The numbers, explained
How we compare mortgage rates
A useful rate comparison needs a clear scenario, current evidence and honest cost assumptions. Here is how our catalogue works—and what needs checking before an offer becomes your mortgage.
What does the Pragmatic rate snapshot measure?
The snapshot on our rates page groups the current advertised catalogue by mortgage purpose and insurance category, with a default five-year fixed term and BC availability. It uses the same published, evidence-backed offers as the shopper. It does not model a single qualified borrower: minimum down payment, LTV, credit, loan amount, amortization, occupancy and program restrictions can differ between products.
For each group, we first take the lowest available APR from each lender, then compute the median of those lender-level figures. Each lender has one observation, even if it publishes many products. The median is the middle observation when the lender count is odd, or the average of the two middle observations when even. An empty category has no median. Offers with unavailable APR or expired evidence do not enter the calculation.
The count describes our catalogue, not all lenders in Canada or a market share. Categories can overlap; a lender can appear in more than one row. A difference between rows is not proof that insurance alone changes a borrower’s rate by that amount. Fees, default-insurance premiums and restrictions need a separate comparison. The CSV includes coverage, assembly time and source evidence dates so another reader can reproduce the calculation from the linked public catalogue. It contains no private lender messages or borrower data.
The snapshot assembles current data when requested. Its assembly timestamp never replaces an offer’s original source-check date or expiry. We do not claim historical increases, decreases or a market trend from this current snapshot. Rate sources and product counts can change between requests.
Where do these rates come from?
Our catalogue contains lender rate records supported by public lender sources or verified lender communications. Open Rate details to see the source type, when it was checked, any available source link and the offer’s conditions. Lender email content and internal brokerage notes remain private.
Lender email is checked once daily. Standard email rates can remain available for up to 90 days from the original receipt; undated promotions use 30 days. Earlier lender deadlines, withdrawals and replacement pricing take precedence. If daily inbox monitoring stops succeeding, email offers are withheld after 36 hours. A successful scan does not change the original lender quote date.
Public lender sources are scheduled for checks once daily at 6 a.m. Pacific. An individual record’s displayed check time is the useful evidence—not the time you opened the page. A rate hold and an offer’s availability are different: a hold does not keep an expired offer available to a new applicant.
How do rates match my scenario?
The public rate shopper and dashboard use the same matching engine. Purchase price, down payment or equity, transaction, occupancy, province, amortization, rate type, term and other supplied preferences affect the result. Identical scenarios should return the same matching catalogue; changing a preference can change the lenders and products you see.
The search checks basic scenario requirements before applying it. For an owner-occupied purchase below $1.5 million, the general down payment minimum is 5% of the first $500,000 plus 10% of the balance. At $1.5 million or more, at least 20% is required. Rental, refinance and HELOC limits differ. Those checks do not replace income verification, an appraisal or lender underwriting.
Why do we lead with APR?
APR is the comparison figure displayed on a card. When a lender supplies a separate APR, we use it. When a lender supplies only an advertised interest rate, we use that advertised rate as APR. Any separate lender-supplied APR takes precedence.
Payments use the contract interest rate. When the contract rate differs from APR, we identify the difference. Unavailable APR is labelled explicitly. Ask for a written disclosure of lender, broker, legal, appraisal and other relevant costs before comparing final offers.
What is included in the estimated monthly payment?
For amortizing mortgage examples, the estimate includes principal and interest. Fixed-rate examples assume semi-annual compounding; variable-rate examples assume monthly compounding. Confirm the product contract. Where eligible purchase financing needs default insurance, its estimated financed premium is included. A HELOC estimate is interest-only and does not show repayment of principal.
Property tax, heating, home insurance, strata fees, provincial tax on an insurance premium and closing costs are additional. Eligibility, insurer choice, payment frequency and lender conventions can affect the final figure. Use the estimate to compare consistent scenarios, then confirm the lender’s payment schedule.
How are results ordered?
The public shopper orders matching options by lowest available APR, using the contract rate to break a tie. An unavailable APR sorts after available APRs. We display the complete matching results. Cards and list view are two presentations of the same search.
The lowest figure is not automatically the right mortgage. Compare penalty terms, prepayment rights, portability, fees, qualification, closing timing and your plans. Broker compensation and any borrower-paid fees are covered by our pricing and mortgage disclosure process; internal compensation data is not displayed as a rate advantage.
Why can a lender page have no rates?
Lender pages use published reference scenarios for owner-occupied BC and Ontario mortgages. A lender can have no currently verified offers matching those examples even though it offers mortgages. We say so rather than filling the page with an old or invented rate. Empty rate pages are kept out of the sitemap until verified examples are available.
The catalogue is not every Canadian mortgage product and does not establish a whole-market best rate. National educational comparisons are available, while Pragmatic’s licensed brokerage service and application intake are in British Columbia. Ask a broker to verify availability and terms for your actual property and documents.
For journalists, accountants and housing professionals
Use the public snapshot to examine our advertised catalogue, or reproduce the worked examples on our renewal and refinance guides. The methodology and source dates travel with the data. For a calculation walkthrough, correction or a request to speak with our licensed team, email info@pragmatic.mortgage.
Comparing more than one mortgage website?
Use the same borrower scenario, term and insurance category on each site. Our mortgage platform alternatives explain the service choices, while the Ratehub comparison checklist helps you compare the quote, fees and next steps.
Compare the numbers. Then check the fit.
Bring your preferred options to a broker for a review of eligibility, fees and flexibility.