What kinds of mortgages are available?

There are four basic types of mortgages available with Canada Life. Each has unique features designed to help meet different needs.

  Fixed-rate mortgage Variable-rate mortgage Lock and roll mortgage Adjustable mortgage
Main features
  • Set interest rate
  • Fixed payments
  • Fixed term and changing interest rate
  • Same payment for the length of the term
  • Can be converted to another term with Canada Life at any time
  • Interest rates and payments automatically adjust every 6 months
  • Interest rates and payments automatically adjust every month
  • Minimize your monthly payment
  • Protected from rising interest rates
  • Fixed payments
  • Benefit from decreasing rates
  • The portion of the payment amount that goes towards principal versus interest will change as our prime rate changes
  • Rate is locked in every 6 months
  • Best of both worlds
  • Combines the benefits of a long-term mortgage (5 years) with the benefits of a short-term mortgage rate
  • Rate is adjusted every month
  • Take advantage of changing interest rates
Payment options
  • Accelerated weekly
  • Accelerated bi-weekly
  • Semi-monthly
  • Monthly
  • Accelerated weekly
  • Accelerated bi-weekly
  • Semi-monthly
  • Monthly
  • Accelerated weekly
  • Accelerated bi-weekly
  • Semi-monthly
  • Monthly
  • Accelerated weekly
  • Accelerated bi-weekly
  • Semi-monthly
  • Monthly
Mortgage term
  • Flexible options up to 10 years
  • 5 years
  • 5 years
  • 5 years
Ideal if
  • You think interest rates will increase over time
  • You like the idea of having predictable payments
You want to take advantage of changing interest rates, but want a fixed payment amount for the entire term of the mortgage
  • You want a long-term mortgage with the ability to take advantage of short-term rates
  • You’re comfortable with the possibility of semi-annual payment adjustments over the term
  • You want the lowest available mortgage payment
  • You’re comfortable with your monthly payments changing over the term

How much can you qualify for?

Your mortgage is determined by a formula that includes these factors:

  • Household annual income
  • Monthly expenses
  • Debts
  • Down payment
  • Qualifying interest rates

You must pass a stress test, along with meeting other criteria.

How much can you afford?

The mortgage affordability calculator can help you determine your maximum home purchase price.

Find your price range.

Mortgage rate specials

We have fixed-rate and variable-rate mortgage specials available.

Variable-rate mortgage offer

Term Rate (%)
60-month closed 5.70  (P – 0.25)vii

View mortgage rates

Fixed-rate mortgage offer

Term Conventional mortgage promo rate (%) Insured mortgage promo rate (%)
36-month closed 5.84i 5.74iv
48-month closed 5.84ii 5.74v
60-month closed 5.66iii 5.56vi

View mortgage rates


Canada Life standard mortgage rates are applicable as of Oct. 28, 2022, and are subject to change or withdrawal at any time without prior notice.

APR: COV-i5.887%, ii5.876%, iii5.690%, INS- iv5.787%, v5.776%, vi5.590%, VRM – vii5.724%

What’s the best payment for you?

Choose monthly, semi-monthly, accelerated bi-weekly or accelerated weekly payments with Canada Life mortgages. Accelerated payments will save you interest over the length of your mortgage, and could mean you’ll be mortgage-free sooner. Also, our prepayment privileges allow you to make lump sum payments towards your principal to build equity in your home faster and substantially reduce interest.

The mortgage payment calculator can help you discover which options work best for you.

Calculate your mortgage payments

Is it worth making a larger prepayment?

If you have an open mortgage, you can prepay a large amount of your mortgage or renegotiate to take advantage of lower interest rates at any time. An open mortgage can be repaid in part or full at any time without having to pay a penalty. It gets a little more complicated if you have a closed mortgage. 

Prepayment privileges

Your closed mortgage allows you to pay down 15% of your outstanding principal balance each year, without a prepayment charge.

Making a larger prepayment

You can pay down more than 15% but there’s a charge because you’re paying off your mortgage faster than your original contract specified.

In some cases, you may benefit from paying the prepayment charge because you could save money in the long run. The prepayment calculator can help you find out if it’s worth it for you.

Prepayment charge calculator