Mortgage Rates, Mortgage Rate Canada, Loan Rates | HSBC Canada


Mortgage Rates

Expect more than just a great rate

We’ll help you choose the right combination of interest rate and term to help you reach your financial goals.

While we know that the interest rate is an important consideration, it shouldn’t be the only deciding factor. Features that allow you to pay your mortgage faster without fees or charges can be just as important when it comes to choosing the right solution for you.

Special Offers

HSBC Premier customers*** HSBC Advance customers*** Personal rates*** HSBC Smart Savers Mortgage****
2 year Fixed Closed 2.40% 2.50% 2.70%
5 year Fixed Closed 2.40% 2.50% 2.70% 4.50%
Variable - - - -
5 year Variable ** Closed 2.49% 2.59% 2.79% 2.95%

Posted Fixed Rate Mortgages

Open Term Rate
6 months 6.20%
1 year 6.35%

Closed Term Rate
6 months 4.45%
1 year 3.14%
2 year 3.14%
3 year 3.39%
4 year 4.09%
5 year 4.64%
7 year 5.44%
10 year 6.04%

Posted Variable Rate Mortgages**

Open Term Rate
3 year 4.20%

Closed Term Rate
5 year 2.80%

Prime Rate / US Base Rate

Prime Rate US Base Rate
Rate per annum 2.70% 4.00%


HSBC Premier HSBC Advance Personal rates HSBC Smart Savers Mortgage
2 year Fixed Closed 2.46% APR* 2.56% APR* 2.76% APR*
5 year Fixed Closed 2.43% APR* 2.53% APR* 2.73% APR* 4.50% APR*
5 year Variable ** Closed 2.52% APR* 2.62% APR* 2.82% APR* 2.96% APR*


Building the right mortgage

Create your own mortgage solution by combining a term and interest rate that result in the right combination of features for your financial goals.

Choosing the right mortgage term

Mortgage terms vary so that you can take advantages of opportunities that align with your current financial circumstances. There are advantages to both short- and long-term commitments. We’ll help you make the right choice.

Term Advantages Considerations
Short Shorter terms typically have lower rates.
You have the option to renew your mortgage more often, taking advantage if interest rates decline.
You could find yourself having to renew your mortgage at a higher rate if interest rates increase.
Short-term mortgages are advantageous if you foresee the opportunity to pay off your entire balance in the near future.
Long Longer terms provide predictability and stability. Committing to an interest rate for a long period of time may make it more difficult for you to obtain a lower rate if rates drop over time.

Fixed or variable interest rates

Once you’ve decided on a short or long term, the next step is to weigh the advantages of fixed and variable interest rates.

Rate Advantages Considerations
Fixed Your payments will be the same every month.
The amount of your payment applied to principal and interest will follow a pre-determined schedule.
Fixed interest rate mortgages are ideal for homeowners who want predictable payments without the need to monitor interest rates.
Variable Variable interest rates have traditionally lowered the cost of home ownership when rates are low and not fluctuating. If you are concerned that interest rates will rise quickly, you may consider a variable interest rate mortgage that can be converted to a fixed rate at any time within your current term.
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What you need to know before applying

  • You are at least the age of majority, 18 or 19 years of age depending on your province of residence
  • You are a Canadian resident
  • You will be asked to provide personal details and gross annual income (pre-tax)
  • You will be asked to consent to us obtaining your credit report
  • If you are applying for a joint loan, the co-applicant must complete the application. If there is more than one co-applicant, please call us to proceed at 1-866-609-4722
  • All mortgages are subject to standard credit approval.


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* The annual percentage rate (APR) is based on a $ 200,000 mortgage for the applicable term assuming a property valuation fee of $250. APR means the cost of borrowing for a loan expressed as an interest rate. It includes all interest and non-interest charges associated with the mortgage. If there are no non–interest charges, the annual interest rate and APR will be the same. All rates are subject to change without notice. For information and to confirm most recent rates, please contact any HSBC branch. Some restrictions apply. Revenue property rates available upon request.

** Actual rate will vary depending on fluctuations to HSBC Prime Rate. Rates are subject to change without notice. For information and to confirm most recent rates, please contact any HSBC branch. Mortgage Rates above are applicable to First Mortgages only. Some restrictions apply.

*** Rates apply to traditional and Equity Power Mortgages. HSBC Smart Savers Mortgage rates assume no savings linked to the mortgage. Rates subject to change without notice.

2 HSBC Premier eligibility requires you to have an active HSBC Premier chequing account and maintain a $100,000 balance in combined personal deposits and investments with HSBC Bank Canada and its subsidiaries, some exclusions apply. For full details regarding eligibility and any fees which may apply, please refer to the Personal Service Charges/Statement of Disclosure available at any HSBC Bank Canada branch or online at

3 HSBC Advance requires you to have an active HSBC Advance chequing account and maintain combined personal deposits and investments with HSBC Bank Canada and its subsidiaries of $25,000, or hold personal HSBC Bank Canada residential mortgage balances of $150,000 or greater. Some exclusions apply. A monthly fee of $25 may be charged if you do not meet these minimum balance requirements (fee may change from time to time). For full details regarding eligibility and any fees which may apply please refer to the Personal Service Charges/Statement of Disclosure available at any HSBC Bank Canada branch or online at

What is a down payment and how much do I need to buy a home?

A mortgage down payment is the amount of money you have saved to purchase your home. You can have as little as 5% of the purchase price amount for a down payment to qualify for a mortgage.

Calculate your mortgage payments

If you are a first-time homebuyer, you may be able to use your RRSP for a down payment.

Learn more

What is amortization and a mortgage term?

Amortization is the estimated number of years it will take to pay off your mortgage. Amortization periods range up to 30 years. The longer your amortization is, the lower your mortgage payments will be, but the higher the total amount of interest you'll pay over the life of the mortgage.

A mortgage term is the length of time you agree to a specific mortgage interest rate and a set payment schedule. A mortgage term can range from as little as 6 months to as long as 10 years. At the end of a term, you can agree to a new interest rate and payment schedule (renew the mortgage), or you can pay off your mortgage in full.

You may have several mortgage terms during the amortization period.

What's the difference between a fixed rate mortgage and a variable rate mortgage?

A fixed rate mortgage allows you to lock in a specific annual interest rate for a certain period of time, known as the term. Terms range from 6 months to 10 years. The interest rate and the payments on the mortgage remain the same for the length of your term. As you make payments and the principal amount is reduced, more of the mortgage payment is applied to the principal and less of the payment is applied to the interest. Because the interest rate does not change throughout the term, you know in advance the amount of interest you will pay and how much principal you will owe at the end of your term.

With a variable rate mortgage, the annual interest rate is based on the Bank's Prime Rate plus or minus a specified percentage. The interest rate changes with the Bank's Prime Rate. Variable mortgage terms range from 3 or 5 years. The regular mortgage payment is a fixed amount. As interest rates fall more of the payment is applied to the principal, and as rates rise, more of the payment is applied to the interest. The regular mortgage payment may be adjusted if the amount of your payment is not enough to cover the interest portion of the payment. Because the interest rate changes, it is not possible to know in advance how much interest you will pay and how much principal you will owe at the end of your term. You can convert a variable rate mortgage into a fixed rate mortgage of the same or longer term at any time during your term without additional cost.

My mortgage is up for renewal, what should I do?

This means that your mortgage term has come to an end and you can renegotiate for a new interest rate, term, and payment schedule. This is also the time to make a larger payment (lump sum payment) without pre-payment penalties on your mortgage to help pay it off sooner.

  • New to HSBC? Call an HSBC mortgage advisor at 1-888-310-4722 or visit your local branch
  • Already an HSBC client? You may be eligible for a preferred rate as an HSBC Premier1 or HSBC Advance2 client.

Learn more about HSBC Premier
Learn more about HSBC Advance

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