The Best Banks For Mortgages In Canada

A Look at Canada’s Top Banks Offering Competitive Mortgage Rates and Reliable Home Financing

Finding the right mortgage lender is one of the biggest steps in the home-buying journey, and in Canada, you’ve got plenty of solid options. The country’s top banks offer a mix of competitive rates, flexible terms, and helpful tools that can make the process much less stressful. But not all banks are the same. Some offer better rates for first-time buyers, while others stand out for customer service, online tools, or unique mortgage features like skip-a-payment options. No matter what, it’s important to compare what each bank brings to the table.

Let’s break down some of the best banks for mortgages in Canada, what makes them stand out, and what you should consider before signing any paperwork. Because when it comes to something as big as a mortgage, you want a lender that truly fits your needs.

TD Canada Trust

TD Canada Trust has built a strong reputation for being one of the most flexible and accessible mortgage lenders in Canada, and for good reason. They offer a variety of mortgage options, including fixed-rate, variable-rate, and even special mortgage solutions for newcomers to Canada. What really sets TD apart is its digital experience. Their online mortgage calculator, pre-approval tools, and easy-to-navigate application process make things simple, even if you’re not a financial expert.

They also offer features like the ability to make lump-sum payments or increase your regular payments, which gives you more control over how fast you pay off your loan.

• Options: Fixed and variable mortgages, flexible payment plans, plus first-time buyer tools
• Rates: Among the best in Canada, 3‑yr fixed ~4.09% for uninsured, 5‑yr variable ~5.0%
• Ease of Application: User-friendly online portal, with quick pre‑approval and strong customer service.

RBC Royal Bank

RBC Royal Bank is one of the most trusted names in Canadian banking, and for good reason. When it comes to mortgages, they offer a mix of competitive rates, flexible terms, and tailored solutions for a wide range of buyers. One of the standout features is their personalized support. RBC advisors are known for walking clients through the process step-by-step, which is a huge plus if you’re feeling overwhelmed by all the fine print.

They also offer tools like their online mortgage calculator and pre-approval application, which make things easier in terms of planning your budget.

• Options: Fixed & variable, HELOCs, first-time buyer incentives.
• Rates: Competitive 5‑yr fixed; 3‑yr fixed ~4.29% uninsured.
• Ease of Application: Digital tools and calculators, in-person advisors, and seamless online experience.

Scotia Bank

Scotiabank is another popular option in Canada, and it definitely earns its place as one of the best. One of its standout products is the Scotia Total Equity Plan (STEP), which is a flexible solution that combines your mortgage with a home equity line of credit, allowing you to access up to 80% of your home’s value, split between fixed and variable rates.
STEP even allows annual prepayment of up to 15% and features like match‑a‑payment and miss‑a‑payment, which give you control and breathing room during unexpected financial changes.
Their eHOME digital platform simplifies the mortgage process as well, though some users report occasional app glitches. Scotiabank also rewards borrowers with perks like switching rebates up to $1,200 and appraisal fee waivers up to $300.

• Options: Fixed & variable, HELOCs, first-time buyer incentives.
• Rates: Competitive 5‑yr fixed; 3‑yr fixed ~4.29% uninsured (Reddit).
• Ease of Application: Digital tools and calculators, in-person advisors, and seamless online experience.

BMO (Bank of Montreal)

BMO stands out as one of Canada’s top mortgage lenders thanks to its blend of flexibility, transparency, and borrower-friendly features, with a human touch. One of the biggest perks? BMO offers a 130‑day rate hold on fixed-rate pre-approvals, giving you the longest window among major banks to lock in a rate before it changes. They also give you generous prepayment privileges, allowing up to 20% extra payments or lump-sums annually (10% on Smart Fixed) without penalties.

Options: Fixed & variable mortgages, refinancing, HELOCs; 130‑day rate hold.

Rates: Around national averages—e.g., 5‑yr fixed ~7.04% (2025)

Ease of Application: Hybrid online and in‑branch; pre-qualify or pre‑approve. Requires Canadian residency and 2‑year employment. Service can be slow at times.

CIBC

CIBC is another excellent Canadian mortgage option because it offers so many mortgage products, flexible payment options, and newcomer-friendly programs What really sets them apart is their prepayment flexibility, which means you can pay up to 20% of your original mortgage balance annually, increase your regular payments by up to 100%, and switch to accelerated payment schedules easily.

• Options: Fixed/variable mortgages, newcomer programs, flexible payment.
• Rates: 3‑yr fixed ~4.09% with cashback + fee waivers (Reddit)
• Ease of Application: In-branch or broker; known for good customer support, but may involve more inquiries.

What you should take from this is this: Choosing the right bank for your mortgage in Canada is about partnering with a lender that understands your financial goals and supports your homeownership journey. Some stand out for their flexible repayment plans, others stand out for first-time buyer programs, or digital mortgage tools. But to find the best loan, always compare rates, features, and customer service before making decisions. Don’t be afraid to ask questions, get pre-approved, and shop around. You want a mortgage that works for you now and well into the future.

So with the right bank by your side, the home-buying process becomes a lot more manageable and a lot less stressful.