Best Mortgage lenders in Canada in 2024

Best Mortgage lenders in Canada in 2024

Recent Canadian mortgage data reveals a significant surge in property sales, defying the challenges posed by the pandemic, largely attributed to historically low interest rates.

Projections by the Canada Mortgage and Housing Corporation (CMHC) indicate that these favorable mortgage rates are expected to persist for the next three years as part of an economic support initiative.

In light of these developments, we have undertaken a comprehensive analysis to compare the leading Canadian mortgage rates and the entities providing them.

1. Tangerine

Tangerine Bank started life as ING Direct Canada back in 1997. Canada’s most popular digital bank, Tangerine, lends out mortgages at great rates. Tangerine mortgages are portable and come with a lock period of up to 120 days.

2. Citadel Mortgages

Citadel is one of the largest full-service mortgage brokerages that operates in Ontario, Alberta, Saskatchewan, New Brunswick, Prince Edward Island, Nova Scotia, British Columbia, and Nunavut. It offers some of the lowest rates for all your financing needs – residential, commercial, or personal.

3. CanWise Financial

Based in Toronto, CanWise is one of the most popular mortgage brokerages in Canada. It has secured excellent mortgage rates for $7.5 billion worth of deals. CanWise Financial is also a CMHC-approved lender.

4. BMO

BMO is the fourth largest bank in Canada. An easy-to-find bank with branches all over the country. They currently offer the longest lock-in period (130 days) and low-interest, long-term, fixed-rate mortgages.


A Toronto-based credit union founded in 1954, DUCA offers competitive mortgage rates to buyers as well as personal banking services like chequing and savings accounts and loans. DUCA Credit Union is a member-owned institution.

6. Equitable Bank

With its headquarters in Toronto, Equitable Bank offers single-family and residential borrowing options. EB was founded in 1970 under the name of the Equitable Trust Company; it became a Schedule I Bank that offers savings products in 2013. Its digital subsidiary is called EQ Bank.

7. Motusbank

Motusbank provides online-only banking solutions (chequing and savings accounts, financial planning, lines of credit, and more) along with a host of tools and explainers. It is a subsidiary of the Meridian Credit Union.

8. Meridian Credit Union

Meridian is the largest credit union based in Ontario. It’s entrusted with the management of $27.2 billion worth of assets. Meridian provides its members with a full range of financial products, including affordable mortgages, through a network of 89 branches.

Best Mortgage Lenders of January 2024

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