FairRate Canada benchmark sources
Short answer
FairRate Canada uses public Canadian mortgage-rate context, Bank of Canada rate context, and renewal-offer inputs supplied by the borrower to create an educational benchmark comparison. Benchmark context is not a guaranteed lender offer, approval, or regulated financial advice.
Visible benchmark context
FairRate compares a borrower’s quoted renewal rate with public Canadian mortgage-market context. Public reference points can include published market-rate comparisons and Bank of Canada context, depending on availability and the specific page or checker result.
The comparison is meant to answer a practical borrower question: does this renewal offer look fair enough to accept, or does it deserve negotiation, a second quote, or a deeper review?
FairRate does not promise that a borrower can access any displayed benchmark rate. Lender pricing can vary based on credit profile, property, mortgage type, insurance status, income verification, timing, and other underwriting factors.
How to interpret the result
- Fair: the quoted rate appears reasonably aligned with current context for the supplied scenario.
- Negotiable: the quote may be close, but the gap or borrower situation may justify asking the lender for a review.
- High: the quote appears meaningfully above benchmark context and may deserve a competing quote or stronger negotiation.
- Needs review: the inputs or scenario may require more context before a simple fairness label is useful.