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Everything you need to know
about mortgages & investing

Canada's most straightforward mortgage resource. Live rate data, a full calculator suite, beginner guides, a complete glossary, and expert articles — all in one place, all free.

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Canada Rate Watch
Live BoC overnight rate, prime rate, and what they mean for your mortgage
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🧮
Mortgage Calculator
Payment, equity, stress test, and debt consolidation calculators in one tool
Calculate
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Beginner Guides
Step-by-step guides for first-time buyers, self-employed, and more
Read Guides
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Mortgage Glossary
A–Z of every Canadian mortgage term, explained in plain English
Browse A–Z
Live Data

Canada Rate Watch

Key rates that affect your mortgage — updated regularly. Understanding these numbers helps you make better borrowing and investing decisions.

Bank of Canada Overnight Rate
2.75%
▼ Cut 0.25% — Mar 2025

The BoC's target rate for overnight lending between banks. Directly influences variable mortgage rates and HELOCs in Canada.

Canadian Prime Rate
4.95%
▼ Follows BoC cut

Set by major Canadian banks — typically BoC rate + 2.20%. Your variable mortgage rate is usually Prime minus a discount (e.g. Prime – 0.90%).

Typical 5-Year Fixed Rate
4.89%
▼ Bond yields easing

5-year fixed rates are driven by Government of Canada bond yields — they move independently of BoC decisions. Currently trending down as bonds rally.

Stress Test Rate
6.89%
→ Unchanged

OSFI requires all insured and uninsured borrowers qualify at the higher of their contract rate + 2%, or 5.25%. Currently the contract rate + 2% triggers first.

Typical B Lender Rate
6–9%
→ Steady range

Alternative (B) lenders price above prime to reflect higher credit risk tolerance. Rate depends on credit score, LTV, employment type, and debt ratios.

Typical Private Lender Rate
9–12%
→ Equity-based pricing

Private mortgage rates are set based on LTV ratio, property quality, and market risk — not credit score. Lower LTV typically means lower rate.

What is the BoC rate?

The Bank of Canada sets the overnight rate 8 times per year. When it rises, variable mortgages and HELOCs get more expensive within days. When it falls, they get cheaper.

Fixed vs Variable — what should I choose?

Fixed rates are predictable — your payment never changes. Variable rates can save money if rates fall but expose you to risk if they rise. Your Tordon advisor can model both scenarios for your situation.

What is the stress test?

All Canadian mortgage borrowers must qualify at contract rate + 2% (or 5.25%, whichever is higher). It tests whether you could still afford payments if rates rose. Private mortgages are exempt.

Rates last updated March 2025 · These are indicative market rates, not offers. Contact Tordon for your actual rate.

Calculator Suite

Run your numbers

Four calculators covering every scenario — from your first payment estimate to stress testing a refinance.

Purchase Price
Down Payment ($)
Interest Rate (%) 5.5%
Amortization (years)
Payment Frequency
Lender Type
Current Home Value ($)
Remaining Mortgage Balance ($)
Target LTV (%): 75%
A lenders can go up to 80% LTV. B lenders typically 75–80%. Private lenders can go up to 85% but vary by property type and location.
Mortgage Amount ($)
Your Contract Rate (%) 5.5%
Annual Household Income ($)
Other Monthly Debt Payments ($)
Home Value ($)
Current Mortgage Balance ($)
Total Other Debts to Consolidate ($)
Current Monthly Debt Payments ($)
Monthly Payment
Est. Monthly Payment
$3,402
Based on 25-yr amortization at 5.50%
Loan Amount$600,000
Total Interest (life of loan)$420,615
Total Cost$1,020,615
Down Payment %20.0%
Get My Actual Rate
Step-by-Step Guides

Guides for every situation

Written by our licensed advisors. No jargon, no agenda — just the information you actually need.

View All Articles
01
🌱 First-Time Buyers

The Complete First-Time Buyer's Guide to Getting a Mortgage in Ontario

From saving your down payment to closing day — every step explained so you know exactly what to expect.

📄 8 chapters · 15 min readRead Guide
02
💼 Self-Employed

Self-Employed Mortgage Guide: How to Qualify When Banks Say No

The documentation you need, lenders who understand your income, and how to maximize your borrowing power.

📄 6 chapters · 10 min readRead Guide
03
💳 Refinancing

Debt Consolidation Through Refinancing: Is It Right for You?

When combining your debts into your mortgage makes sense — and when it doesn't. A balanced look at the numbers.

📄 5 chapters · 8 min readRead Guide
04
📈 Investing

RRSP & TFSA Mortgage Investing: The Canadian Investor's Complete Guide

How to earn real estate-backed returns inside your registered accounts — step by step, jargon-free.

📄 7 chapters · 12 min readRead Guide
05
🔑 Private Lending

Understanding Private Mortgages: When They Help & What They Cost

The real story on private lending — rates, fees, risks, and exit strategies. What the banks won't tell you.

📄 6 chapters · 9 min readRead Guide
06
🍁 New to Canada

New to Canada? Here's How to Get a Mortgage Without Canadian Credit History

Programs available for newcomers, PR holders, and work permit holders — including foreign income documentation.

📄 5 chapters · 7 min readRead Guide
A–Z Glossary

Every mortgage term
explained plainly

No jargon left unexplained. Search or browse alphabetically — click any term to expand its definition.

No terms match your search. Ask an advisor instead →
Rate Finder

Find your lender match
in 60 seconds

Answer 5 quick questions about your credit, employment, and situation. We'll instantly tell you whether you're an A, B, or Private borrower — and what rates to expect.

1
Tell us your mortgage type and credit score
2
Share your employment and income situation
3
Any recent credit issues?
4
Get matched — A, B, or Private — instantly
5
A Tordon advisor follows up with your real rate
Start the Rate Finder
Step 1 of 5
What type of mortgage are you looking for?
Latest from the Blog

Market insights & expert takes

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General · Market
General
Latest
Stay tuned for the latest mortgage insights and market analysis

Our team publishes regular articles on rates, strategies, and market trends to help you make informed decisions.

Visit Blog
💳
Finance
Coming Soon
Understanding the Benefits of Debt Consolidation
Read
📋
Strategy
Coming Soon
The Mortgage Playbook: How Savvy Borrowers Stay Ahead
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FAQ

Questions people always ask

Amortization is the total length of time to pay off your mortgage — typically 25 years in Canada. A longer amortization means lower monthly payments but more interest paid overall. Shorter amortization means higher payments but far less total interest. Your term (usually 1–5 years) is how long your current rate is locked in — not the full amortization.
Your maximum borrowing is based on your GDS ratio (gross debt service — housing costs as a % of income, max 39%) and TDS ratio (total debt service — all debts as % of income, max 44%). A lenders follow these rules strictly. B and private lenders have more flexibility, especially for equity-based situations.
For homes under $500K: 5% minimum. For $500K–$999,999: 5% on the first $500K + 10% on the remainder. For $1M+: 20% minimum and mortgage insurance is not available. If your down payment is under 20%, you need CMHC mortgage insurance — an added premium of 2.8–4% of the loan amount.
All federally regulated lenders require you to qualify at the higher of: your contract rate + 2%, or 5.25%. So if your rate is 5.5%, you must prove you can afford payments at 7.5%. This ensures you could handle rate increases at renewal. Private mortgages and some credit unions are exempt.
With the Bank of Canada cutting rates through 2024–2025, variable rates have become more attractive — but there's still uncertainty ahead. Fixed rates offer predictability. The right answer depends on your risk tolerance, how long you plan to stay in the property, and your current cash flow. Your Tordon advisor can model both scenarios with real numbers.
Yes, but there's a penalty. Fixed rate mortgages typically charge the greater of 3 months' interest or the Interest Rate Differential (IRD) — which can be very large with big banks. Variable rates usually just charge 3 months' interest. Monolines and B lenders often have fairer penalty calculations. Always read your prepayment terms before signing.
A Home Equity Line of Credit lets you borrow against your home's equity like a credit card — up to 65% of your home's value (combined with your mortgage, up to 80%). You only pay interest on what you draw. HELOCs have variable rates tied to prime. They're flexible but can become expensive if rates rise.
Budget 1.5–4% of the purchase price for closing costs: land transfer tax (Ontario + Toronto if applicable), legal fees ($1,500–$2,500), title insurance (~$300), home inspection (~$500), and moving costs. First-time buyers may get land transfer tax rebates. Always have a closing cost buffer before you buy.
When your term ends (usually 1–5 years), your mortgage is up for renewal. You can renew with your current lender or switch. Switching lenders at renewal is free — no penalty. This is the best time to negotiate a better rate, change your product, or refinance to access equity. Tordon can help you shop all lenders at renewal.
A bank only offers its own mortgage products. A broker like Tordon shops across dozens of lenders — A, B, and private — to find the best fit for your situation. Brokers are typically compensated by the lender, so their service is often free to you. And unlike banks, brokers have no incentive to push you toward one product.