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Best Hamilton mortgage rates

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

As of:


Canadian Lender


Big 6 Bank




Meridian Credit Union



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Hamilton mortgage rates: Common questions

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Getting the best mortgage rates in Hamilton

As Ontario's third-largest city (after Toronto and Ottawa) Hamilton has a strong real estate and mortgage market. This is good news for Hamilton homebuyers because it gives you access to a wide range of mortgage products and mortgage rates, while still reaping the benefit of lower home prices than Downtown Toronto.

Below we've laid out some of the things you should consider before looking for a mortgage in Hamilton. When you're ready, you can compare personalized quotes for mortgage rates in Hamilton with the tools at the top of this page.

Best mortgage rates in Hamilton +

Comparing the best mortgage rates in Hamilton

The comparison tables at the top of this page list the best mortgage rates available in Hamilton, up to the minute. Comparing rates between multiple providers and mortgage brokers is the best thing you can do to get the lowest rate possible.

Of course, your personal rate may be different from the rates listed above. The rate you're eligible for can change based on things like your down payment, the price of the house, your credit score, which lender you choose, as well as what the property is being used for.

Luckily, you can get personalized quotes for mortgage rates without filling in a full mortgage application. Use the tools at the top of this page and we’ll provide you with personalized mortgage quotes from Hamilton lenders in under two minutes.


Hamilton closing costs

When applying for a new mortgage in Hamilton, you'll need to consider the closing costs associated with all property purchases. Most of these costs will need to be paid upfront, so you’ll need to save the cash to pay for them (in addition to your down payment).

Ontario Land Transfer Tax

When buying a home in Hamilton, you'll be subject to the Ontario Land Transfer Tax. This tax applies to most property purchases in the province. It's a marginal tax rate, based on the purchase price of the property. This tax will need to be paid in cash, and cannot be added to your mortgage.

Ontario land transfer tax rates are relatively high compared to other provinces, but not the highest in the country. Ontario land transfer tax rates are as follows:

Purchase Price of Home Marginal Tax Rate
First $55,000 0.5%
$55,000.01 to $250,000.00 1.0%
$250,000.01 to $400,000.00 1.5%
$400,000.01 to $2,000,000.00 2.0%
Over $2,000,000 2.5%

City of Toronto Land Transfer Tax

In addition to paying the Ontario land transfer tax, residents of the Greater Toronto Area may also be subject to an additional land transfer tax from the City of Toronto. While you won't need to pay this tax in Hamilton it's worth knowing about anyway.

Toronto land transfer tax rates are listed in the table below.

Purchase Price of Home Marginal Tax Rate
First $55,000 0.5%
$55,000.01 to $250,000.00 1.0%
$250,000.01 to $400,000.00 1.5%
$400,000.01 to $2,000,000.00 2.0%
Over $2,000,000 2.5%

CMHC Insurance

If your mortgage is an insured mortgage, you'll need to pay for mortgage default insurance. This will normally be included as part of your mortgage, so you won't need to provide it in cash.

Non-Resident Speculation Tax

Another Ontario tax that may or may not affect you is the Non-Resident Speculation Tax. This is a 15% tax on all property purchases by non-Canadian residents in the Golden Horseshoe area, which includes the GTA and Hamilton, stretching to the US border at Niagara. This does include Hamilton, so it's important to know if you are not a Canadian resident.

These are just some of the closing costs you’ll have to pay in Hamilton. Learn more on our closing costs education centre page.


Hamilton first-time home buyer rebates

Most of the first-time home buyer programs in Canada are administered at the provincial level, and typically involve a full or partial rebate of the province's land transfer tax. In Ontario, a rebate of the provincial land transfer tax is available, as well as a rebate for the Toronto land transfer tax. This should come as a relief to Hamilton's first-time home buyers, as land transfer taxes can significantly add to the cost of purchasing a home in Ontario.

Ontario first-time home buyer rebate

The Ontario land transfer tax refund is equal to the full value of the land transfer tax up to a maximum of $4,000. Based on Ontario land transfer tax rates, the refund will fully cover the tax levied on houses of up to $368,000 in value.

To be eligible, you'll need to be a citizen or permanent resident of Canada, over 18 years old, have never owned a home before (this includes your spouse), and live in the home within 9 months of purchase.

Toronto first-time home buyer rebate

First-time home buyers in Toronto of new and resale homes are eligible to receive a rebate of the Toronto Land Transfer Tax, up to a maximum of $4,475. Eligibility for this program is similar to the provincial program outlined above.

Federal first-time home buyer programs

In addition to land transfer tax rebates, new home buyers in Hamilton may also be eligible for first-time home buyer programs at the federal level, including:

  • RRSP Home Buyer’s Plan: This allows you to borrow up to $60,000 from your RRSP for your down payment. The money must be paid back within 15 years.
  • First-Time Home Buyer’s Tax Credit: This is a tax credit of up to $750, available when you file your taxes for the year in which you bought your first home.
  • GST/HST New Housing Rebate: If your home is newly built, it may be subject to GST or HST. This rebate gives you some or all of that tax back.

Each of these schemes has eligibility criteria and additional rules that apply, which you'll need to investigate further before you apply for them.

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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