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Mortgage rates

With competitive rates and flexible options, we can help you find a mortgage that fits.

Mortgage rate specials

We have fixed-rate and variable-rate mortgage specials available.

Fixed-rate mortgage offer

Term

Conventional mortgage Footnote 1 promo rate (%) Insured mortgage Footnote 2 promo rate (%)

36-month closed

1.96 Footnote i 1.81 Footnote iv

48-month closed

1.96 Footnote ii 1.81 Footnote v

60-month closed

1.89 Footnote iii 1.74 Footnote vi
Canada Life mortgage prime rate

Description

Rate (%)

Canada Life mortgage prime rate (P)

2.45
Variable-rate mortgage offer

Term

Rate (%)

60-month closed

1.88 (P – 0.57) Footnote vii

Canada Life mortgage rate specials are applicable as of October 22, 2020 and are subject to change or withdrawal at any time without prior notice. Footnote 3

Standard rates

Fixed-rate mortgages

Fixed-rate mortgages provide a locked-in interest rate and payment amount, but the portion that goes towards principal versus interest varies from payment to payment – the amount going towards principal increases as you pay off more of your mortgage, while the portion going towards interest decreases. If rates increase, your fixed rate stays the same, giving you the security of a fixed payment for the term of your mortgage.

An open mortgage allows you to pay back your mortgage, in part or full, at any time without penalty. A closed mortgage, on the other hand, requires you to maintain the payment schedule for the entire term you select, but you’re able to pay back a larger part of the principal at a specific time.

Term

Rate (%) Footnote 3

6-month open

6.95

6-month closed

4.20

12-month open

7.10

12-month closed

3.10

24-month closed

3.20

36-month closed

3.65

48-month closed

4.24

60-month closed

4.79

84-month closed

6.50

120-month closed

6.75

Variable rate mortgages

A variable-rate mortgage allows you to take advantage of changing interest rates while providing the convenience of a fixed monthly payment. If interest rates fall, more of your payment will be directed to reducing your outstanding mortgage principal. If rates rise, more of your payment will go towards paying interest costs.

Term

Rate (%) Footnote 3

60-month closed

2.45

Adjustable Rate-Adjustable Payment mortgage

Similar to how a variable-rate mortgage works, an Adjustable Rate-Adjustable Payment mortgage allows you to take advantage of changing interest rates. However, instead of having a fixed monthly payment, the interest and principal payment amounts may fluctuate and are automatically adjusted each month based on our mortgage prime rate.

Term

Rate (%) Footnote 3

60-month closed (1-month rollover period)

2.45

Lock and Roll mortgage

Another variation of a variable-rate mortgage, a Lock and Roll mortgage allows you to take advantage of changing interest rates. Here, the interest and principal payment amounts may fluctuate and are automatically adjusted every 6 months based on our 6-month fixed rate, less a pre-established discount.

Term

Rate (%) Footnote 3

60-month closed (6-month rollover period)

2.45

Canada Life standard mortgage rates are applicable as of August 19, 2020 and are subject to change or withdrawal at any time without prior notice. Footnote 3

* Blend and extend transactions: Occur when a client with an existing Canada Life mortgage wants to break their existing “in-progress” term to borrow additional money.

Footnote 1
1 Conventional mortgage: A conventional mortgage is when the buyer is making a down payment that’s 20% or more of the home’s purchase price.
Footnote 2
2 Insured mortgage: An insured mortgage is when the buyer is making a down payment that’s less than 20% of the home’s purchase price, and requires the customer to obtain mortgage default insurance.
Footnote 3
3 Offers can be changed, extended or withdrawn at any time without prior notice. Rates can be guaranteed up to 120 days following receipt of the request. The Canada Life Assurance Company, the mortgagee (lender), is a federally regulated life insurance company. Inquiries will be directed to a credit planning consultant.
Footnote 4
4 The annual percentage rate (APR) represents the total interest and fees charged by Canada Life, expressed as an annual percentage. It’s based on a $250,000 mortgage for the applicable term assuming an appraisal fee of $250 (which includes fees associated with determining the value of the property). If there are no cost of borrowing charges, the APR and the interest rate will be the same.
Footnote i
i APR 2.091% Footnote 4
Footnote ii
ii APR 2.060% Footnote 4
Footnote iii
iii APR 1.970% Footnote 4
Footnote iv
iv APR 1.941% Footnote 4
Footnote v
v APR 1.910% Footnote 4
Footnote vi
vi APR 1.820% Footnote 4
Footnote vii
vii APR 1.960% Footnote 4

Why Canada life?

We take pride in our long history of serving the financial needs of Canadians. With over 170 years of experience, we have a long-standing history of financial strength and stability. We look to our insurance roots to effectively manage risk to meet our commitments to you.