Low rates, extremely low rates, Crazy low rates.
There are 3 worlds in the lending universe. Each have their own specific strategies and benefits for their clients. And each have their own strengths in lending.
World #1 - Low rates world. Is something like a local Credit Union. Standard fixed rates and relatively competitive variable rates, more rigid in the rates and flexibility with lending in circumstances. Generally a common lender locally, and a great option for unique mortgage situations.
World #2 - Extremely low rates world. This is your big bank, with recognizable names such as CIBC, Royal Bank, etc. Their fixed and variable rates with discounts are lower than low rates world. *Also note that any rates with a discount, will be subject to a much higher penalty should you decide to refinance.
World #3 - Crazy low rates world. This is your online lenders/mortgage-only lenders such as First National, RMG etc. They have the most strict lending rules, but some of the lowest rates. A great option, when it works for you!
*Note that in ALL worlds, the lowest rates available are going to be when using an insurer such as CMHC or Genworth.
Be sure to discuss your mortgage and rates with your mortgage broker, to decide which financial institution would work best in your situation.