July 13, 2011
As of August 4th, 2011, the "Big 5" banks are offering rates virtually identical to one another.
Many people do not realize that posted rates from the Big 5 are usually negotiable from 0.25% to 0.75% (when you go into your local branch and attend a mortgage appointment). How flexible the rate largely depends on how long you have been a customer of the branch, how long you have been a customer of the bank, if you have your business finances at the branch, the size of your mortgage–and how soon the mortgage will commence.
Be sure to request a lower mortgage rate, as many times one will not offered unless asked. The "Big 5" certainly have some flexibility in the mortgage rate that they offer you. If the associate with whom you meet does not seem flexible with the rate, do speak with the branch manager–or visit another local branch.
"Special" lower rates are also offered, but there are certain terms and conditions that must be adhered to (ie: must take a minimum mortgage of $100,000, or ie: mortgage must commence within 90 days of having mortgage preapproval).
The below rates are available to ANY customer (as of August 4th, 2011) and do not include "special" rates that involve that the customer adheres to certain terms and conditions.
Bank, 5yr fixed/closed, 10 year closed
TD Canada Trust (TD), 5.390%, 6.750%
Bank of Nova Scotia (Scotiabank), 5.390%, 6.790%
Canadian Imperial Bank of Commerce (CIBC), 5.390%, 6.750%
Bank of Montreal (BMO), 5.390%, 6.750%
Royal Bank of Canada (RBC), 5.390%, 6.750%