages for the 3,4,5,7, and 10 plan.

The Self-Employed Recognition Mortgage plan is for self-employed Canadians who intend to purchase a home. It gives customers a choice to not provide proof of income in situations where all income is derived from their business.

The Convertible Mortgage is a package that allows you to convert your fixed short-term plan into a long-term package at any time with no extra cost to you.

The Home Power Mortgage gives you more value for your property by allowing you additional borrowing against the equity of your home.

The New Resident and Non-Resident Program is a package that simplifies the process of owning a home for newcomers and foreign citizens looking to invest in Canada.

You can find the current CIBC Mortgage Rates here, or better still, talk to the nearest CIBC broker nearest to you.

Bank of Montreal (BMO) Mortgage Rate Overview

After this paragraph is a quick depiction of the current lending rate for the Bank of Montreal 5 Year Fixed Plan.

BMO Rate – 2.87%

The Bank of Montreal offers mortgage services, some of which include:

  • Open Mortgages
  • Closed Mortgages
  • Convertible Mortgages

The Open Mortgage Plan gives customers the flexibility of making more payments without facing penalties. It gives you the option of saving money on the interest by eroding the principal sum. The catch is the higher interest rate when compared to a closed mortgage.

With the Closed Mortgage plan, customers can pay less in interest rates. However, you may incur penalties as a result. The closed mortgage plan is popular amongst Canadians due to its stability and lower rates. BMO’s Convertible Mortgage allows customers the leeway to convert their mortgages to benefit from lower prices.

If you’d like to find out the latest BMO rates, then see here. But if you need more information, you can take the extra step of visiting your local BMO branch.

Scotiabank Mortgage Rate Overview

Underneath this paragraph is information on the most recent 5-year fixed-rate for the Bank of Nova Scotia.

Scotiabank Rate – 2.94%

Apart from the 5 Year Fixed Plan, Scotiabank also provides other mortgage products and services as seen below:

  • Long and Short Mortgage plan
  • Save Now, Save Later Mortgage
  • Secondary Home Financing Program
  • Mortgage for Self-Employed
  • StartRight Mortgage Program

The Long and Short Mortgage plan gives customers the benefit of enjoying low-interest rates for the short-term while protecting against rising prices in the long-term.

Save Now, Save Later is a timed offer that allows you to lock your mortgage rates in the present with an assurance of a discounted price in the future.

If you are shopping for your second home, the Secondary Home Financing Program ensures you have simple options available for your financing.

The Mortgage For Self-Employed caters for freelancers, entrepreneurs, and owners of small business. At the same time, the StartRight Mortgage Plan applies to newcomers to Canada who are intent on purchasing their first home.

For more information on the mortgage products on offer at Scotiabank, you can check here, or proceed to the branch closest to you.

Head To Head Comparison of the Big 5

Now we have an idea, the mortgage products on offer at the Big 5; the next step is a benchmark test using the 5 Year Fixed Term Rate. The 5 Year Fixed Rate is held by 66% of Canadian homeowners and is the preferred choice for this test. Factors such as the down payment, amortization, and home value will remain the same to reflect an accurate result.

Lender Home Value Down Payment (%) Down Payment (Cash) Term Amortization Mortgage Rate Monthly Payment
Royal Bank of Canada


C$500,000 5% C$25,000 5 Years 25 Years 5.19% C$2,927
TD Canada Trust


C$500,000 5% C$25,000 5 Years 25 Years 3.19% C$2,386
Canadian Imperial Bank of Commerce


C$500,000 5% C$25,000 5 Years 25 Years 3.14% C$2,373
Bank of Montreal


C$500,000 5% C$25,000 5 Years 25 Years 2.87% C$2,305
Bank of Nova Scotia


C$500,000 5% C$25,000 5 Years 25 Years 2.94% C$2,323

And there you have it. From the table above, you can see the most affordable rate goes to Bank of Montreal while the least affordable price goes to the Royal Bank of Canada. Every other rate falls somewhere in between.

Final Thoughts…

It is essential to understand the mortgage rates above can change at the flip of a dime. Market forces and the present economic realities can change the prices high or low without notice.

It is therefore of the utmost importance that you use your mortgage calculator to ascertain your current rate. And if you’re not sure of the figures, please ensure you consult your mortgage broker.

Finally, the information on this article is subject to errors for which the author is not liable, either by omission or commission and should not be taken as concrete or legitimate financial advice.

Always make sure you consult your mortgage broker and mortgage lawyer before taking a financial decision on your mortgage plan.

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Kareena Maya

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.