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Best Kingston mortgage rates
The rate table shows 5-year fixed mortgage rates in Kingston. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
As of:
Kingston mortgage rates: FAQ
What is the best mortgage rate in Kingston right now?
As of today, March 28, 2024, the best fixed Kingston mortgage rate is 4.79% and the best variable Kingston mortgage rate is 5.95%.
To see the best mortgage rates in Kingston for multiple types and terms, be sure to use our rate table above. It’s updated automatically throughout the day to reflect any rate changes, ensuring that you’re always seeing the most current mortgage rates in Kingston.
What bank offers the best mortgage rates in Kingston?
The Big 5 Bank currently offering the best 5-year fixed mortgage rates in Kingston is BMO, with a 5-year fixed mortgage rate of 5.09%. RBC has the lowest 5-year variable mortgage rate in Kingston, at 6.59%.
While these are the lowest big bank rates currently available, they are not the best mortgage rates in Kingston that you can find. You’ll get the best rate by shopping around - our rate table above makes this easy by displaying the best rates from a wide range of providers in multiple types and terms. It’s updated regularly over the course of the day, so you know you’re always looking at the most current mortgage rates in Kingston.
Will mortgage rates go down in 2024?
2022 and 2023 were pretty tough years for borrowers and would-be home buyers in Canada. In an effort to tamp down runaway inflation, the Bank of Canada carried out a historically steep rate hike cycle that brought the overnight lending rate up from its pandemic-era low of 0.25% to 5% by the end of 2023 (where it remains today). During this same period, spurred by the aforementioned out-of-control inflation, bond yields rose steeply and fixed mortgage rates doubled in consequence. It’s no surprise, then, that people in Kingston and all over Canada are hoping for some better news in 2024.
It looks like we can start to be cautiously optimistic about what 2024 will bring, as it seems that the Bank of Canada is done hiking rates, barring some major surprise. In its second announcement of the year on March 6, the Bank chose to maintain the overnight lending rate at 5% for a fifth successive time, citing relatively stagnant GDP figures, slowing consumer spending and slackening wage growth as among the main drivers of its decision. The Bank did point out, however, that the latest CPI reading of 2.9% from January was higher than its target inflation rate of 2%, and determined that rates would need to stay higher for longer in order to have their full effect. In light of this, market observers now believe that the Bank will continue to hold the overnight rate steady for most of 2024, and then start to cut it towards the end of the year and into 2025 (provided inflation has trended in line with its expectations). Should that come to pass, the prime rate in Canada will come down from its current level of 7.2%, causing variable mortgage rates to reduce almost immediately.
Fixed mortgage rates are not directly tied to the Bank of Canada’s interest rate decisions, but rather to the bond market. The same runaway inflation that incited the rate hiking cycle also sent bond yields climbing and injected a huge amount of volatility into the bond market, as anxious investors reacted to any signs of entrenched inflation and other negative economic signals. After peaking at 4.42% back in October, abating inflation sent bond yields tumbling down to the low 3% range in December and early January, which in turn allowed lenders to reduce their fixed mortgage rates. In light of December’s excessively high inflation reading and other surprisingly robust economic reports, bond yields crept up to the 3.8% range, exerting upward pressure on fixed rates. More recently, January’s lower-than-expected CPI of 2.9%, among other indicators, pushed bond yields back down to the 3.4% range. While the bond market remains volatile and unpredictable in the short term, in the longer term, as long as inflation aligns with the Bank’s expectations and trends downward, bond yields can also be expected to fall and bring fixed mortgage rates lower with them.
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Getting the best mortgage rates in Kingston
Jamie David, Sr. Director of Marketing and Mortgages
As one of the major population centres in the Greater Toronto Area, Kingston has a strong real estate and mortgage market. This is good news for Kingston home buyers 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 Kingston. When you're ready, you can compare personalized quotes for mortgage rates in Kingston with the tools at the top of this page.
Best mortgage rates in Kingston +
Rates updated:
Rate | Term | Type | Provider |
---|---|---|---|
4.79% | 5 years | Fixed | Canadian Lender |
4.84% | 3 years | Fixed | Big 6 Bank |
4.99% | 4 years | Fixed | Canadian Lender |
4.99% | 7 years | Fixed | Desjardins |
5.59% | 2 years | Fixed | Canwise |
Comparing the best mortgage rates in Kingston
The comparison tables at the top of this page list the best mortgage rates available in Kingston, 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 Kingston lenders in under two minutes.
Kingston closing costs
When applying for a new mortgage in Kingston, 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 Kingston, 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. Luckily, Kingston is just outside of the region where the Toronto Land Transfer Tax applies (Etobicoke is the Western boundary). However, if you were to buy a home in Etobicoke, you'd be required to pay this tax.
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 Kingston, 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 Kingston. Learn more on our closing costs education centre page.
Kingston 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 Kingston'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 Kingston 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 $35,000 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
Want to learn more? Check out our comprehensive education centre
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