Rate Snapshot

November 2nd, 2023

5 year fixed high ratio 5.79%.

5 year uninsured conventional 6.14% to 6.39%.

5 year fixed range for 120 rate hold 5.79-6.44% depending on if insured or conventional, and the amortization needed.

5 year high ratio variable rate mortgage is prime less 1.20 = 6.00%.

5 year conventional variable with 30 year amortization – in the range of approximately 6.30% to 7.05%. The available discount off the prime will depend on the lender, and potentially the amount being borrowed, the amortization, and whether the property is owner occupied or a rental.

The Stress Test rate is currently the greater of 5.25% or your contract rate + 2.00%.

Rates are subject to change & subject to qualification.

The next Bank of Canada rate announcement is December 6th, 2023.

Prime rate is currently 7.20%.

Bank of Canada published rate announcement schedule for 2024.

Here is the latest Monetary Policy Report from the Bank of Canada from October 25th, 2023.

The above is a snapshot of current mortgage rates. Some of the above rates are for insured mortgages and/or have a maximum amortization of 25 years.

Interest rates have become more complex to quote.  The variables that will impact the available rates are as follows: whether the transaction is a purchase or refinance; rental or owner occupied; conventional mortgage; conventional insured;  high ratio; the loan-to-value ratio; credit score; verifiable income; the amortization, and/or the timing of the completion date. The interest rate landscape is dynamic and constantly changing. Different lenders can specialize discounting different terms.

For more information on the topic of choosing fixed or variable, click here. Monoline lenders are the sources for conventional insured mortgages. Click here for more information on the role of monoline lenders in today’s lending environment. 

Reverse Mortgages

What is CHIP? What are Reverse Mortgages?

CHIP is a reverse mortgage, a loan secured against the value of your home. It lets you release the capital in your home without having to sell or move. The money you receive is tax-free and yours to use as you wish. You can arrange a CHIP mortgage for purchase or refinance. Reverse Mortgages are provided by HomeEquity Bank.

Here is an overview on Reverse Mortgages provided by the Government of Canada, Financial Consumer Agency.

The Benefits of CHIP

  • Keep your home. Maintain complete ownership and control of your home for as long as you choose to stay.
  • No payments. With CHIP, you never have to make regular payments until you no longer live in the home. You do however, have to pay your property taxes, have valid & adequate fire insurance, and maintain your property.
  • Relieve financial stress. Use up to 55% of the equity in your home to pay off debts or handle unforeseen expenses.
  • Enjoy retirement. The money you access through CHIP is tax-free.
  • Income Advantage or Lump-sum single advance. You can take the funds as a lump-sum or pay yourself a monthly amount.
  • If your preference is Income Advantage, you are required to take a minimum $20,000 lump sum, and the minimum amount you can take is $1,000 per month for a maximum of 15 years.

Who Can Qualify?

  • Canadian homeowner.
  • Age 55 or older.
  • Own your own home.
  • It’s your primary residence.

Other Interesting Facts

  • If there are 2 spouses on title, both have to be at least 55.
  • The reverse mortgage is ongoing even if one spouse passes away.
  • Can be registered interalia up to 3 properties as long as one of them is your primary residence.
  • Bed & Breakfast properties are considered on an exception if owner occupied.
  • Prepayments available up to 10% of the outstanding principal and interest within 30 days of each anniversary date without penalty.
  • You can choose to pay the interest only each month, or no payments at all.
  • After 5 years, there is no prepayment charge if payment is made within 30 days of the reset date.

What Can I Expect for Costs & Rates?

  • Please note that the information below regarding interest rates and prepayment charges is reflective for what is available today, and is subject to change.
  • There are some initial set up costs that include: appraisal, administration, and legal fees. In total, these are approximately $3,000.00.
  • Independent Legal Advice is required.
  • Interest rate pricing is subject to change; as of October 23rd, 2023, the available rates are: 6-month at 8.49%, 1-year at 8.99%, 3-year at 8.48%, and 5-year at 8.19%. Variable is at 10.15% (prime + 2.95). The available rate will depend on the location of the property.

Are There Penalties if I Want to Payout My Mortgage?

  • Yes. If you payout the mortgage during the first year, the penalty is 5% of the outstanding balance. If you payout during the 2nd year, the penalty is 4% of the outstanding balance. If you payout during the 3rd year, the penalty is 3% of the outstanding balance.
  • After the 3rd anniversary, the penalty is 3 months’ interest.
  • After the 5th anniversary, the penalty can be waived with 3 months’ notice.

Please note this content is provided for information purposes, and may be subject to change without notice.

Need more information? Here are 3 PDF information sheets that may help answer your questions: CHIP FAQs – June 2021; CHIP Fact Sheet – June 2021; CHIP Income Advantage Fact Sheet – June 2020.

Broker Services

Annie de la Chevrotiere

Professional Mortgage Broker

Cell: 778-952-7815


Mortgage broker services with over 25 years experience behind every approval. We advocate for home ownership, refinances to help cash flow, knowledge, and peace of mind.

Why use a mortgage broker? For results, expertise & efficiency. We track the 5 & 10 year bond yields daily to gauge the short term upward or downward pressure on interest rates. This helps to secure the lowest rate for you when you are obtaining a mortgage approval or pre-approval.

Want to see what our clients have to say about our service? Our latest Google reviews are on our blog page, here

Whether for a purchase or a refinance, I am available 7 days a week to find the right mortgage options and rates for you. I am a professional that takes the time to explain the application process and answer all of your questions. International time zones are accommodated. In most cases, I am paid directly by the lender so there are usually no fees for my service. In situations where a fee may be payable, advance notice is provided with full disclosure.

Our financing is sourced from various institutional & private lenders which provide first, second, and interalia mortgages. Also on this site, there is information on different types of mortgages such as Reverse, and Construction mortgages. There are also speciality pages devoted to First-time Buyers & Non-residents.

Curious about interest rate risk versus penalty risk? This is discussed on the Fixed or Variable page, here.

The pre-approval process starts with the on-line application, and from there I let you know what is needed for supporting documents. We review the numbers with you so you understand what your payments will be and what you will need to budget for a down payment and closing costs. We work together to meet your objectives for your mortgage financing requirements. For more information on what a pre-approval means in today’s lending environment, click here.

Click here to see our feature article in Daily Hive.

For your convenience, you can also schedule a call by clicking one of the links below: 

Mortgage Pre-Approval – 30 min 

Quick Q&A – 15 min

Mortgage Application Over the Phone – 60 min

Post Approval Review – 30 min

Full contact details here.

I look forward to assisting you! 


The Mortgage Centre

The Mortgage Centre became Canada’s first national mortgage broker organization in 1989.

Download the Mortgage Centre app here

My Services

Available financing for:

  • Purchase
  • Refinance
  • Reverse Mortgages
  • Residential
  • Commercial
  • First-time Buyers
  • Non-Residents
  • New-to-Canada
  • WHA Pre-approvals