If you have done any banking in Canada, you are already familiar with the Big Five Banks. The Big Five Banks is a term used in Canada to describe the five largest banks:  RBC: Royal Bank of Canada BMO: The Bank of Montreal CIBC: Canadian Imperial Bank of Commerce Scotiabank: The Bank of Nova Scotia TD: Toronto-Dominion Bank There are also mortgage brokers, both traditional ones and new online ones like Nesto, that will help you find the best fixed and variable rates from the Big Five and dozens of other lenders. Who has the best rates will be constantly varied. This is because interest rates are determined by national and world market forces, which means there are a number of reasons mortgage rates are different for different lenders. These include lender overhead costs, closing costs and mortgage bankers' experience, among other factors. Use the mortgage rate comparison tool at the top of this page to find the bank that has the best mortgage rate that suits your financial needs.