5 Year Mortgage Rates
Term TypeRatePromo & Info
5 YearFixed (standard)2.49%
5 YearFixed (promo)2.29%-*call for restrictions
-High Ratio Only
-Meet property guidelines
5 YearFixed (promo)2.49% & -Condo Doc Review, Reimbursement $500 *call
5 YearVariable (promo)2.10%
* Subject to change without notice *OAC *Some Underwriting Restrictions Apply
Our Mortgage Rates
2 YearFixed2.19%
3 YearFixed2.29%
4 YearFixed2.39%**High Ratio Only
5 YearFixed2.29%**restricted, call for details
6 YearFixed2.99%
7 YearFixed2.99%
10 YearFixed3.54%

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What is the RRSP Home Buyers Plan?

The home buyers plan will allow those that meet the conditions to withdraw money from their RRSP- Registered Retirement Savings Plan – in an amount up to $25,000 to be used as a down payment on their primary residence without those funds being subject to taxation. As a general rule the money will have to be repaid into the RRSP within 15 years and noted on your tax returns.

Who would typically use the RRSP Home Buyers Plan?

The RSP Home Buyers plan is perfect for those individuals that have succeeded in contributing to their Registered Retirements Savings account, but who do not have enough other liquid resources to use for a down payment. Using the Home Buyers Plan is a great way to speed up the home ownership process and get into the market. For individuals looking  to be home owners it certainly beats the alternative which is spending years trying to save up the additional money for a down payment.

Who can utilize the RRSP Home Buyers Plan?

There are some conditions that must be met in order to participate in the Home Buyers Plan. If the conditions are not met he RSP funds withdrawn will be subject to tax. For this reason it is very important to ensure you for this program. This information provided here is for reference only and before requesting to withdraw from your RSP savings you should check with your Investment advisor and reference the Government of Canada website and other publications on this matter.

In general here are some of the conditions you must meet:

       Before you apply to withdraw

  • you must enter into an agreement to purchase a qualifying home (in writing)
  • you must intend to occupy the home as your principal residence
  • you must be considered a first time buyer
  • your home buyers plan balance on January 1 of the year of the withdraw needs to be zero

When the withdrawal is made

  • neither you or your spouse or common law partner can own the home for more than 30 days before the withdrawal is made
  • you have to be a resident of Canada
  • you are required to fill out the form T1036 for each eligible withdraw
  • all withdrawals must be received in the same calendar year
  • the total of your withdrawals cannot exceed $25,000

 After the withdrawal is made

  • you must buy the home before October 1 of the year after the year of the withdrawal

Specific wording that describes what constitutes a “first time buyer,” “arm’s length,” and other definitions in relation to the conditions of this program exist so it is very important to review all the requirements before trying to utilize this program.

Are there any special requirements that a lender may need when using the RRSP Home Buyers Plan?

As always the lender will want to see a 90 day history on the funds you intend to use for your down payment. They will also ensure that if you are planning on using your RSP’s that they are not locked in or restricted, and that they can in fact be cashed for your down payment.  Some lenders may also request to see the RSP funds deposited into your bank account before they are willing to follow through on the loan. This would normally be done with a bank teller print out of the transaction and a current balance.