Best Mortgage Rates in Ontario
Compare the most current mortgage rates instantly
Looking for a mortgage in Ontario? We can help you find and compare the lowest rates from the Big 6 Banks and Ontario’s top mortgage brokers, at no cost to you. Using our rate tables, you can compare the most current mortgage rates instantly, all in one place. By shopping around for the best mortgage rates in Ontario, you could save yourself thousands of dollars.Advertising Disclosure Rates updated:
|1-yr||1.84% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|2-yr||1.53% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|3-yr||1.53% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|4-yr||1.74% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|5-yr||1.74% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|7-yr||2.39% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
|10-yr||2.99% CanWise Financial A Ratehub Company Lic. 12530 Compare all rates|
Prime - 0.00CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
Prime - 1.47CanWise Financial A Ratehub Company Lic. 12530 Compare all rates
|1-yr||2.44% RBC Royal Bank Compare all rates|
|2-yr||2.09% RBC Royal Bank Compare all rates|
|3-yr||2.14% TD Bank Compare all rates|
|4-yr||2.29% Bank of Montreal Compare all rates|
|5-yr||2.29% Scotiabank Compare all rates|
|10-yr||3.24% Scotiabank Compare all rates|
Prime - 0.00CIBC Compare all rates
Prime - 1.05TD Bank Compare all rates
Best mortgage rates in Ontario (view all) +
Find the Lowest Mortgage Rates in Ontario
Use the tables above to find the best mortgage rate in Ontario. They’re updated every few minutes, so you’re sure to get the best rates available, at no cost to you. To learn more about a particular rate, click the ‘Inquire’ button next to it. Fill out a contact form and a mortgage specialist will be in touch - don’t worry, there’s no obligation of any kind if you make an inquiry.
Frequently asked questions about Ontario mortgage rates
If you’re looking at mortgage rates in Ontario, you’re probably serious about buying a home. Here are answers to the most common questions we are asked about Ontario mortgage rates.
How much do Ontario mortgage rates matter?
Getting the best possible interest rate should be a top priority when you get a mortgage, especially in the high priced Ontario real estate market. Over time, a difference of just .5% can save you thousands of dollars. Comparing mortgage rates between lenders is the best way to get a lower rate.
Why compare Ontario mortgage rates on Ratehub?
We compare the lowest rates from the lenders across Ontario. We’ll check the Big 6 Banks, smaller banks and credit unions, as well as top mortgage brokers. We make it easy to choose better, by making comparing rates fast and easy, at no cost to you.
What’s the difference between variable vs. fixed mortgage rates?
Fixed-rate mortgages have steady rates for the term of your mortgage. This results in a steady payment, making budgeting easier. Variable mortgages generally have lower interest rates, but they will rise and fall with the prime rate. To learn more, read our guide on fixed vs. variable mortgage rates.
Fixed rates in Ontario are the most popular option, used over 70% of Ontario mortgages (Source: Statistics Canada).
What are prepayment options?
Prepayment options let you increase the size of your monthly payments, or make additional payments towards your mortgage principal, decreasing your amortization period. Your lender may allow you to increase your payments based on a percentage of your current payment, or to make a lump sum payment towards the principal. The percentage by which you are allowed to make this lump sum repayment is based upon your initial principal value.
Should I get an open or closed mortgage in Ontario?
Closed mortgages are more common than open mortgages, as they typically have lower interest rates. Open vs. closed mortgages do vary in their prepayment options, however. For closed mortgages, prepayments are restricted, and interest penalties are enforced on any overpayment.
In an open mortgage, you can pay down as much of your principal as you want in any given year. Open mortgages are a good choice if you’re planning to move, or expect to receive a lump sum of money in the near future.
What is the mortgage ratehold?
A ratehold allows you to hold the current mortgage interest rate for a certain period of time. If Ontario mortgage rates are favourable today, you may want to find a mortgage with a ratehold until your renewal or closing date. The renewal date is when your mortgage term expires, not to be confused with the amortization period. Note that for variable rates, you won’t lock in the rate itself, but its relation to prime.
Should I use a mortgage broker in Ontario?
A mortgage is likely the largest loan you’ll ever take out, so it makes sense to get the best deal you can. Mortgage brokers have access to multiple lender and can get volume discounts, so they can generally offer better mortgage rates than you’ll find in the retail market.
As well as giving you advice on current mortgage rates in Ontario, a mortgage broker can help you understand and improve your credit score, and help you access a HELOCif you want one. Brokers can also provide information on home purchases, lenders, and other mortgage solutions.
If you want current and personal advice, simply click on the link above to connect with an Ontario mortgage broker near you.
Ontario Housing Market
Home ownership in Ontario is divided between Toronto and the rest of the province. Within the Toronto census metropolitan area (which includes Mississauga), only 59% of families owned their primary residence in 2016, slightly lower than the national average of 63% (Source: Statistics Canada). Once you exclude Toronto and Ottawa, Ontario home ownership rises to 70%. This is probably because of the high cost of real estate in Toronto.
Ontario total housing starts:
|Q4 2018||Q1 2019||Q2 2019||Q3 2019||Q4 2019|
|Apartment and other unit type||11,262||7,578||8,307||10,521||7,892|
Toronto housing market forecast
Toronto is Ontario’s biggest real estate market, and Construction activity is expected to rebound in 2020 and 2021, off the back of a softer 2019. Condominium and apartments are expected to lead the way. Economic and demographic fundamentals are strong, and will likely support housing demand, driving higher home sales. House prices are set to increase as supply constraints keep pressuring the market. A gradual increase of rental supply will help ease average vacancy rates.
Dana Senagama, Principal Market Analyst for CMHC, says “Housing market activity will rebound over the outlook period as economic and demographic fundamentals lend strong support for housing demand."
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.