Current Mortgage Rates in Ontario

Looking to get a mortgage 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.

TERM	FIXED
1-yr	2.99^% CanWise Financial A Ratehub Company (1903) Lic. 12530 _{Compare all rates}
2-yr	3.29^% CanWise Financial A Ratehub Company (1903) Lic. 12530 _{Compare all rates}
3-yr	3.19^% CanWise Financial A Ratehub Company (1903) Lic. 12530 _{Compare all rates}
4-yr	3.44^% CanWise Financial A Ratehub Company (1903) Lic. 12530 _{Compare all rates}
5-yr	3.19^% Mortgage Intelligence (35) Lic. 10428 _{Compare all rates}
6-yr	3.94^% Bank of Montreal _{Compare all rates}
7-yr	3.59^% CanWise Financial A Ratehub Company (1903) Lic. 12530 _{Compare all rates}
10-yr	3.89^% Tangerine _{Compare all rates}

TERM	VARIABLE
1-yr
2-yr
3-yr	3.55^% Prime - 0.15 CanWise Financial A Ratehub Company (1903) Lic. 12530 _{Compare all rates}
4-yr
5-yr	2.45^% Prime - 1.25 CanWise Financial A Ratehub Company (1903) Lic. 12530 _{Compare all rates}
6-yr
7-yr
10-yr

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HELOC	4.20^% Prime + 0.50 Scotiabank _{Compare all rates}
ALL-IN-ONE	4.20^% Prime + 0.50 Manulife Bank of Canada _{Compare all rates}

5-yr	5.44^% 1% Cash Back Alterna Savings _{Compare all rates}
7-yr	6.64^% 5% Cash Back Simplii Financial _{Compare all rates}
10-yr	7.55^% 5% Cash Back Simplii Financial _{Compare all rates}

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TERM	FIXED
1-yr	4.50^% TD Bank _{Compare all rates}
3-yr
5-yr

TERM	VARIABLE
1-yr
3-yr	4.70^% Prime + 1.00 Alterna Savings _{Compare all rates}
5-yr	4.70^% Prime + 1.00 Desjardins _{Compare all rates}

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TERM	FIXED
1-yr	3.24^% HSBC _{Compare all rates}
2-yr	3.49^% Scotiabank _{Compare all rates}
3-yr	3.39^% Tangerine _{Compare all rates}
4-yr	3.49^% Tangerine _{Compare all rates}
5-yr	3.49^% CIBC _{Compare all rates}
10-yr	3.89^% Tangerine _{Compare all rates}

TERM	VARIABLE
1-yr
2-yr
3-yr	3.55^% Prime - 0.15 Scotiabank _{Compare all rates}
4-yr
5-yr	2.65^% Prime - 1.05 Equitable Bank _{Compare all rates}
10-yr

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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 in Ontario?

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 the 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 Ontario real estate 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
	2016(*)	245	1450	$238,600
	2017(*)	240	1400	$241,000
Sudbury
	2016(*)	200	2100	$242,000
	2017(*)	190	2100	$244,000
Windsor
	2016(*)	1225	6900	$209,000
	2017(*)	1300	7200	$220,000
London
	2016(*)	2275	10,1000	$279,000
	2017(*)	2375	10,400	$291,500
Kitchener
	2016(*)	2950	6100	$370,000
	2017(*)	2700	6200	$380,000
St. Catharines-Niagara
	2016(*)	1650	6650	$290,400
	2017(*)	1600	6550	$300,600
Hamilton
	2016(*)	2725	16,600	$475,000
	2017(*)	2600	16,200	$489,000
Toronto
	2016(*)	36,500	102,750	$684,000
	2017(*)	38,000	97,000	$718,000
Barrie
	2016(*)	1200	5600	$399,500
	2017(*)	1200	5550	$419,000
Peterborough
	2016	335	2850	$310,000
	2017(*)	335	2950	$325,000
Guelph
	2016(*)	1000	3200	$475,000
	2017(*)	950	3300	$489,000
Kingston
	2016(*)	795	2950	$288,500
	2017(*)	705	2900	$289,000
Ottawa
	2016(*)	4700	15,000	$289,000
	2017(*)	4600	14,900	$377,000

(*)Forecast

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.

References and Notes

CMHC

Current Mortgage Rates in Ontario

Find the Lowest Mortgage Rates in Ontario

Should I get an open or closed mortgage in Ontario?

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

What are prepayment options?

What is the mortgage ratehold?

Ontario Housing Market Forecasts1

Ontario Mortgage Brokers

Ontario Home Inspectors

Ontario Real Estate Lawyers

References and Notes

Current Mortgage Rates by Province

Ontario Housing Market Forecasts¹