RBC Mortgage Rates in Ontario & Lender Review

* Several factors affect RBCs decision to provide discounts off their posted rates, including creditworthiness and property location. These RBC rates are based on Ontario and may not apply in other provinces.  Any rate discount is at the sole discretion of RBC Royal Bank and can change at any time. The rate estimates below are for example purposes only and do not in any way constitute a formal rate quote from RBC.*

RBC Fixed and Variable Mortgage Rates

These current RBC fixed and variable mortgage rates are the lowest rates seen advertised. In some cases, they may be posted interest rates, but where an RBC mortgage rate special is seen, these rates are included here.

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RBC Mortgage Review (2025): Big Bank Power, With a Few Fine Print Surprises

When it comes to Canadian mortgage lending, RBC is the heavyweight champion — the biggest mortgage lender in the country by far. With size comes stability, national coverage, and an impressive range of programs. But as with most of the big banks, the glossy exterior hides a few trade-offs that borrowers should understand before signing on the dotted line.

Below, we’ll take a closer look at what sets RBC mortgages apart — what they do really well, and where they quietly fall short compared to independent mortgage brokers or other lenders.

Unique RBC Mortgage Features

RBC Value Program

RBC’s Value Program ties your mortgage into the broader RBC ecosystem. Holding an RBC mortgage counts toward discounts on everyday banking fees, plus Avion Reward points. It’s a small perk, but if you’re already deep in the RBC universe, it’s an easy win.

Pro tip: The rewards aren’t huge in dollar terms, but they do make it easier to consolidate your banking and mortgage under one roof — something many homeowners value for convenience.

RBC Homeline Plan

This is RBC’s flagship product — a combined mortgage and Home Equity Line of Credit (HELOC). The Homeline Plan lets you borrow up to 80% of your home’s value, then divide it between fixed-rate, variable-rate, and open line-of-credit components.

Need to renovate, invest, or just want a rainy-day fund? The HELOC portion can cover it. You can even lock in portions of the HELOC into separate fixed-rate mortgages later, a flexibility most smaller lenders don’t offer.

Advantage: It’s one of the most flexible home equity setups in Canada.
Drawback: The rates on the HELOC portion tend to sit slightly higher than broker-offered lines of credit, and you’ll need strong credit to qualify.

Longer Rate Holds

RBC stands out for its extended rate holds. While most lenders cap at 120 days, RBC sometimes stretches that, especially for new-build purchases that take months (or even a year) to close. This can be a big deal when rates are rising.

Real-world example: A pre-construction buyer could lock in a rate before shovels hit the ground — and still have that rate protected on closing day, even if rates spike mid-build.

US Mortgages for Canadians

A rare offering: RBC provides direct U.S. mortgages for Canadians buying property in the States. Few lenders make cross-border borrowing this seamless.

The catch: Qualification rules are strict, and rates can be slightly higher than domestic loans. Still, for snowbirds or real estate investors, it’s a major convenience.

Mortgage Types and Programs

Pre-Approval Mortgages

RBC makes getting pre-approved simple — either through branches or its network of mobile mortgage specialists. The process is tech-friendly, relatively fast, and the rate hold may extend beyond the standard 120 days.

The upside: A stable, recognizable process for buyers.
The downside: Pre-approvals through the big banks are often based on automated underwriting — meaning the “approval” may not always survive final document review.

Fixed-Rate Mortgages

RBC’s fixed-rate mortgages provide predictable payments and come with solid flexibility. You can make 15% annual prepayments, and the mortgages are portable if you move.

Pros: Stability, prepayment flexibility, national servicing.
Cons: Interest rate differential (IRD) penalties can be steep if you break early — this is one of the big banks’ less borrower-friendly policies.

Variable-Rate Mortgages

RBC’s variable rates are competitive, especially on conventional mortgages (20%+ down). Rates float with the Bank Prime Rate, which in turn moves with the Bank of Canada’s Overnight Rate.

RBC does not allow negative amortization — a feature some other lenders now use to avoid payment increases. That makes RBC’s variable rate more transparent, though potentially more painful when rates rise.

In short: Great for risk-aware borrowers who want transparency and flexibility. Less ideal for those hoping to “coast” on low payments during rate spikes.

HELOC (Homeline Plan)

The Homeline’s integrated HELOC + mortgage is one of the best structured in Canada. You can mix and match fixed and variable portions under one credit limit.

Who it’s best for: Homeowners wanting liquidity for investments, renovations, or emergencies — and who are comfortable managing multiple components.

CMHC Default-Insured Mortgages

RBC is fully active in the insured mortgage space (under 20% down). These typically carry lower rates but stricter rules. CMHC or Sagen premiums apply as usual.

Note: No 30-year amortization available here — that’s a CMHC rule, not an RBC decision.

Conventional Mortgage Rates

For borrowers with 20%+ down, RBC offers 30-year amortizations, refinancing, and debt-consolidation options. These are the bread and butter of their mortgage book.

What to know: While RBC’s rates are competitive, brokers often have access to slightly lower pricing through smaller lenders with lower overhead.

RBC Mortgage Pros and Cons

Bottom Line: RBC Mortgages in 2025

RBC remains a top-tier choice for convenience, brand trust, and flexible home equity options. It’s a strong fit for borrowers who like keeping everything under one financial roof and want a major bank’s support through life’s changes.

But if your top priority is the absolute lowest rate or customized lending flexibility, the broker channel will usually outperform.

Think of RBC like a luxury SUV: safe, comfortable, and refined — but you’re paying a bit extra for the badge and the service network.

Verdict:

Best for: Established borrowers, RBC clients, new-construction buyers, or anyone valuing convenience and flexibility.

Not ideal for: Rate chasers, self-employed borrowers, or those likely to break a fixed mortgage early.