The best mortgage rates in Canada? We tested five websites in a head-to-head comparison

Borrowing costs may still be uncomfortably high for most Canadians, but anyone venturing into the mortgage market this summer will find a welcome silver lining: a growing variety of lenders and brokers vying to offer the lowest rates and the slickest user experience.

Over the past five years or so, a slew of tech-savvy new players has entered Canada’s mortgage market, promising everything from ultralow rates to one-day, digital-only mortgage approvals. And some incumbents have responded in kind, adding more features or rejigging their business model to lower costs and speed up processing times for consumers.

This means well-qualified borrowers can find scores of lenders, brokers and financial-product comparison sites advertising similarly low rates without any of the overly restrictive conditions – such as high penalties and disappointing prepayment privileges – that have been traditionally associated with the cheapest mortgages. But the variety of compelling options also means comparison shopping has become more complicated, warranting the perusal of several online resources to find the best deal.