Mortgage Rates and Options

Get the best mortage for your needs

Purcell Team Mortgage Rates

Make decisions based on current information.

As part of our commitment to providing mortgage services and information to our clients we regularly update the rates offered by major lending institutions in Canada.

Rates updated on: February 8, 2018.

OAC - Rates Subject to change without notice, some terms and conditions may apply.

There may be other rate specials and quick close rates available not included in the above. We want to ensure we keep you upated when rates go down, and if your happen to see a better rate advertised by another broker please contact us and we will find out if that rate is available for your mortgage.

* Equity and Private Lenders charge higher rates and fees for shorter terms. They are an option for credit and income issues. Must have a t least 15% down. Fees only factor into Equity and Private Mortgages.

Current Mortgage Rates

Bank of Canada 5 Year Posted (Qualifying Rate): 5.14% Prime Lending Rate: 3.45%
Term Pre-Approval Rates Best Live Deal Rates Bank Posted Rates
Term Pre-Approval Rate Best Live Deal Rate Bank Posted Rate
5 Year Fixed Rate 3.49% 2.99% 5.14%
4 Year Fixed Rate 3.34% 3.29% 3.89%
3 Year Fixed Rate 3.19% 3.14% 3.44%
2 Year Fixed Rate 3.09% 3.04% 3.24%
1 Year Fixed Rate 2.99% 2.99% 3.04%
Variable Rate 2.70% 2.41% 3.45%
Home Equity
Line of Credit
N/A 3.95% 4.45%
Term 6 Month Rate hold 9 Month Rate hold 12 Month Rate hold
5 Year Fixed Rate 3.34% 3.75% 3.84%
4 Year Fixed Rate 3.34% 3.65% 3.74%
3 Year Fixed Rate 3.29% 3.57% 3.66%
2 Year Fixed Rate 3.14% 3.60% 3.69%
1 Year Fixed Rate 3.04% 2.95% 3.01%
Variable Rate 3.00% 3.00% 3.00%
Term Starting From Up To Free Range
* Equity Lender 1 year 3.99% 6.99% 1-2%
* Private Lender 1 year 4.50% 29.99% 5-15%
Purcell Mortgage Calculator

Mortgage Rate Calculators

Be prepared as you begin your search for your new property. Visit our selection of calculators designed to educate you on your mortgage options.

Go there now...

Purcell Mortgage Calculator

Home Buyers Mortgage Guide

Download our Home Buyers Mortgage Guide to learn about the mortgage process, some common terms, what to expect, and more. It is a great resource designed to help you as you negotiate the daunting challenge of securing the mortgage that is right for you.

Canada Mortgage and Housing Corporation logo

Mortgage Insurance

Get into your home sooner with an insured mortgage. In order to give your family peace of mind and to strengthen your mortgage application we work with quality institutions including CMHC, Genworth and Canada Guaranty.


While mortgage rates are very important to your decision, there are many otther things to consider when you are determining the best package for your needs.

From closed mortgages to mortgages offering variable rates, each product provides options that satifies different needs in the market place. Take the time to review the options available to you so that you can make the right choice for you and your family.

Please feel free to contact us for more details and how the various packages can impact you in the short and long terms.

Fixed Rate Mortgages

Fixed rate mortgages are great for people who want stability in their payments. If the idea of avoiding the uncertainty of a fluctuating mortgage rate and having the certainty of knowing your payment schedule over the long term, then a fixed rate mortgage is for you.

Keep in mind however, that in comparison with variable mortgages, fixed rate mortgages come with a higher interest rate and a higher penalty if you want to break them.

Variable Rate Mortgages

The interest rate charged on a variable mortgage fluctuates with the market. Variable mortgages offer a number of advantages over fixed rate mortgages including lower interest rates when you first take out the mortgage, a smaller penalty for breaking the mortgage and the ability to lock into a fixed rate mortgage at any time.

On the down side, the rate markets can experience large fluctuations and those with a variable rate mortgage could quickly find themselves paying significantly higher rates on their mortgage than they are able to comfortably pay. And of course this kind of mortgage makes planning for the future more difficult.

Conventional or Unconventional

A conventional mortgage is simply an uninsured mortgage that does not rely on a CMHC, Genworth or Canada guaranty. Conventional mortgages require a minimum 20% down payment.

An unconventional, or high ratio, mortgage is a mortgage that has been insured. The insurance is required in the event that a home buyer is making less than a 20% down payment.

Lines Of Credit
A Line of Credit (or Home Equity Line of Credit) is an alternative to a conventional mortgage that gives you access to the equity you have in your home. Lines of credit are always open and variable and you can re-borrow the amount you have already paid off. They are commonly used for renovations, investments, emergency funds, or they can even be used as a strategy to aggressively pay off your mortgage faster.
Open Mortgages
Open mortgages can do not have penalties to be paid to break the contract early. Closed mortgage have penalties associated with them to break the contract early. Closed mortgages tend to have lower interest rates due to this as they have more restrictions than open mortgages.
Commercial Mortgages

Commercial mortgages are available for all types of commercial properties, including industrial use buildings, office buildings, apartment buildings, retail centres, hotels, and development sites. Whether buying existing buildings or building your own, we have solutions to meet your needs.

Bank vs. Monoline Lenders

What is a monoline lender? Simply a lender that only offers mortgages and only sells discounted rates. Banks typically invest in monoline lending institutions.

What is a monoline lender? Simply a lender that only offers mortgages and only sells discounted rates. Banks typically invest in monoline lending institutions.

Read our Mortgage Guide for more information on the differences between banks and monoline lenders.