Latest Mortgage Rates Canada
Compare current rates from Canada's top lenders including Big 6 Banks and monoline lenders. Updated twice daily.
Insured vs Uninsured Mortgage Rates in Canada
Insured (high-ratio) mortgages are for purchases with less than 20% down, up to the current federal price cap. You pay default insurance (CMHC, Sagen, or Canada Guaranty), and lenders often price those files cheaper because the insurer takes default risk. Uninsured (conventional) mortgages are for 20%+ down, or for purchases that cannot be insured. The premium can outweigh a lower insured rate — run the numbers with live rates, not a remembered spread from last year.
Percentages below are live from our daily lender feed. A dash means that product is not in today's scrape — we do not invent a current rate. Always confirm with the lender.
Best 5-year fixed insured
4.06%
Coast Capital Savings
Best 5-year fixed uninsured
4.09%
Butler Mortgage
Best 5-year variable insured
3.44%
Meridian Credit Union
Best 5-year variable uninsured
3.64%
Meridian Credit Union
When to choose Insured
Less than 20% down on an eligible owner-occupied purchase. Default insurance is required; the premium is usually added to the loan.
- ✓Your down payment is under 20% and the home is eligible for insurance
- ✓You want access to high-ratio specials that are often the lowest 5-year rates on our hubs
- ✓You are a first-time buyer who may also qualify for a longer insured amortization under current rules
- ✓You would rather add the premium to the mortgage than delay the purchase to save 20%
When to choose Uninsured
20% or more down, or a deal that cannot be default-insured. No CMHC-style premium, but the contract rate is often higher.
- ✓You have 20%+ down and want to skip the insurance premium
- ✓The purchase price is above the insured cap, or the property type is not insurable
- ✓You are refinancing, blending, or buying a rental that must be conventional
- ✓You have compared the extra interest on an uninsured rate with the cost of a high-ratio premium
Insured vs Uninsured: pros and cons
Insured (high-ratio)
Pros
- +Live insured 5-year specials are often below uninsured specials on the same term
- +Lets you buy with as little as 5% down on the first slice of the price (subject to current rules)
- +Insurer underwriting is standardized, which is why many lenders compete hard on this label
Cons
- −You pay an insurance premium (a percentage of the original loan), typically added to the balance
- −Price cap and property-type rules apply — not every home can be insured
- −Investment properties and some refinances are uninsured even if your equity looks high
Uninsured (conventional)
Pros
- +No default-insurance premium added to the principal
- +More flexibility on property type, refinances, and some amortizations
- +You can still shop 5-year fixed and variable uninsured specials across banks and monolines
Cons
- −Uninsured contract rates are often higher than insured specials for the same term
- −You still face the federal stress test on a regulated new origination
- −A higher rate on a larger conventional loan can cost more than a premium on a smaller high-ratio loan — do the math
How to decide
Start with down payment and eligibility, not the sticker rate
If you put less than 20% down on an eligible owner-occupied home under the current price cap, insured is usually the path. If you cannot insure the deal, uninsured is not a preference — it is the product. Check the insured and uninsured hubs for the label that actually applies.
Price the premium against the rate gap
Default insurance is a one-time premium (often 0.6% to 4% of the original loan, depending on down payment). A lower insured rate can still win after you add the premium to the balance. Use the CMHC insurance calculator plus the payment calculator with live rates from this page.
Do not mix labels when you shop lenders
Wealthsimple, nesto, and the Big 5 all publish different insured vs uninsured cells. A missing uninsured row means it is not in today's feed — not that the lender never offers conventional mortgages. Open the lender page and match the same label.
Stress-test and affordability still apply
Insurance does not replace qualification. Run GDS/TDS with the stress-test qualifier and the affordability calculator. First-time-buyer amortization rules change the payment, not the need to qualify.
Mortgage Negotiation Guide
Save $5,000-$25,000 with insider secrets banks don't want you to know.
Learn MoreLive rate hubs
Jump from this comparison into today's 5-year fixed, variable, insured, and uninsured tables.
Calculators and the negotiation guide
Run the payment, affordability, and stress-test numbers on a live contract rate, then use the mortgage guide when you negotiate.
Mortgage comparison guides
Fixed vs variable, insured vs uninsured, and lender vs lender — with live rates from the same feed as our hubs.
Product
Fixed vs Variable
The contract rate stays the same for the term. Best when you want a known payment and can live with a higher break penalty.
Lender vs lender
Wealthsimple vs TD
Licensed digital brokerage. Brokers shop partner lenders. Cash-back promos may apply on new mortgages; coverage is not Canada-wide.
Lender vs lender
TD vs RBC
Big 5 lender with FlexLine, newcomer programs, and a large branch plus digital network. Shop the discounted special, not the posted rate.
Lender vs lender
nesto vs Wealthsimple
Digital mortgage lender with an advertised low-rate guarantee, 150-day rate holds, and a fully online application backed by licensed experts.
Lender vs lender
BMO vs CIBC
Big 5 lender with Smart Fixed mortgages, a full HELOC, and online pre-approval. Competitive when the discounted special is in writing.
Frequently Asked Questions
What is the difference between an insured and uninsured mortgage in Canada?
Insured (high-ratio) mortgages require default insurance because the down payment is under 20% on an eligible purchase. Uninsured (conventional) mortgages have 20%+ down or cannot be insured. Insured specials often price lower; uninsured files skip the insurance premium.
What are today's best insured and uninsured 5-year fixed rates?
In today's feed, the best insured 5-year fixed is 4.06% (Coast Capital Savings) and the best uninsured 5-year fixed is 4.09% (Butler Mortgage). Use those live figures — we do not invent a typical gap in this FAQ. See the insured and uninsured rate hubs for the full tables.
Why are insured mortgage rates often lower?
The insurer reimburses the lender if you default, so the lender's credit risk is lower. That is why high-ratio 5-year specials frequently sit below conventional specials. You still pay for that protection through the insurance premium.
How much is CMHC (or Sagen / Canada Guaranty) insurance?
Premiums are a percentage of the original mortgage and depend on your down-payment band (commonly from under 1% at the high-down end of high-ratio up to 4% at 5% down). The premium is usually added to the loan, not paid in cash at closing. Estimate it with the CMHC insurance calculator.
Can I get an insured mortgage on a home over $1 million?
Federal rules in force since late 2024 allow default insurance on eligible homes below a $1.5 million cap, with 5% down on the first $500,000 and 10% on the rest. Homes at or above that cap are uninsured and need 20% down. Confirm current CMHC/OSFI limits before you offer.
If I have 20% down, should I still buy default insurance?
Usually no — conventional uninsured is the standard path at 20%+. Optionally insuring a low-ratio deal is a lender/insurer product, not the default. Compare the live uninsured 5-year rate with any low-ratio insured quote plus premium; many borrowers simply take conventional.
Does mortgage default insurance protect me if I miss payments?
No. It protects the lender. You still owe the debt, and a claim can follow you. The reason to care about insured vs uninsured as a shopper is the premium cost and the contract rate, not personal default coverage.
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