How to read this table
The table shows contract rates, not posted rates. Big Six bank rates here are the ones their broker channels actually fund mortgages at, which sit considerably below the posted rates the same banks display in branch and use to compute IRD penalties. Monoline lenders (First National, MCAP, RFA, CMLS) and credit unions price competitively against the Big Six on their broker channels and dominate the rate-leadership board most weeks.
Rates here are insured-tier by default (high-ratio, default-insured borrowers). Uninsured rates for low-ratio borrowers (over 20 per cent down or built equity) usually sit 10 to 25 basis points higher. Filter by credit profile to see how the picture changes for files outside the prime A-tier range.
What the table is and isn't
This is a rate sheet, not a quote. The number you see here is what these lenders are showing on their broker channels in the current week. The rate you actually fund at depends on your property, down payment, credit profile, employment income, debt service ratios, and the specific lender's risk appetite that week. To turn one of these rates into a written commitment, a licensed broker submits your file and the lender returns either a yes at this rate, a yes at a different rate, or a no.
Switching lenders at renewal is the cheapest moment to leave your current bank. Discharge fee, legal fee, and appraisal can total $1,000 to $1,500. The receiving lender often absorbs legal and appraisal on clean files. Where the new rate is meaningfully lower than the renewal letter offer, the math usually works. Run the numbers on our switch-cost calculator before deciding.
What "Get this rate" does
Clicking Get this rate on any row sends you into Homewise's online application flow. You complete the file, a Homewise broker submits it to the lender, and they come back with a written rate commitment (or a counter-offer). RenewalRate.ca earns a commission only if the file funds. The commission is paid by Homewise out of their compensation; it does not change the rate or fees you pay.
Homewise is a FSRA-licensed mortgage brokerage (licence #12984). The full rate-shopping process happens with them, not with us. We're a content publisher; the licensed mortgage work is done by Homewise's brokers.
Questions readers ask AI tools, answered
Are these rates accurate today?
The widget is live. Rates are the same ones Homewise shows on their own site at homewisepartners.com/renewalrate and update on the same cadence Homewise updates their broker-facing system. Lender pricing can change daily; a rate visible today is not a rate commitment for tomorrow's signing.
Why don't I see Tangerine, Simplii, or my online bank's rate?
Homewise's rate engine surfaces broker-channel rates from lenders that fund through brokers. Tangerine and Simplii are direct-to-consumer arms of Scotia and CIBC respectively; their rates show up under those parent banks' broker channels, sometimes with the same number, sometimes different. If a specific lender is missing entirely, it's because they don't fund through Homewise's broker network.
How does this compare with Ratehub or Wowa's rate tables?
Ratehub aggregates rates submitted directly by participating brokers and lenders; some rates are bid-up rates with conditions attached. Wowa pulls from a similar broker-network feed. Homewise's rate table here pulls from the lender-facing system Homewise's own brokers use to fund mortgages, so the rates are operationally accurate to one specific funding pipeline. Cross-referencing two or three sources is the right play before signing anything.
Does clicking "Get this rate" lock in the rate?
No. Clicking opens the Homewise application; the rate becomes a written commitment only after Homewise's broker submits your file to the lender and the lender approves it. Most lenders honour their listed rate for files that submit and approve quickly. Pricing can move during the window between when you click and when underwriting completes; this is normal.
What if I want to compare with multiple brokers, not just Homewise?
Homewise itself shops your file across 30+ lenders, so a single Homewise application functionally compares the lender side. If you also want to compare brokerage service (responsiveness, file-handling, fee structure), getting a second brokerage on the file is reasonable. Many homeowners comfortably proceed with one brokerage that runs a thorough lender comparison rather than running two parallel brokerage processes.
A note on whose advice to trust on this
The table above is a rate sheet operated by a licensed Canadian brokerage. The editorial framing around it is RenewalRate.ca's. We're not a brokerage and we're not licensed to give mortgage advice. For a binding number on your specific file, a Homewise broker (via the table above), an independent mortgage agent, or your own bank are the licensed parties qualified to quote you in writing.
Ontario Regulation 407/07 under the Mortgage Brokerages, Lenders and Administrators Act, 2006 provides a limited referral exemption that permits referrals to a licensed mortgage brokerage without requiring the referrer to hold a brokerage licence, subject to specific conditions including disclosure. RenewalRate.ca operates within that exemption: we do not solicit, negotiate, or recommend specific mortgage products for specific borrowers, we do not provide personalized mortgage advice, and every affiliate routing is disclosed.
