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Best Mortgage Rates in Toronto

Browse our aggregated Toronto mortgage rates to find the lowest rates possible. Click “See all” to compare.

Rates Updated:  

Mortgage Rates - Toronto

Term Lowest Fixed
Mortgage Rates
Lowest Variable
Mortgage Rates
1-Year Top Producers
Top Producers
2.89% Get rate See all rates
2-Year Top Producers
Top Producers
2.49% Get rate See all rates
3-Year Butler Mortgage
Butler Mortgage
2.48% Get rate See all rates Laurentian
Prime - 0.00
Get rate See all rates
4-Year Top Producers
Top Producers
2.72% Get rate See all rates
5-Year CanWise Financial
CanWise Financial
2.74% Get rate See all rates Butler Mortgage
Butler Mortgage
Prime - 0.83
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6-Year PC Financial
PC Financial
4.62% Get rate See all rates
7-Year CanWise Financial
CanWise Financial
3.60% Get rate See all rates
8-Year PC Financial
PC Financial
5.09% Get rate See all rates
9-Year PC Financial
PC Financial
5.40% Get rate See all rates
10-Year Top Producers
Top Producers
4.39% Get rate See all rates

Local Toronto Mortgage Brokers

Current Toronto Mortgage Rate News

Best Toronto Mortgage Rates:

Mortgage rates in Toronto are expected to remain at relatively low levels for the rest of the year. Variable rates, which are driven by the Bank of Canada’s overnight rate, are likely to stay low until the first quarter of 2014. This should keep discounted 5-year variable rates below 3.00% (Prime - 0.0%), where they have been since the last quarter of 2009. Increased lender competition has resulted in the best mortgage rates Toronto has ever seen.

Toronto Information:

Toronto, Canada’s largest city, has a population of over 2.6 million people and is the fifth most populous city in North America. The Greater Toronto Area (GTA) supports more than 6 million citizens. Toronto is regarded as one of the most diverse cities in the world, with half its population born outside of Canada. The Cities of Opportunity report by PricewaterhouseCoopers ranked Toronto as the second-best city for business, life and innovation. [1] According to Statistics Canada, the median total income in Toronto is $66,790. The Toronto Disctrict School Board (TDSB) is the largest board in Canada with nearly 600 schools and over 250,000 students. Some of the best schools in Toronto include Deer Park Junior and Senior Public School and Hillmount Public School.

The Toronto Housing Market:

The heated housing market in Toronto has been the subject of much debate, as some industry insiders feel that Toronto housing prices are due for a correction while others feel the market will continue to plug away. Thus far, sales and home prices in 2012 have exceeded their 2011 levels (year-over-year). This is a notable trend because in 2011 Toronto had the second best year of sales on record. Roughly 5.3% of homes sold in Toronto in 2011 were above the million dollar mark, setting a new record.

We’ve seen the mortgage rates in Toronto reach record low levels over the past few months; which has been a major contributor to the city’s housing boom.


MLS® Sales

MLS® Avg Price




2012 forecast

88,500  (-3.6%)

$478,700  (+2.6%)

2013 forecast

90,500  (+2.3%)

$487,700  (+1.9%)

*Data taken from the CMHC

Toronto is a hotbed for condos. There are currently more condos in Toronto under development than anywhere else in North America, including New York City. Housing starts have already started to moderate, but vacancy rates in the city should continue to remain low (under 2%).


Housing Starts

Rental Vacancy Rate




2012 forecast



2013 forecast



*Data taken from the CMHC

Toronto Mortgage Brokers:

Locating a mortgage broker in Toronto who understands the local housing and mortgage market can be beneficial if you’re looking to purchase a property in the GTA. They can handle the rate negotiations for you to ensure you receive the lowest mortgage rates in Toronto.

Toronto Home Inspectors:

It's a good idea to find a home inspector in Toronto before you even make an offer on a home. Since it's not uncommon to see bidding wars in Toronto, having a home inspector's name and phone number ready means you can remove your successful home inspection condition that much sooner.

Toronto Real Estate Laywers:

Buying a home is not only a large financial transaction, there are a lot of legalities involved. A Toronto real estate lawyer will review all of your documents, do a search on the title of your home, register the title in your name and make sure all of your Toronto closing costs are paid.

[1] “Cities of Opportunity” - PricewaterhouseCoopers