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The Best 1 Year Variable Closed Mortgage Rates

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Ready to find your best mortgage rate?

CIBC
President's Choice Financial
RBC Royal Bank
Scotiabank
Tangerine
TD Canada Trust
BMO Bank of Montreal
True North

To get started, tell us a bit about your location and borrowing needs - and we'll do the rest! Your personalized results will include the best rates from lenders and mortgage brokers, right in your region. Simply pick a product you like, and we'll put you in touch for more info by email, website or phone - no obligation or purchase required.

What is a mortgage broker - and why would I work with one instead of a bank?

Think of a mortgage broker as your personal mortgage shopper - they've got access to a number of rates offered by multiple lenders, and do the legwork to connect you with your best match. Brokers work with your unique financial institution, and will help negotiate the best rate on your behalf - best of all, their services are absolutely free!

Minimize the Risk of Variable Rates

Fixed rates stay the same for the duration of the mortgage, whereas variable rates are subject to market pressure and can fluctuate. For that reason many mortgage shoppers avoid variable rates, even when they are lower than fixed rates. That's less of a problem for people looking for a shorter term. Even if the rate does rise, you're not locked into a mortgage for long.

What's the Difference Between a Bank and Broker?

When shopping for a mortgage most Canadians head to their bank. However banks can only offer their own posted rates. Mortgage brokers are professionals who offer a variety of rates from banks, credit unions and specialty lenders to make sure you get the lowest rate possible.

The Shorter the Term, the Faster You Move

Don't forget, once your mortgage term is over you'll be pressured to auto-renew, often at a higher rate than you intended. Sign up for our mortgage renewal reminder so you'll be ahead of the curve, or subscribe to Rate Alert so you'll be able to keep tabs on the latest rates.

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