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Find the best mortgage rate in Ontario

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Current Ontario mortgage rates

The rate table shows 5-year fixed mortgage rates in Ontario. To compare other rate types and terms, click on the filters icon beside the down payment percentage.

As of:


Big 6 Bank


Bank of Montreal




RBC Royal Bank


TD Bank




Ontario mortgage rates: FAQ

Will mortgage rates go down in 2024?

Will mortgage rates go down if inflation decreases?

What are the current mortgage rates in Ontario in 2024?

What bank currently has the best mortgage rate in Ontario?

What is today’s prime rate and how does it affect mortgage rates in Ontario in 2024?

What is the average 5-year mortgage rate in Ontario?

WATCH: April 10, 2024 Bank of Canada announcement

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Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.


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Getting the best mortgage rates in Ontario

Using our rate tables, you can compare today's best mortgage rates in Ontario from the Big 5 Banks, small banks, credit unions and top mortgage brokers, instantly, all in one place. Shopping around is critical if you want to find the best mortgage for your needs, and can save you thousands of dollars. 

Best mortgage rates in Ontario +

Ontario at a glance

  • Population: 14.83 million - most populous province in Canada, with just over 38% of the country’s population
  • Average Household Income: $74,287
  • Percentage of Homeowners: 70%

Ontario housing market: April 2024 update

On April 12, 2024, the Canadian Real Estate Association (CREA) released the latest figures on the national housing market, including sales activity, average price performance and overall supply and inventory.

The most recent numbers from CREA reveal that activity in the Ontario housing market continued to heat up in March, albeit not enough to avoid declining on an annual basis. While the total of 15,167 homes sold in Ontario in March 2024 was significantly above the previous month’s impressive total of 12,787, it marked a -4.4% decline when looked at year over year. Continuing a trend observed in the first months of this year, the market was positively inundated with new listings, with some 30,610 residential properties newly listed for sale in March. This represents a year-over-year increase of 14.4%, and is notably above February’s total of 24,824.

This abundance of new listings was not quite enough to counter the effects of growing demand, however. The average home price in Ontario ticked up slightly to $889,033, up by 1.4% on an annual basis, and notably above the previous month’s figure of $873,207. 

Despite demand growing month over month, the influx of new listings has helped push buying conditions towards the buyer-friendly end of the spectrum of a balanced market, with a sales-to-new-listings ratio (SNLR) of 49.5%, substantially better for buyers than it was at the same time last year (59.3%). To put this in context, according to CREA, a SNLR within 45 - 65% indicates a balanced market, with above and below that threshold representing sellers’ and buyers’ markets, respectively.

Read more: Canadian home sales were flat in March, but rate cut boost expected

April 10, 2024: Bank of Canada announcement highlights

On April 10, 2024, the Bank of Canada held the target for the overnight rate steady at 5.00%.

  • In its accompanying commentary, the Bank cited multiple reasons underlying its decision to maintain the overnight lending rate, such as a stalled economy and weakening labour market conditions. It noted, however, that despite the progress made in the fight against inflation, February’s CPI of 2.8% remained above its inflation target of 2%, and indicated that higher rates were therefore needed for longer to ensure that inflation has been well and truly beaten back.
  • Canadians with variable-rate mortgages and home equity lines of credit (HELOC) will need to remain patient, as the Bank indicated that there was no change in timing for prospective future rate cuts.
  • While fixed mortgage rates are tied to the bond market rather than the Bank of Canada’s policy rate, the Bank’s rate decisions and accompanying commentary do influence bond yields. With this latest rate hold widely expected, the bond market has reacted minimally. As such, we can expect lenders to maintain their fixed mortgage rates for the near future.
  • This announcement is unlikely to have any effect on home prices. Buyers and sellers have already turned out in force this year at the prospect of rate cuts at the end of 2024 and into 2025, and the commentary accompanying the latest announcement does not indicate any change in that timing.

How do I get the best mortgage rate in Ontario?

 As home to Canada's financial capital, Toronto, Ontario naturally has an extremely competitive mortgage market. All of the Big 5 Banks have their headquarters in Toronto, as do major Canadian credit unions including Meridian Credit Union, DUCA Financial Services Credit Union and Alterna Savings and Credit Union. Many other smaller lenders, credit unions and mortgage brokerages are also located in Ontario. 

With such a variety of options, it's important to remember that the best mortgage rate is not always the lowest rate; rather, it's the one that meets your needs and best suits your financial situation. That makes it all the more crucial that you compare multiple lenders and speak with a mortgage broker. They can walk you through different mortgage products and help you understand the benefits and drawbacks of each so that you can make an informed decision.  

What factors affect the mortgage rate I get?

The mortgage rate that you qualify for will depend on a number of factors, some of the most important of which are: 

  • Your down payment - The size of your down payment will determine the amount of insurance your mortgage will require. The larger your down payment, the less insurance your mortgage will require. Though it may seem counter-intuitive, uninsured mortgages actually have higher rates. This is because lenders take on more risk for these mortgages since they cannot get insurance on them. Though you may not get the lowest rate, it is usually always better to put a larger down payment if you can afford it because you won’t have to pay for mortgage insurance. 
  • Your amortization period - Mortgages with amortization periods greater than 25 years are not usually insurable and therefore come at a higher rate. However, a longer amortization period allows you to have a lower monthly payment.
  • What the property will be used for - Will you be living in the property? Mortgage rates for rental properties are typically higher than for those that are owner-occupied. 
  • Mortgage type - Mortgage rates for refinances are usually higher than rates for renewals and purchases.
  • Your employment status - You need to provide proof of income in the form of paystubs and/or tax documents such as your Notice of Assessment (NOA). If you're self-employed, work on commission, or otherwise do not have a steady income, it can be more complicated and/or expensive. 
  • Your credit score - Your credit score may affect the type of lenders that will work with you. If you have bad credit, you may not qualify for a Big Bank mortgage.
  • Your debts - Lenders will look at your debt service ratio when considering whether to approve your mortgage. Carrying an excessively high amount of debt negatively impacts your debt service ratio as well as lowering your credit score. 

Historical trends in Ontario mortgage rates 

Ontario mortgage rates rise and fall, as do rates across Canada. Here’s an interactive chart showing the lowest mortgage rates in Canada over the past few years to give you an idea of where we are today.

Land transfer tax in Ontario

Land transfer taxes are often overlooked, despite being one of the biggest closing costs when purchasing a home. For people in Toronto, a land transfer tax is levied by the City of Toronto, in addition to Ontario’s provincial land transfer tax.

Ontario land transfer tax

In Ontario, land transfer taxes are based on the purchase price of the property, with the tax rate increasing as the price of the home rises. Here’s a breakdown of the rates:

Source: Ontario Ministry of Finance

*The $2 million bracket was introduced on January 1st, 2020.


Toronto Land Transfer Tax

When purchasing a home in Toronto, you’ll also pay a municipal land transfer tax. Toronto’s land transfer tax applies within certain boundaries: Steeles Avenue to the North, Etobicoke to the West, Scarborough to the East, and Lake Ontario to the South.

Here are the current Toronto land transfer tax rates:

Source: City of Toronto


Ontario first-time home buyer programs

In an effort to make it easier for first-time home buyers to get into the market, there are several programs and rebates available in Ontario. These are available to citizens or permanent residents of Canada who haven’t owned property before. 

Ontario’s Land Transfer Tax Rebate for First-Time Home Buyers provides a rebate of the full amount of your land transfer tax, up to a maximum of $4,000. If you are buying with a spouse who does not qualify, you will only be eligible for 50% of the refund. 

Toronto’s First-Time Home Buyers Land Transfer Tax Rebate provides a rebate of the full amount of your municipal land transfer tax, up to a maximum of  $4,475. This rebate is available regardless of whether you buy a townhouse, house, or condo. You can use the Toronto land transfer tax rebate in addition to the Ontario land transfer tax rebate. 

Learn more by reading our guide to First-Time Home Buyer programs in Canada.

Ontario non-resident speculation tax

In an effort to prevent foreign investors from inflating housing prices in Ontario, the Ontario government places a 15% tax on all purchases of residential properties by foreign buyers in the Greater Golden Horseshoe area. This is on top of any land transfer taxes. Foreign buyers include overseas corporations, as well as individuals who aren’t Canadian citizens or permanent residents.

More Homes Built Faster Act

On October 25, 2022, the government of Ontario introduced the More Homes Built Faster Act, which is part of a long-term strategy to increase the housing supply and ensure that affordable housing options exist for Ontarians. Significantly, the provincial government aims to facilitate the construction of 1.5 million new homes over the next decade.

More recently, on May 10, 2023, the City of Toronto adopted two amendments - the Official Plan Amendment and the Zoning By-law Amendment - to permit multiplexes of up to fourplexes on residential lots across the city. These amendments are not yet in effect, but have the potential to create a significant amount of sorely needed new housing options for Toronto residents.

Jamie David, Director of Marketing and Head of Mortgages

Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio

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