Find the Best 1-Year Fixed Open Mortgage Rates in Canada

Compare the best rates from major banks, credit unions and brokers.

Today's top rates in:

5-Year Variable
4.75%
5-Year Fixed
4.77%
Today's top 1-year fixed mortgage rates

Rates are based on a home value of $500,000

Updated 11:27 ET on Mar 11, 2025
TD-Canada-Trust logo
7.74%
Term
1 Yr Fixed
Loan to value
Up to 95%
Insurance
Insured
Rate held until
Sep 01
logo_1080 logo
6.84%
Term
1 Yr Fixed
Loan to value
Up to 95%
Insurance
Insured
Rate held until
Aug 02
Scotiabank logo
7.29%
Term
1 Yr Fixed
Loan to value
Up to 95%
Insurance
Insured
Rate held until
Sep 01

Rates are based on a home value of $500,000

Updated 11:27 ET on Mar 11, 2025
BMO logo
7.34%
Term
1 Yr Fixed
Loan to value
Up to 95%
Insurance
Insured
Rate held until
Sep 11
RBC-Royal-Bank logo
5.99%
Term
1 Yr Fixed
Loan to value
Up to 95%
Insurance
Insured
Rate held until
Sep 01
logo_17945 logo
6.64%
Term
1 Yr Fixed
Loan to value
Up to 95%
Insurance
Insured
Rate held until
Sep 01

Today's Best Mortgage Rates in Canada

Evaluate Canada's best 1-year mortgage rates in one place. RATESDOTCAs Rate Matrix lets you compare pricing for all key mortgage types and terms.

Info icon

Rates are based on an. average mortgage of $500,000 and subject to change based on filter criteria

Updated 07:43 on May 04, 2025
Placeholder
Insured The rates in this column apply to borrowers who have purchased mortgage default insurance. This is required when you purchase a home with less than a 20% down payment. The home must be owner-occupied and the amortization must be 25 years or less.
80% LTV The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.
65% LTV The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.
Uninsured The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates.
Bank Rate Bank Rate is the mortgage interest rate posted by the big banks in Canada.
1-year fixed rate 4.99% 4.69% 4.69% 5.59%
5.49% cibc-mortgage logo
2-years fixed rate 3.89% 4.19% 4.19% 4.70%
4.79% cibc-mortgage logo
3-years fixed rate 3.79% 3.79% 3.79% 4.09%
4.39% cibc-mortgage logo
4-years fixed rate 4.29% 4.15% 4.15% 4.44%
4.29% cibc-mortgage logo
5-years fixed rate 3.79% 3.84% 3.89% 3.84%
3.99% cibc-mortgage logo
7-years fixed rate 5.19% 5.00% 5.00% 5.19%
5.00% royalbankofcanada logo
10-years fixed rate 5.24% 5.25% 5.25% 5.29%
6.09% National_Bank_of_Canada_logo logo
3-years variable rate 4.40% 4.30% 4.30% 4.40%
6.35% Scotiabank-Logo logo
5-years variable rate 4.00% 4.04% 4.04% 4.05%
4.25% royalbankofcanada logo
HELOC rate N/A N/A N/A N/A
N/A
Stress Test 5.25% 5.25% 5.25% 5.25%
N/A

Today's Best Mortgage Rates in Canada

Evaluate Canada’s best mortgage rates in one place. You can compare the most current mortgage rates and monthly payments from 175+ banks and lenders across Canada.

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filter icon

Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.

Lender tooltip icon Insured tooltip icon Insurable tooltip icon Uninsured tooltip icon
Frank Mortgage
Frank Mortgage
3.79% grey tooltip icon
$2,573.49 / month
3.99% grey tooltip icon
$2,627.39 / month
3.89% grey tooltip icon
$2,600.37 / month
Compass Mortgage Group oa My Mortgage Power
Compass Mortgage Group oa My Mortgage Power
3.89% grey tooltip icon
$2,600.37 / month
3.99% grey tooltip icon
$2,627.39 / month
3.89% grey tooltip icon
$2,600.37 / month
MMG Mortgages
MMG Mortgages
3.94% grey tooltip icon
$2,613.86 / month
4.14% grey tooltip icon
$2,668.19 / month
3.94% grey tooltip icon
$2,613.86 / month
Northwood Mortgage Ltd.
Northwood Mortgage Ltd.
4.19% grey tooltip icon
$2,681.85 / month
4.49% grey tooltip icon
$2,764.59 / month
4.19% grey tooltip icon
$2,681.85 / month
BMO
BMO
4.25% grey tooltip icon
$2,698.30 / month
4.47% grey tooltip icon
$2,759.03 / month
4.47% grey tooltip icon
$2,759.03 / month
Innovation Federal Credit Union
Innovation Federal Credit Union
4.49% grey tooltip icon
$2,764.59 / month
4.49% grey tooltip icon
$2,764.59 / month
4.49% grey tooltip icon
$2,764.59 / month
Gibson Mortgages
Gibson Mortgages
4.99% grey tooltip icon
$2,905.18 / month
4.44% grey tooltip icon
$2,750.71 / month
4.29% grey tooltip icon
$2,709.29 / month
True North Mortgage
True North Mortgage
2.99% grey tooltip icon
$2,363.66 / month
2.99% grey tooltip icon
$2,363.66 / month
2.99% grey tooltip icon
$2,363.66 / month
Hypotheca
Hypotheca
3.74% grey tooltip icon
$2,560.11 / month
3.74% grey tooltip icon
$2,560.11 / month
3.74% grey tooltip icon
$2,560.11 / month
DUCA Financial
DUCA Financial
3.79% grey tooltip icon
$2,573.49 / month
3.79% grey tooltip icon
$2,573.49 / month
3.79% grey tooltip icon
$2,573.49 / month
Monster Mortgage
Monster Mortgage
3.79% grey tooltip icon
$2,573.49 / month
3.79% grey tooltip icon
$2,573.49 / month
3.79% grey tooltip icon
$2,573.49 / month
Nesto
Nesto
3.84% grey tooltip icon
$2,586.91 / month
3.84% grey tooltip icon
$2,586.91 / month
3.84% grey tooltip icon
$2,586.91 / month
The Mortgage Advisors
The Mortgage Advisors
3.87% grey tooltip icon
$2,594.98 / month
3.87% grey tooltip icon
$2,594.98 / month
3.87% grey tooltip icon
$2,594.98 / month
Interior Savings
Interior Savings
3.89% grey tooltip icon
$2,600.37 / month
3.89% grey tooltip icon
$2,600.37 / month
3.89% grey tooltip icon
$2,600.37 / month
City Wide Financial Corp
City Wide Financial Corp
3.89% grey tooltip icon
$2,600.37 / month
3.89% grey tooltip icon
$2,600.37 / month
3.89% grey tooltip icon
$2,600.37 / month
Mortgage Brokers City Inc
Mortgage Brokers City Inc
3.94% grey tooltip icon
$2,613.86 / month
3.94% grey tooltip icon
$2,613.86 / month
3.94% grey tooltip icon
$2,613.86 / month
Alterna Savings
Alterna Savings
3.94% grey tooltip icon
$2,613.86 / month
3.94% grey tooltip icon
$2,613.86 / month
3.94% grey tooltip icon
$2,613.86 / month
Profile picture of Lubna Umar
Written By Lubna Umar

Updated March 26, 2025

What is a 1-year fixed open mortgage rate?

One-year fixed terms are one of the shortest commitments among mortgage terms. While 1-year terms in general offer borrowers more flexibility due to the shorter commitment period, a 1-year fixed open mortgage provides the ultimate in repayment flexibility, as it can be repaid in part or fully at any time.

One-year terms aren't very popular with Canadian mortgage shoppers, as only about 5-6% of borrowers choose one, according to Mortgage Professionals Canada. One-year fixed open mortgages make up an even smaller piece of that pie.

Like 6-month open mortgages, 1-year fixed open mortgages can be a good short-term mortgage solution, with borrowers typically intending to renew into a longer mortgage term afterwards. Since it’s an open mortgage, a borrower can repay any amount of the loan at any time without penalty.

But that payment flexibility comes with a price. One-year open mortgage terms are priced significantly higher than comparable closed short-term mortgages.

This rate premium is largely due to the absence of a prepayment penalty. Because borrowers can repay the loan at any time, the loan is riskier for lenders to fund since they don’t know if they’ll receive the full interest cost over the term or if the loan will be repaid sooner. That creates “prepayment risk,” meaning the lender earns less profit at a given rate, versus a closed mortgage.

Advantages of a 1-year fixed open mortgage

These are some advantages for a shorter term mortgage.

  • No prepayment penalties: An open mortgage means borrowers can increase their regular payments or make lump-sum payments with no risk of prepayment penalties.
  • Stable interest rate: Fixed rates stay the same throughout their term and aren’t affected by the prime rate.

Disadvantages of a 1-year fixed open mortgage

There are also some disadvantages to consider.

Higher interest rates: Due to the prepayment flexibility of an open mortgage rate, interest rates tend to be significantly higher vs. comparable closed terms.

Renewal hassle: With such a short term, renewing just after a year can be a hassle, although most renew into a longer term.

Renewal risk: If you choose a short fixed term, you run the risk of renewing into higher interest rates when your term is up.

Lubna Umar

Lubna Umar,

Lubna Umar is an SEO Content Manager at RATESDOTCA. She has produced a wide variety of content, including academic essays, pieces of fiction and financial literacy guides. In her free time, she can be found exploring the caf culture in Toronto or any other major city.

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