If you’re like most Canadians shopping for a home loan, you might be tempted to accept the first mortgage rate offer that comes your way. After all, the mortgage process can feel overwhelming, and the idea of settling quickly is appealing. But here’s something you should know: accepting the first mortgage quote you receive could cost you thousands of dollars over the life of your loan.

Getting mortgage loan quotes doesn’t need to be complicated or time-consuming. With today’s technology, you can request and receive mortgage quotes from several lenders within hours. Contrary to what you might have heard, shopping around for mortgage quotes won’t destroy your credit score if you do it the right way.

Why You Should Get Multiple Mortgage Quotes

The numbers tell a compelling story about why shopping around for mortgage quotes is so important for Canadians. According to a Bank of Canada study, many Canadians display what researchers call “brand loyalty” to their primary banking institution—and this loyalty comes at a huge cost.

The study revealed that Canadians who stick with their home bank without exploring other options miss out on potential savings between $759 and $1,617. Considering that these savings recur annually throughout your mortgage term, that could mean leaving up to $8,000 on the table over a standard 5-year term. Extend that to the full amortization period of a typical Canadian mortgage, and you could be looking at tens of thousands in unnecessary interest payments.

The difference between mortgage lender quotes can seem small at first glance—perhaps just 0.25 percent or 0.5 percent in interest rate—but these small differences have outsized impacts on your financial future. For example, on a $500,000 mortgage with a 25-year amortization, a rate difference of just 0.25 percent could save you approximately $60 per month or $720 per year. Over the full mortgage term, that adds up to $18,000 in savings!

Another benefit of gathering multiple mortgage lender quotes is the negotiating power it gives you. When you approach your preferred lender with competitive quotes from other institutions, you’re in a much stronger position to ask for better terms. Many lenders have rate-matching policies or flexibility that they only exercise when they know you’re considering their competitors.

Remember, mortgage lenders are competing for your business in a crowded marketplace. By getting multiple mortgage loan quotes, you’re simply participating in the competitive process that the mortgage market is designed for.

Does Getting a Mortgage Quote Hurt Your Credit?

When you apply for a mortgage quote, the mortgage lender typically performs a credit check to assess your financial situation. There are two types of credit checks: soft inquiries and hard inquiries. A soft inquiry doesn’t affect your credit score and often occurs when you check your own credit or when a lender pre-screens you for offers. A hard inquiry, however, does appear on your credit report and can temporarily lower your score by a few points.

Canadian credit bureaus (Equifax and TransUnion) understand the concept of “rate shopping” and have built their scoring models accordingly. When you’re looking for a mortgage, multiple hard inquiries for the same type of loan within a short timeframe are generally treated as a single inquiry for credit scoring purposes.

In Canada, this rate-shopping window typically ranges from 14 to 45 days, depending on which credit scoring model is used. This means you can collect mortgage quotes from multiple lenders within this period without each inquiry causing additional damage to your credit score.

For example, if you apply for mortgage quotes from five different lenders within a two-week period, the credit scoring systems will recognize that you’re rate shopping and count those five inquiries as just one for credit score calculation purposes. This means you can gather multiple mortgage loan quotes without worrying about credit score impacts.

Where to Get Mortgage Quotes in Canada

When searching for the best mortgage quote in Canada, you have several options to consider:

• The Big Five Banks – Canada’s major banks (RBC, TD, Scotiabank, BMO, and CIBC) often provide relationship discounts for existing customers. Their widespread branch networks make in-person consultations easy, though their rates may not always be the most competitive.

• Credit Unions – These member-owned financial cooperatives frequently offer competitive mortgage quotes and more flexible lending criteria than traditional banks. They tend to focus on serving local communities and may have special programs for first-time homebuyers.

• Mortgage Brokers – These professionals work with multiple lenders and can search dozens of mortgage options on your behalf at no cost to you. A good mortgage broker saves you time by gathering multiple mortgage loan quotes based on your financial situation.

• Monoline Lenders – These specialized mortgage companies (like First National, MCAP, or RMG) focus exclusively on mortgages without offering other banking services. They often provide highly competitive rates since mortgages are their primary business.

• Online Mortgage Lenders – Digital-first lenders like Tangerine and Equitable Bank offer streamlined application processes and sometimes feature lower rates due to their reduced overhead costs. Their online platforms make it easy to submit applications and track your progress.

• Mortgage Comparison Websites – Sites like Ratehub and WOWA allow you to compare rates from multiple lenders in one convenient location. These platforms can provide a quick overview of current market offerings without multiple applications.

After a slow start to the year, Canada's housing market is beginning to show signs of recovery. According to the Canadian Real Estate Association (CREA), national home sales rose by 3.6% in May 2025, marking the first monthly increase since November 2024. The uptick was driven by stronger activity in key markets like Toronto, Calgary, and Ottawa.

New listings were also up by 3.1%, indicating that more sellers are re-entering the market. The sales-to-new listings ratio remained steady at 47%, signaling a balanced market.

Inventory levels held firm, with 4.9 months of supply, close to the long-term average. While home prices declined slightly by 0.2% from April, the pace of decline has slowed. The national average home price stood at $691,299, down 1.8% year-over-year.

CREA notes that this could be the start of a gradual market turnaround, following months of uncertainty.

Retirement marks an exciting new chapter for many Canadians, one filled with more personal time, the freedom to explore new interests, and possibly travel. For homeowners, it has traditionally also meant making the final payment on the family property and entering retirement mortgage-free. However, for a growing number of Canadians, that milestone is no longer a given.

A recent Royal LePage survey, conducted by Leger,1 suggests a new housing reality for older Canadians is taking shape. According to the survey, nearly three in ten Canadians (29%) who are planning to retire in 2025 or 2026 say they will continue to make mortgage payments on their primary residence into retirement. The trend seems to be accelerating, as affordability continues to challenge Canadians of all ages: only half as many senior households had mortgage debt approximately ten years ago. According to Statistics Canada, 14% of households with income earners aged 65 and over had a mortgage in 2016, up significantly from eight per cent in 1999.2

“The benefits of entering retirement as a homeowner with a paid-off mortgage are clear: more disposable income, insulation from interest rate changes, and even the emotional security that comes from knowing you’ll always have a place to live. In the era of rotary phones and station wagons, burning your mortgage was the economic finish line. Today’s retiree reality is much more nuanced,” said Phil Soper, president and CEO, Royal LePage. 

Nearly half of those planning to retire in 2025 or 2026 (45%) say that their mortgage is currently paid off, while another 6% say their mortgage will be paid off before retirement. 

Forty-six per cent of respondents approaching retirement say they will downsize their home within two years of ending full-time employment, while 47% say they will not.  

“Home price appreciation over the past 25 years has been a double-edged sword for today’s retirees,” said Soper. “On one hand, it has delivered unprecedented financial gains. On the other, this generation is far more likely to have carried mortgage balances that would have been unimaginable to their parents or grandparents. Our research confirms they are also much more likely to have provided financial assistance to their children to assist in their home ownership dreams.

“While previous generations may have viewed mortgage-free retirement as the only option, today’s retirees tend to be more open-minded. Traditional employment income may have dried up, but many are still comfortably managing their expenses and servicing mortgage payments, with income from investments, part-time work, or a working spouse.”

Should I stay or should I go? Retirees divided on downsizing

The decision to downsize in retirement is a highly personal one based on lifestyle preferences, and Canadians are largely divided on the matter, according to a recent Royal LePage survey of real estate professionals across the country.3 Nationally, 44% of respondents say that, in their respective markets, there is an approximately even split between those looking to downsize and those choosing to stay in their current homes; 28% say that a majority of people nearing or entering retirement are downsizing to a smaller home; 21% say that a majority of retirees are choosing to remain in their current home. 

“Downsizing in retirement is far from a given. For many homeowners, the decision to stay put or move to a smaller property is influenced by a combination of economic realities, lifestyle needs, and personal attachments,” said Soper. “Some see a smaller home as a practical and liberating choice – less maintenance, more liquidity to fund travel or to support their children’s home ownership journey. But for others, there’s no compelling financial reason to move. They enjoy the space that comes with a detached home – for gardening, entertaining, or simply storing the gear that goes along with their hobbies. Many take pride in the home they’ve worked decades to own outright, and see no reason to give it up.”

Of those Royal LePage experts who say that a majority of people nearing or entering retirement are downsizing, 43% say that standard condominiums are the most popular property type among this cohort, followed by adult living communities that cater to those aged 55 and up (25%), and detached properties (16%).