Bait-and-switch mortgage rates are everywhere – here’s how to cut through the hype

A regular chore for mortgage broker Victor Tran is providing reality checks to people who find great rate deals advertised online.

“It happens all the time,” Mr. Tran said. “I would say almost nine out of 10 of my conversations.”

Canada’s high-cost housing market forces buyers and owners to find the best possible mortgage rate. Search Google and websites from lenders, mortgage brokers and financial data aggregators will present you with rates that look great in comparison to what banks typically offer.