[Globe & Mail] The Week’s Best Fixed and Variable Mortgage Rates

If prospective homebuyers were hoping for better buying power from declining interest rates in 2025, the mortgage market has offered no such relief.

Expectations that both fixed and variable rate mortgages could decrease in the latter half of 2025 have mostly vanished. Economic uncertainty, inflation and the continuing trade war have pushed the Bank of Canada to hold rates steady.

However, there’s evidence that homebuyers may instead be able to save by underbidding on a listed home.

A report from Wahi, a digital real estate platform, found that successful underbidding on homes was at its highest level in 18 months, with 97 per cent of neighbourhoods in the Greater Toronto Area having a median sale price lower than the median list price in July.

That translated to 76 per cent of homes selling under asking price across the GTA.

The level of underbidding coincides with the number of home sales rising modestly in recent months, leading Toronto realtor Nasma Ali to conclude that many sellers are finally relenting and selling their homes at lower values.

If mortgage rates won’t deliver cheaper monthly payments, negotiating cheaper prices on a home purchase could be the next best option.

Mortgage rates are sourced by Ratehub.ca. For a comprehensive list of today’s mortgage rates for each term/type, visit ratehub.ca/best-mortgage-rates.

Ratehub.ca is a mortgage-rate comparison marketplace and mortgage brokerage. It helps millions of Canadians compare and obtain the best mortgage rates, credit cards, insurance, deposits and loan products.

Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on August 7.