Consumers increasingly begin their mortgage search by asking about the best rate available and that’s understandable. Interest rates vary based on your financial profile (credit score, income, down payment), the type of mortgage you choose (fixed vs. variable), and the lender you work with.

There isn’t one “best” rate for everyone. The lowest advertised rate might be tied to products with restrictions or penalties. What matters most is what rate you personally qualify for and how it fits with your goals. A mortgage professional can help you compare multiple lenders to find the most appropriate rate for you.

Down payment requirements in Canada are standardized based on the price of the home:

5% of the first $500,000

10% of the portion between $500,000–$1,499,999

20% for homes $1,500,000 and up

Example:
If a home is $750,000, the minimum down payment is:

5% of the first $500,000 = $25,000

10% of the remaining $250,000 = $25,000
Total minimum = $50,000

If your down payment is less than 20%, you’ll need mortgage default insurance (through CMHC or private insurers), which protects the lender, but allows you to buy sooner.