10 Tips for Getting the Best Mortgage Rate in Canada

When you purchase a home, a down payment is typically applied to the purchase price, and the balance is to be paid off over your term of the mortgage. The loan you receive from a lender in order to pay for the house is called a mortgage. Simply put, a mortgage is a legal and binding agreement between a lender and a borrower for a specific amount of money that must be paid back within a predefined amount of time. The mortgage is a secured loan in that the house you are buying is collateral for the loan. This means that, should you not meet your mortgage repayment obligations, the lender has the right to take the property.

Purchasing a home and taking on a mortgage is a big commitment. In addition to the amount borrowed, the interest rate you receive is also a factor in assessing affordability. Shopping for a better interest rate could save you tens of thousands of dollars over time.


1. Research Mortgage Interest Rates

There is no one-size-fits-all approach to getting a mortgage. There are a few different types of mortgages, each of which will impact the interest rate you receive, based on a few of the factors we will be touching on later.

The first, and also the best option, is a prime mortgage. These are offered to borrowers who are considered less risky by lenders. These borrowers typically have a credit score of at least 670, have contributed a down payment of between 10 and 20 per cent, and have a low debt-to-income ratio. The most significant perk of a prime mortgage is a lower interest rate, which will help the borrower save thousands of dollars over the loan’s lifetime.

The other is a subprime mortgage. These are offered to borrowers with a lower credit score, typically between 580 and 669. Subprime mortgages carry higher interest rates because borrowers are seen as “riskier.” By knowing your credit score before speaking with a professional, you can be sure to get the appropriate interest rate.

2. Decrease Your Debt-to-Income Ratio

A simple way to get the best mortgage rate in Canada is to decrease your debt-service ratio. This represents the percentage of your gross monthly income used to pay off your debts. Lenders use this value to assess the risk you carry when borrowing money. Canada Mortgage and Housing Corporation recommends keeping your Gross Debt Service (GDS) ratio (your monthly household income that covers your housing costs) below 39 per cent, and your Total Debt Service (TDS) ratio below 44 per cent.

To decrease this ratio, make larger payments on your debts, reduce debt by purchasing only what you can afford in cash, or increase your income. By decreasing your debt-to-income ratio, you signal to lenders that you are less of a risk.

3. Improve Your Credit Score

Improving your credit score takes time, but it can be done. Some easy ways to accomplish this are to make larger payments on your outstanding credit card bills, pay off any collections that may be on your credit report, get caught up on all your bills, and keep outstanding balances on credit cards low.

4. Increase Your Income Stability

Income stability signals to a lender that you’re less likely to default on your mortgage. First, sit down and run an honest assessment on how much money you bring in every month versus how much you spend, to improve your income stability. Then, look for ways to spend less and earn more. This can be accomplished by cutting out frivolous expenses, asking for more hours at work or taking on a side hustle.

5. Gather Your Employment History

Before meeting with a mortgage lender, gathering your employment history is key. Mortgages are large loans, and lenders want to know that you are serious about paying them back and are a low risk for default on your payments. Compiling your employment history shows the lender that you have a track record of gainful employment and are unlikely to be unemployed in the foreseeable future.

6. Save More and Increase Your Down Payment

By contributing a larger down payment, you can reduce the size of your mortgage and attract a more favourable interest rate. Typically, if your down payment is greater than 20 per cent, you will receive a better interest rate than if you put down only five per cent.

7. Use Cash Reserves

Lenders will look at your savings account to ensure you have enough cash in reserve to cover your mortgage in case of job loss. They like to see a few months worth of mortgage payments tucked away in your bank account. This also shows lenders that you are suitable and fiscally responsible. Consider saving up three or four months worth of mortgage payments to get a more favourable mortgage rate.

8. Consider Interest Rates

Currently, interest rates are exceptionally low. Consider timing the purchase of your home during a time when interests rates are lower, to reduce your monthly payments and the interest paid over the lifetime of your loan.

9. Low- Versus High-Ratio Mortgages

If you have less than 20 per cent as a down payment on the home you plan to purchase, you’ll need mortgage loan insurance. This serves as an added layer of security for lenders, should you default on your loan. This fee can be paid up-front or added to your monthly payments. To avoid this expense, save up at least 20 per cent for your down payment.

10. Shop Around

Finally, once you have completed all the steps above to get the best mortgage rate, it is essential to shop around. Some lenders can give you a better borrowing rate than others, and it is vital to know all the options available to you before you commit to one of the most significant investments you’ll make in your lifetime. While you’re at it, research lenders, too, as they may offer different mortgage terms that can affect your bottom line.

Finally, consider working with a mortgage broker. This is a third-party intermediary between the lender and the borrower. A mortgage broker will collect your financial information and “shop around” for you, to find the best mortgage rate and terms from their pool of lenders. And the best part? A mortgage broker’s services don’t cost the borrower a thing.

When you’re ready to take the plunge and dive into the housing market, working with a professional real estate agent can help you make your dream home a reality.  Finding the right property takes experience - start your search with the Toth Realty Group today. 

Contact Brian Toth and his team to assist you with your journey. 

Jan 16, 2024
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Brian Toth
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Brian is Broker with RE/MAX Advantage Realty and is a leader in the, London Ontario and Area Real Estate Community. Brian epitomizes integrety, hard work and creative service in every detail of your Real Estate Transaction.

Recent Blog Posts

Apr 14, 2026

With Canada’s population aged 85 and older growing at the fastest rate of any age group, more families are facing important decisions about how and where their loved ones should live as they age.

While assisted living or downsizing are often seen as common next steps, many seniors want to remain in their homes, provided the space is adapted to meet their changing needs.

With thoughtful planning and targeted upgrades, aging in place can support both independence and quality of life, but sometimes downsizing is ultimately the way to go.

We’ll go over a few things you can do to keep your elderly parents in their home, and give you some tips to know when it’s best to find them a new living arrangement.

Common issues seniors face at home

As our parents get older, the homes they’ve loved for years don’t always meet their changing needs. If you’re starting to think about how to make their space safer and more comfortable, see if they are struggling with any of the following:

  • Falls on stairs or uneven surfaces – Reduced mobility and balance issues make stairs and cluttered hallways very hazardous.
  • Bed and chair falls – Getting in and out of beds or chairs can be challenging, especially without supporting furniture.
  • Bathroom safety – Showers, tubs, and toilets are common areas for slips and falls.
  • Heavy lifting and chores – Tasks like laundry, cleaning dishes, and carrying groceries have more hazards than common.
  • Door and home security – With an increase of technology in the home, remembering alarm codes or managing locks can become confusing and increase vulnerability.
  • Outdoor maintenance – In Canada, things like snow removal, lawn care, and other yard tasks can be physically demanding and dangerous without assistance.
  • Memory and daily reminders – Seniors may forget to turn off appliances, lock doors, or take medications, creating safety hazards.

These issues are often underestimated until something goes wrong as most seniors do not pre-plan as they tend to be reactive.  If they face a fall or health challenge then the big decision becomes , "Do they renovate? or put ramps or chair lifts on the stairs?"

Turning challenges into solutions for seniors who want to live at home

That being said, each problem also points to opportunities for home-based solutions.

  • Bathroom safety upgrades – Upgrades like walk-in showers, grab bars, raised toilet seats, and non-slip flooring can prevent the majority of bathroom-related accidents.
  • Stairs and mobility aids – Consider installing handrails on both sides of staircases, using non-slip treads, or even adding a stair lift to significantly reduce fall risks.
  • Smart home technology – Motion sensor lights, medial alert systems and smart locks make daily life safer and simpler. To avoid any confusion with new technologies, a lot of these devices can be automated or monitored remotely.
  • Declutter and adapt space – Widening hallways, removing obstacles and choosing supportive furniture prevent unnecessary falls, while allowing seniors to move freely within their own hom.
  • Outdoor maintenance – Hiring seasonal services for outdoor maintenance reduces physical strain and fall hazards.


When staying at home is proving to be too hard, is it time to downsize?

Sometimes, despite our best efforts, there may come a time when making those renovations may no longer be of help. Frequent falls, difficulty managing tasks, costly renos, cognitive decline, or social isolation may signal the need for downsizing or assisted living.

In times like these, connecting with a REALTOR® can help ease some of your worries and be your best course of action. Beyond logistics, one of the most overlooked aspects of aging at home is the emotional attachment seniors have to their space.

For instance, making a bedroom out of the dining room so they don’t go upstairs — for the senior, that’s the dining room. That means no more large family gatherings. It’s emotional. These decisions, require sensitivity and open communication. 

Families need to start talking and thinking about this early on to evaluate families' options, identifying accessible properties and making the sale and transition process that much simpler.  Planning ahead allows for better decisions to find them a suitable new living arrangement.  


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Apr 13, 2026

Spring is the perfect time to refresh your home, and this year’s interior design trends are all about warmth, personality, and natural beauty. Across Canada, homeowners are leaning toward décor that feels relaxed, layered, and inspired by nature.

From textured materials to earthy colour palettes, Spring 2026 home trends focus on creating spaces that feel welcoming and lived in. Whether you’re updating your home for the season or preparing to list your property, these design ideas can help elevate your space. Looking for more inspiration? 

Below are four of the biggest spring interior design trends and simple ways to incorporate them into your home.

Natural Textures Bring Warmth and Depth

One of the defining home décor trends for 2026 is the return of natural textures. Instead of sleek, highly manufactured finishes, homeowners are gravitating toward materials that feel organic and tactile.

Popular materials this spring include:

  • Reeded wood furniture
  • Woven baskets and wall décor
  • Rustic stone surfaces
  • Limewash or textured wall finishes
  • Linen and natural-fibre textiles

These elements add depth to a room while creating a calming atmosphere. A reeded wood coffee table, woven pendant light, or textured throw blanket can instantly warm up a living space. For homeowners preparing to sell, incorporating natural textures can also improve listing photos by making a space feel more inviting and move-in ready.

Layered Décor Creates a Collected Look

Minimalism has dominated interior design for years, but Spring 2026 design trends are embracing a more personal, layered aesthetic. Instead of sparse rooms, homeowners are styling spaces that feel curated and lived in. This look often combines:

  • Mixed patterns and textiles
  • Vintage décor and thrifted finds
  • Gallery walls with varied artwork
  • Decorative books and ceramics
  • A mix of modern and antique furniture

Layering adds character while allowing homeowners to showcase personal style. Travel souvenirs, heirloom pieces, or flea-market finds can help tell a story within the space. This approach also works well for sellers. Thoughtful décor layering can add warmth and depth without overwhelming potential buyers.

Earth Tones Led the Spring Colour Palette

If you’re planning a paint refresh, warm earth tones are leading the colour palette for Spring 2026.Nature-inspired colours are replacing cooler greys and stark whites with shades that feel softer and more welcoming. Trending hues include:

  • Olive green
  • Clay and terracotta
  • Sandy beige
  • Warm taupe
  • Soft caramel tones

These colours work beautifully in living rooms, bedrooms, and kitchens because they create a relaxed and grounded atmosphere. One popular pairing this season is olive green with warm beige or stone tones, which adds depth while keeping the space light and balanced. Even small touches, like throw pillows, artwork, or accent furniture can introduce these colours without requiring a full redesign.

Glass Accents Add Light and Balance

While textured materials bring warmth, glass décor introduces lightness and balance to a space. Glass furniture and decorative pieces help reflect natural light, which is especially beneficial in smaller rooms or darker spaces. Popular options include:

  • Glass coffee or side tables
  • Coloured glass vases
  • Sculptural glass lamps
  • Decorative glass bowls or trays

Soft green and blue glass accents are particularly popular this spring because they complement natural textures and earth-tone colour palettes. For homeowners staging their property, glass accents can elevate a room without adding visual clutter.

How to Incorporate Spring 2026 Home Trends

Refreshing your home for the season doesn’t require a full renovation. Small updates can make a noticeable difference. Here are a few easy ways to bring Spring home décor trends into your space:

Start with colour
Paint an accent wall in a warm tone like olive green, clay, or taupe.

Add natural materials
Introduce woven baskets, ceramic décor, or linen textiles for a layered look.

Style shelves intentionally
Combine books, pottery, and framed artwork to create visual interest.

Use glass to reflect light
Add a glass vase, lamp, or table to brighten the room.

Mix old and new pieces
Pair modern furniture with vintage décor to create a curated, timeless aesthetic.

Why These Spring Design Trends Matter for Sellers

If you’re planning to sell your home this year, following current interior design trends can help your property stand out. Simple updates like warm paint colours, textured décor, and thoughtful styling can make rooms feel more inviting in listing photos and during showings.  

The Bottom Line

The biggest Spring home trends focus on comfort, personality, and natural materials. Instead of rigid design rules, homeowners are embracing spaces that feel relaxed, layered, and authentic. By incorporating warm colours, organic textures, layered décor, and light-reflecting accents, you can create a home that feels both stylish and welcoming for the season ahead.

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May 28, 2024

Divorce or separation are topics we never wish to contemplate, especially so when embarking on the journey of marriage or partnership. However, in our current society it is essential to clearly understand the legal aspects surrounding the matrimonial home. 

By staying informed and understanding the implications of this agreement, you can ensure you are aware of your rights and obligations. This also allows you to sit down with your partner to negotiate and ensure you are set up for success should a separation ensue. 

Whether you're newlyweds or have been together for years, comprehending what constitutes a matrimonial home and its implications can save you from potential legal complexities in the unforeseen future. 

WHAT IS A MATRIMONIAL HOME? 

In Ontario, the term " Matrimonial Home" refers to the property where a married couple ordinarily resides. It could be a house, condominium or an other type of residential dwelling. 

What distinguishes a matrimonial home from other properties is its unique legal status, governed by the Family Law Act ( FLA ) . 

HOW A COUPLE ENTERS INTO A MATRIMONIAL HOME? 

There are various ways found in the list below, in which a couple can enter into a matrimonial home.  

Joint Ownership : When both partners purchase a property together, regardless whether they financially contribute equally to the purchase price or mortgage payments, the property is considered a matrimonial home. 

Transfer or Gift:  If one partner owns a property before marriage or cohabitation and subsequently transfers ownership or makes it a gift to the other partner, the property can become a matrimonial home. 

Common Law Partners:  In Ontario, common law partners who have lived together for a certain period ( typically three years or more) can also have a matrimonial home, provided they meet the criteria outlined in the FLA. 

Designation by Court:  In some instances, a court may designate a property as a matrimonial home, even if it doesn't fit the traditional criteria, to ensure fairness in property division during separation or divorce. 

THINGS TO CONSIDER WHEN ENTERING INTO A MATRIMONIAL HOME

A matrimonial home holds both familial and emotional significances. Before diving into this chapter of your life, it's best to consider your options and take steps to ensure that. should you and your spouse separate, you are both set up for success and can proceed without any legal complications. 

Below you will find some key considerations we recommend reviewing: 

Legal Advice :  Before making any final decisions regarding your matrimonial home, it's crucial to seek legal advice from a qualified real estate lawyer who specializes in family law.  They can also provide personalized guidance based on your unique circumstances. 

Prenuptial Agreement:  Consider drafting a prenuptial agreement that outlines each partner's rights and responsibilities regarding the matrimonial home in the event of separation or divorce. While it may not be the most desirable or romantic topic, it can protect both parties from potential disputes. 

Financial Contributions:  Be transparent about your financial contributions to the matrimonial home, whether the initial purchase price, mortgage payments, or renovations. Keeping detailed records can help ensure a fair division of assets in the event of a separation. 

Future Planning:  Discuss your long-term goals and expectations for the matrimonial home with your partner. Whether you  envision staying in the property for several years or selling in the future. having open communication can prevent misunderstandings and conflicts later on. 


While contemplating the possibility of divorce or separation may not be pleasant, understanding the legal aspects of the matrimonial home is essential.  By familiarizing yourself with what constitutes a matrimonial home, how it can be created, and key considerations to keep in mind, you can navigate this aspect of real estate with confidence and peace of mind. 

Seeking professional guidance and having open communication with your partner is key to protecting your interests and ensuring a smooth transition, should the need arise.  



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