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Current Mortgage Rates in Ontario


We shop the most competitive brokers, lenders and banks in Ontario to bring you today's lowest interest rates, free of charge! Our comparison charts list current Ontario rates, and are updated on a daily basis. To compare a certain category, click on the "See All" button for more details.

Rates Updated:  

Closed mortgage rates - Ontario

          Closed mortgage rates Closed mortgage rates are the most popular, standard form in Canada. A closed mortgage simply means you pay off your principal on a pre-determined schedule. If you want to put a lump sum against your principal beyond your pre-payment options, you will incur a penalty.
Term Lowest Fixed
Mortgage Rates
Lowest Variable
Mortgage Rates
1-Year HSBC
HSBC
2.70% Get rate See all rates
2-Year Multi-Prêts Hypothèque
Multi-Prêts Hypothèque
2.54% Get rate See all rates
3-Year HYPOTHECA
HYPOTHECA
2.64% Get rate See all rates Safebridge
Safebridge
2.40%
Prime - 0.60
Get rate See all rates
4-Year Safebridge
Safebridge
2.72% Get rate See all rates
5-Year Safebridge
Safebridge
2.89% Get rate See all rates The Mortgage Emporium
The Mortgage Emporium
2.25%
Prime - 0.75
Get rate See all rates
6-Year Multi-Prêts Hypothèque
Multi-Prêts Hypothèque
2.79% Get rate See all rates
7-Year Safebridge
Safebridge
3.73% Get rate See all rates
8-Year Safebridge
Safebridge
4.19% Get rate See all rates
9-Year Safebridge
Safebridge
4.19% Get rate See all rates
10-Year HYPOTHECA
HYPOTHECA
3.75% Get rate See all rates

HELOC Rates - Ontario

          HELOC Rates A HELOC rate is a variable interest rate on a line of credit that is secured by your home. As the equity in your home grows, you are able to borrow back up to 80% at the HELOC rate.
HELOC        HELOC Rates A HELOC rate is a variable interest rate on a line of credit that is secured by your home. As the equity in your home grows, you are able to borrow back up to 80% at the HELOC rate. Safebridge
Safebridge
3.50%
Prime + 0.50
Get rate See all rates
All-in-One        All-in-One HELOC An 'All-in-One' rate is one that combines a HELOC with your savings and deposit accounts. So, any deposits offset your debt in a daily interest calculation. Manulife One
Manulife One
3.50%
Prime + 0.50
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Cash back mortgage - Ontario

          Cash back mortgage A cash back mortgage returns a lump sum, usually 3-7%, when your mortgage closes. If your principal is, for example, $300,000, a 5% cash back would return to you $15,000 when your mortgage closes.
5-Year Safebridge
Safebridge
3.85%
1% Cash Back
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6-Year TD Bank
TD Bank
5.96%
5% Cash Back
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7-Year PC Financial
PC Financial
5.69%
5% Cash Back
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10-Year PC Financial
PC Financial
6.09%
5% Cash Back
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Open mortgage rates - Ontario

          Open mortgage rates Open mortgage rates allow you to pay off as much of your principal as you please whenever you wish, without penalty. Open mortgage rates are less popular than closed mortgage rates, but are often used for a short-term mortgage.
Term Lowest Fixed
Mortgage Rates
Lowest Variable
Mortgage Rates
1-Year Safebridge
Safebridge
4.99% Get rate See all rates
3-Year HSBC
HSBC
3.80%
Prime + 0.80
Get rate See all rates
5-Year Safebridge
Safebridge
3.75%
Prime + 0.75
Get rate See all rates

Bank Mortgage Rates - Ontario

          Bank Mortgage Rates Bank mortgage rates are simply rates offered by the big Canadian banks. You should always compare these against the best available rates on the market.
Term Lowest Fixed
Mortgage Rates
Lowest Variable
Mortgage Rates
1-Year HSBC
HSBC
2.70% Get rate See all rates
2-Year HYPOTHECA
HYPOTHECA
2.54% Get rate See all rates
3-Year HYPOTHECA
HYPOTHECA
2.64% Get rate See all rates Laurentian
Laurentian
3.00%
Prime - 0.00
Get rate See all rates
4-Year HYPOTHECA
HYPOTHECA
2.77% Get rate See all rates
5-Year HYPOTHECA
HYPOTHECA
2.94% Get rate See all rates HYPOTHECA
HYPOTHECA
2.35%
Prime - 0.65
Get rate See all rates
10-Year HYPOTHECA
HYPOTHECA
3.75% Get rate See all rates

Ontario Mortgage Rates

Find the Lowest Mortgage Rates in Ontario

Find the best mortgage deals in Ontario in the comparison charts above. If you are looking for a home loan and are interested in more than just cheap rates – be sure to also pay attention to the mortgage terms and conditions. Find answers on open vs. closed mortgages, fixed vs. variable mortgages, and prepayment options in the frequently asked questions section below. Visit our Education Centre to learn even more about mortgages through the use of our home buying tools.

Should I get an open or closed mortgage in Ontario?

Closed mortgages are more prevalent than open mortgages because they typically have lower interest rates. These mortgage vary in their prepayment options. Closed mortgage rates can be either fixed or variable. The amount by which a prepayment is available is restricted, and interest penalties are enforced on any overpayment.

In an open mortgage you have the ability to pay down as much principal as you decide to in any given year. Open mortgages are commonly chosen when the borrower is planning to move,  or expects to receive a lump sum of money in the near future.

What is the difference between variable vs. fixed mortgage rates?

Historically, fixed rate mortgages are the most common choice for mortgage financing. Fixed mortgages have set interest rates that stay consistent for the term of the mortgage. This results in a steady mortgage payment for the mortgage term, and allows homeowners the benefit of exact budgeting and planning.

Variable mortgages generally have lower interest rates. These variable rates are tied to the market prime rate and thus vary over the term of the mortgage. To learn more about fixed vs. variable rate mortgages check out the fixed vs. variable mortgage section.

What are prepayment options?


Prepayment options grant you the right to increase the size of your monthly payments or make a lump sum payment directly towards the principal on your mortgage. The lender sets out the terms of prepayment which allows borrowers to increase payments based on a percentage of your current payment, thereby reducing your amortization period. Conversely, you may wish to make a lump sum payment towards the principal on your mortgage. The percentage by which you are allowed to make this lump sum repayment is based upon your initial principal value.

What is a mortgage ratehold?


A ratehold allows you to hold today’s current mortgage interest rate for a certain period of time. If today’s mortgage rates are favourable, you may want to find a mortgage with a ratehold up until your renewal or closing date. The renewal date is the date on which the term of mortgage expires, not to be confused with the amortization period.

Ontario Housing Market Forecasts1


The beginning of the year 2010 saw historical record highs for the Ontario housing market. Ontario’s resale home sales and housing starts decreased during the rest of 2010 from this high start. They will continue to decline until late 2011 and early 2012, at which point they will begin to increase in sales volume. In 2012 there will be decreased demand from first-time homebuyers. However, the housing market will pick up momentum as a result of higher immigration levels, a stronger economy and strong labour markets.

 

Metropolitan Area

Year

Housing

Starts

MLS Total

Sales

MLS Average

Sale Price

Thunder Bay

2010

2011(*)

2012(*)

222

270

275

1434

1400

1450

$155,060

$159,000

$164,000

Sudbury

2010

2011(*)

2012(*)

575

540

560

2244

2350

2500

$221,699

$228,000

$235,000

Windsor

2010

2011(*)

2012(*)

617

613

704

4893

4600

4850

$159,347

$164,000

$168,000

London

2010

2011(*)

2012(*)

2079

1890

1940

8389

8100

8400

$228,114

$237,000

$242,000

Kitchener

2010

2011(*)

2012(*)

2815

2550

2675

6772

6570

6900

$289,041

$295,000

$302,000

St. Catharines-Niagara

2010

2011(*)

2012(*)

1086

990

1050

6024

5900

6100

$217,938

$219,000

$223,000

Hamilton

2010

2011(*)

2012(*)

3562

3000

3250

12934

12300

12900

$311,683

$317,000

$323,000

Toronto

2010

2011(*)

2012(*)

29195

29550

31200

88214

83500

87000

$432,264

$441,000

$451,000

Barrie

2010

2011(*)

2012(*)

682

620

600

4105

4000

4150

$281,966

$284,000

$287,500

Peterborough

2010

2011(*)

2012(*)

404

380

420

2537

2300

2400

$249,763

$254,500

$259,000

Brantford

2010

2011(*)

2012(*)

504

385

440

2086

1950

2050

$229,678

$234,000

$238,000

Guelph

2010

2011(*)

2012(*)

1021

900

940

2834

2800

2900

$295,207

$299,000

$306,000

Durham

2010

2011(*)

2012(*)

1888

1740

2020

9476

9150

9510

$299,952

$305,000

$311,000

Kingston

2010

2011(*)

2012(*)

653

590

630

3209

3100

3300

$249,509

$252,000

$256,000

Ottawa

2010

2011(*)

2012(*)

6446

5950

6250

14586

13850

14350

$328,439

$336,500

$350,000

*Forecast

[1] CMHC

Ontario Mortgage Brokers


If you want current, personal, advice simply click on the link above to connect with an Ontario mortgage broker near you.  Ontario mortgage brokers can help by giving you advice on current mortgage deals, your credit history, or help you with a special type of mortgage like cash back or HELOC. Brokers can also help with information on home purchases, lenders, current interest rates, and great mortgage solutions.

Ontario Home Inspectors


It's a good idea to find a Ontario home inspector to use before making an offer on a home. Bidding wars are not uncommon in Ontario so having a home inspector's name and phone number ready means that you can remove your successful home inspection condition sooner.

Ontario Real Estate Lawyers


Buying a home is not just a large financial transaction, there are also many legalities involved. To handle all these legalities, you can hire a Ontario real estate lawyer who will review all your documents, do a search on the title of your home, register the title in your name and help make sure all of your Ontario closing costs are paid.