Mortgage rate

Please find below a snapshot of interest rates currently provided by major banks in Canada. These rates are for indication purpose only.  Today's Canada Prime Rate is 4.75%.

                                                          Our rate

It is important that you take the time to look and shop for the best mortgage rate because you can save thousands of dollars in interest charges.
On a 40 year $100,000.00 fixed rate mortgage, a half percent drop in interest rate can save you $9,173.82 in interest charges over the life of the loan.
Interest rate can be fixed or variable. In Canada you can only obtain a 1 year to 10 year fixed rate mortgage.
In Canada the interest rate is adjusted each time the "Prime Rate" changes. When there is a change in your interest rate, your monthly payment will be adjusted accordingly.
You will choose a fixed rate mortgage if:
-you want a stable monthly payment.
-you believe interest rate could rise in the next few years.
-you plan to stay in your home for many years.
You will choose a variable (or adjustable) rate mortgage if:
-you want lower initial monthly payment than a fixed rate mortgage usually offers.
-you think interest rates may fall in the next few years.
-you plan to own your home for only a few years.
In Canada interest expense is tax deductible only if the property is for investment purpose; it is not tax deductible if the property is your primary residence.
Interest rate on Canadian mortgages are usually compounded semi-annually. Beware though that some Canadian lenders may quote you a rate which is compounded monthly. Rate compounded monthly is slightly more expensive than rate compounded semi-annually.