Residential mortgages

Owner-occupied homes, first homes, renewals, switches and refinances. Approved on income and credit; the lowest-rate type of loan.

Who it's for

✓ Buying a home or first home
✓ Renewing soon or switching to a lower rate
✓ Refinancing to use your home equity
✓ Newcomers and first-time buyers
✓ Age 55+, want cash from your home for retirement

Rates

Big 5 posted rates checked 2026-11-05

1-year fixed

Big 5 average special

—

Big 5 posted avg 5.51%

3-year fixed

Big 5 average special

5.09%

Big 5 posted avg 6.13%

5-year fixed

Big 5 average special

5.23%

Big 5 posted avg 6.22%

Variable

Big 5 average special

4.40%

Big 5 posted avg 4.73%

Above are the Big 5 average published special rates; your actual rate depends on down payment, credit, the property and lender approval. Insured mortgages (under 20% down) usually get the lowest rates.

What does this rate assume? Why might my quote be higher?

The Big 5 special rates above are the banks' published good-conditions prices: usually good credit, owner-occupied, purchase or switch at renewal, insured with under 20% down (or insurable with 20%+), price under $1.5M, amortization of 25 years or less, and provable income.

Quotes are usually higher if (tap for the matching tool):

With a written quote you can compare and negotiate: big banks often give rates well below posted. Compare the same term, tier and conditions.

Monest rates, Big 5 commercial / private rates are samples (placeholders); Big 5 residential posted rates are checked on bank sites. Subject to lender approval.

Compare with each Big 5 bank →

Rate history: high or low right now?

Bank of Canada public data, 2006.01 to 2026.11, monthly.

Banks' posted 5-year fixed

Now 6.19%; low 4.64% (2015.04), high 7.54% (2007.12).

Prime (variable rates follow it)

Now 4.70%; low 2.45% (2009.04), high 7.20% (2023.07).

Posted rates are banks' published list prices; actual rates are usually lower. Variable rates are usually prime plus or minus a set spread. Source: Bank of Canada (Valet API), updated daily.

Key terms

Minimum down: From 5%; 5% up to $500k; 10% of the portion $500k-$1.5M; 20% at $1.5M+.
Amortization: Up to 25-30 years; Insured 30-year only for first-time buyers or new builds.
Term: 1-10 years, usually 5; Fixed or variable; renew at maturity.
Approval: Income + credit + stress test; Typically GDS 39% / TDS 44%, tested at contract rate +2% or 5.25%, whichever is higher.

What's your situation?

BuyingWhat does buying really cost?First homeHow long to save a down payment?Renewing soonWhen should I start?Switch lendersHow much could I save?Refinance / cash outHow much equity can I access?20%+ downWhy isn't my rate the lowest?

Age 55+: turn your home into retirement income (reverse mortgage)

No monthly payments: take a lump sum or monthly advances; repaid from the home when you sell, move out or pass away.
Major reverse mortgage products promise that, if you maintain the home and pay property tax and insurance, you never owe more than its fair market value — no debt left to your children.
Interest keeps adding up and reduces what is left for family; lenders usually require independent legal advice — review the plan with family.

See how much you could receive each month, and until what ageAlso compare a line of credit and downsizing

Minimum age, maximum share of home value and rates depend on the partner lender (to be confirmed by the company); tool figures are typical-market estimates.

Documents you'll usually need

Photo ID
Income: pay stubs, employment letter, last 2 years T4 / NOA
Down payment: 90 days of bank statements (gift letter if gifted)
Property: purchase agreement or current mortgage statement, property tax bill

Build the full list for your case →

How it works

1Tell us your situation; we estimate how much you can borrow
2Upload documents and compare lenders
3Get approval and written conditions
4Your lawyer closes the purchase or switch; funds released

FAQ

Is Monest a bank?

No. We compare options from multiple lenders to get you a suitable rate and terms.

Can I put less than 20% down?

Yes, with mortgage default insurance (e.g. CMHC) added to the loan; homes $1.5M+ need at least 20% down.

Do I have to renew with my bank?

No. Switching at maturity (same amount and amortization) no longer requires the stress test, so shop around.

Can I get a mortgage with lower credit?

See the credit score tool for ways to improve it; if a bank won't approve you yet, B and private lenders are options.

Commercial mortgages →Buying retail, office or industrial Private & second mortgages →Declined by a bank (income proof, damaged credit)

General rules and typical ranges from public sources, not an approval or commitment. Rates, loan-to-value and terms are subject to the lender's written approval.