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5-year Fixed
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RBC Mortgage Rates

The Royal Bank of Canada is the largest bank in the country based on market capitalization with over 16 million clients globally. Founded in Halifax, Nova Scotia in 1864, today the RBC headquarters are located in Montreal and Toronto. RBC operates in 36 other countries and offers a wide array of banking, investment, retail and commercial banking, capital markets, insurance products, and wealth management services.

RBC Fixed Rate Mortgages

RBC's fixed-rate mortgages provide stability and peace of mind by locking in a specific interest rate for the duration of the term. This means that your monthly payments remain consistent throughout the term, making it easier to budget and plan for the future. RBC offers fixed-rate mortgages with terms ranging from 1 to 10 years, allowing you to choose the option that best suits your needs.

1 year fixed mortgage rate - 7.49%
2 year fixed mortgage rate - 7.09%
3 year fixed mortgage rate - 6.70%
4 year fixed mortgage rate - 6.49%
5 year fixed mortgage rate - 6.49%
7 year fixed mortgage rate - 6.70%

RBC Variable Rate Mortgages

If you prefer a mortgage with a variable interest rate, RBC offers competitive options in this category as well. With a variable-rate mortgage, your interest rate fluctuates based on changes in the prime interest rate. This can be advantageous if you anticipate interest rates to decrease in the future. RBC's variable-rate mortgages provide flexibility and the potential for savings over time.

5 year variable mortgage rate - RBC Prime Rate - 0.050% (7.150%)

Note that the RBC Prime Rate is 7.20%.


Specialty Mortgage Products

In addition to standard fixed and variable-rate mortgages, RBC offers specialty mortgage products tailored to specific needs. These include:

  • RateCapper Mortgage: This mortgage offers the benefits of a variable rate with a maximum "capped" rate for a specified term, providing protection against rate increases beyond the capped rate.
  • RBC Homeline Plan: It is a combination of a mortgage with a Home Equity Line of Credit (HELOC) in a single product, offering flexibility and the ability to consolidate debt.
  • EnergySaver Mortgage: This mortgage is designed to help homeowners improve energy efficiency in their homes, offering a rebate on a home energy audit.
  • Cash Back Mortgage: You will receive a cashback payment at the time your mortgage closes.
  • Self-Employed Mortgage: Tailored for self-employed individuals, this mortgage offers financing options for buying, refinancing, or renovating a home.

RBC Homeline

RBC offers a product called Homeline which is a home equity line of credit (HELOC). This kind of financial product uses positive equity in your home as security for revolving credit. In order to qualify for RBC Homeline, you must be applying for a mortgage with a 20% down payment or be an existing homeowner with at least 20% positive equity in your property. Currently, the following rates are being offered by RBC for this HELOC:

  • 4 year fixed, closed term - 6.49% (6.520 APR)
  • 5 year fixed, closed term - 6.49% (6.520% APR)
  • 5 year variable, closed term - 7.150% (7.180% APR) *

* Note that the RBC Prime Rate is 7.20%. The variable interest rate is calculated as the RBC Prime Rate less 0.20% which gets you to 6.50%.

RBC Homeline can be used to consolidate debt, pay for homeownership costs or to finance other purchases, such as a new car, vacation or education. This HELOC is unique because borrowers can use the Homeline to split their mortgage between variable and fixed rates. In theory, people who do this have the opportunity to save more on variable rates while reducing your risk with fixed rates.

RBC Mortgage Prepayment Penalty

If your mortgage is closed, prepayment penalties will likely apply if you attempt to pay part or all of the balance early. Mortgages are a contractual obligation and if you make a payment early, you’re violating the contract which is why you could incur a prepayment penalty. Every bank’s prepayment penalty policy and fee varies.

You can calculate what your prepayment penalty will be using RBC’s mortgage prepayment calculator. Even though you might incur a fee, it could still be worth the penalty which is why it’s important to understand the cost.

How to Get a RBC Mortgage Pre-Approval

Mortgage pre-approval is helpful because you can shop for homes with a confirmed amount in mind. RBC makes it clear that mortgage pre-approval is not the same as pre-qualification. Mortgage pre-qualification is a quick and easy process where very basic information is considered. However, pre-qualification isn’t a guaranteed loan.

On the other hand, mortgage pre-approval involves more steps, such as credit checks and financial verification. If you’re pre-approved, the lender is making a real commitment to loan you money. There isn’t a guarantee that you’ll receive the mortgage, but a specific rate and amount is offered for a certain period of time.

In order to get pre-approved with RBC, you will need to provide some personal and financial information. It can help working alongside a RBC mortgage specialist.

How to Get a RBC Mortgage

In order to qualify for a RBC mortgage, you usually need to meet the following criteria:

  • Have good credit
  • Have steady, reliable income, usually from full-time employment
  • Be a resident of Canada with a valid Canadian address
  • Be the age of majority in your province or territory

As with the pre-approval process, RBC will request personal and financial information before extending a mortgage. Getting approved by any of the big banks in Canada can be challenging, RBC is no exception. This is particularly true if you have an unconventional financial situation. Before applying, do what you can to improve your credit and financial position to better your odds of approval. 

Using RBC Mortgage Specialists

The process of applying for a mortgage can be tough to navigate on your own. RBC has a team of mortgage specialists to help you through the application and buying process. If you’d prefer to have someone assist you through your RBC mortgage, you can connect with a mortgage specialist near you.

RBC Pros

  • Pre-qualification and pre-approval. RBC allows you to obtain a preliminary mortgage offer while you determine your financing options and begin home shopping.
  • Other services. By being a RBC client, you can access other services including financial products and advice.
  • RBC is one of the best banks in Canada. Working alongside them will give you confidence about your financing decision.

RBC Cons

  • Strict qualification criteria. If you don’t meet the ideal borrower mold, it can be challenging to qualify for a mortgage with RBC. Specifically, if you have unstable income or bad or no credit.
  • Competitive rates are exclusive. RBC sometimes offers competitive or special rates, but they’re usually reserved for individuals that perform a high volume of banking.
  • Higher early repayment penalties. If you break a mortgage early with RBC, you might incur an IRD penalty (Interest Rate Differential). These fees are widely known to be extremely costly.


Key Considerations: RBC Mortgage Rates

When evaluating RBC's mortgage rates, there are several factors to keep in mind:

Special Rates vs. Posted Rates

RBC offers both special rates and posted rates. Special rates are the discounted rates that borrowers can negotiate or obtain through mortgage brokers. These rates are usually more in line with what borrowers are actually offered. Posted rates, on the other hand, are higher and serve as a starting point for negotiations. It's important to compare both rates and negotiate for the best offer.

Fixed vs. Variable Mortgage Rates

One of the key decisions you'll need to make when choosing an RBC mortgage is between a fixed-rate and variable-rate option. Fixed-rate loans ensure consistency, variable-rate ones may save money if rates decreases. Consider your financial goals, risk tolerance, and market conditions when deciding which option is right for you.

Open vs. Closed Mortgages

RBC offers both open and closed mortgages. Open mortgages provide flexibility, allowing you to make additional payments or pay off your mortgage in full without penalties. Closed mortgages, on the other hand, have restrictions on prepayments. Choosing between open and closed mortgages depends on your financial situation and long-term goals.

Prepayment Options

RBC allows prepayments of up to 10% of the original principal amount of your mortgage each year without penalty. This prepayment option can help you reduce the total amount of interest paid over the mortgage term and pay off your mortgage faster. It's important to understand the prepayment options and limitations associated with your specific RBC mortgage.

Getting the Best Mortgage Rate at RBC

To secure the best mortgage rate at RBC, consider the following strategies:

A Great Credit Score

A higher credit score demonstrates your creditworthiness and can result in better mortgage rates. Take steps to improve your credit score by paying bills on time, reducing your debt, and avoiding new credit applications before applying for a mortgage.

Make a Larger Down Payment

A larger down payment reduces the amount you need to borrow and can result in a lower interest rate. Save diligently to increase your down payment, which will not only lower your mortgage amount but also demonstrate your financial stability to lenders.

Lower Your Debt Service Ratios

Lenders consider your debt service ratios, which compare your monthly debt payments to your income, when determining your mortgage rate. Lowering your debt service ratios by paying down debt can improve your chances of securing a lower rate.

Compare rates

While RBC is a trusted lender, it's essential to compare mortgage rates from multiple lenders to ensure you're getting the best deal. Consider working with a mortgage broker who can provide access to a range of lenders and negotiate on your behalf.

Negotiate with RBC

Don't be afraid to negotiate with RBC for a lower mortgage rate. Even if you're offered a special mortgage rate, there may still be room for further negotiation. Research comparable rates, be prepared to walk away if necessary, and communicate your willingness to explore other options.

The RBC Mortgage Pre-Approval Process

Before you start shopping for a home, it's beneficial to obtain a mortgage pre-approval. The pre-approval process at RBC involves providing information about your income, employment, assets, and liabilities. RBC will evaluate your financial information and credit history to determine the mortgage amount you qualify for and the interest rate you'll receive. A mortgage pre-approval gives you a clear understanding of your budget and strengthens your position as a serious buyer.

Mortgages FAQ's

What are the different kinds of rates?

Banks offer different kinds of rates for mortgages. All of Canada’s big banks usually offer three types of rates: inflated rates used for reference, contracts and penalties; rates they post online or advertise to customers as special or limited time offers; and rates they keep quiet about but are the best rates, normally these are negotiated.

Posted Rates

Posted rates are the rates used to determine penalty fees. As a result, these rates are inflated to get banks more money. No one should be paying posted rates on a mortgage. They are used for reference and customers can negotiate or seek out better advertised rates from there.

Special Mortgage Rates

Special mortgage rates are the rates normally offered online or in advertisements as a limited time deal. They are not limited time deals or special in any way. They are lower than posted rates and generally what mortgage specialists can outright offer clients. However, smaller lenders and credit unions generally offer more competitive rates than the big banks’ special rates. Seeking out comparable loans and their rates can put you in a position to ask for even better rates than what big banks offer you as “special”.

Discretionary Rates

Discretionary rates are the good deals big banks can offer, but won’t openly tell clients about or advertise publicly. Banks will offer these rates to preferred clients, because they don’t want to lose their business. Ultimately, banks want business and any client, preferred or not, can negotiate rates down into the discretionary category.

How to Start the RBC Mortgage Application

Once you've found the right home and are ready to apply for an RBC mortgage, you can start the application process online, in person at an RBC branch, or over the phone. To ensure a smooth application process, gather the necessary documents, including banking information, employment verification, pay stubs, and information about any existing debts. Working with an RBC mortgage specialist can help guide you through the application process and answer any questions you may have.

RBC Mortgage Documents Required


When buying a home


Information that describes the property you are buying:

Purchase and sale agreement
 Full Realtor.ca listing from realtor


Confirmation of your down payment:

Savings or investments statement for the last 90 days

Sale of an existing property — a copy of the sale agreement

Gift letter Withdrawal from RRSP under Home Buyer’s Plan


 Employment and income verification:

Copy of latest pay slip T4(s)

Letter of employment

T1 General(s)

 Notice(s) of Assessment (NOA)


 Other income :

– Legal agreements to support a spousal or child support payment

 – Other compensation (disability pension, rental income, etc.)


If you currently own your home


Information related to your existing property/properties:


Recent mortgage statement

Most recent property tax bill/statement

Documents verifying heating costs and condo fees

Legal description of your property (you can find this on your property tax statement or original purchase agreement)

Other Mortgages