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Best Ottawa mortgage rates
The rate table shows 5-year fixed mortgage rates in Ottawa. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
As of:
Ottawa mortgage rates: FAQ
What is the mortgage rate in Ottawa today?
As of today, October 5, 2024, the best fixed Ottawa mortgage rate is 4.14% and the best variable Ottawa mortgage rate is 5.3%.
Compare the most up-to-date Ottawa mortgage rates using our rate table above. It’s updated automatically throughout the day to ensure that you’re always seeing the most current mortgage rates in Ottawa.
Will mortgage rates continue to go down in 2024 in Ottawa?
After enduring a historically steep rate hiking cycle by the Bank of Canada in 2022 and 2023 that saw the overnight rate go from a pandemic-era low of 0.25% to 5%, as well as seeing fixed mortgage rates soar, spurred on by the same runaway inflation that caused the Bank’s rate hikes, it’s no shock that Canadians are keen to know if 2024 will bring them further relief.
There appears to be room for some optimism there, as the Bank is now in a rate cutting cycle. In its sixth announcement of the year on September 4, the Bank implemented a -0.25% cut to the overnight lending rate, taking it from 4.5% to 4.25%. The Bank had carried out identical cuts in June and July after not having cut rates since March 2020. The Bank cited declining inflation as the main driver of its decision to once more lower its trend-setting rate.
So long as inflation keeps trending downward, most analysts and market observers are predicting that the Bank will carry out several more rate cuts through the end of 2024 and into 2025, for a total of about 200 basis points (including the 75 basis points from June, July, and September’s rate cuts). Each time the Bank cuts the overnight lending rate, variable mortgage rates and home equity line of credit (HELOC) rates fall almost immediately.
Fixed mortgage rates are tied to the bond market rather than to the Bank of Canada’s rate decisions, and the bond market has been extremely volatile and highly reactive over the past couple of years. Any time the Bank of Canada hikes rates, it devalues existing bonds, which, in turns, incites investors to sell off their bond yields. Sell-offs then cause bond yields to climb, and, as they are the funding floor that lenders use to price their fixed-rate mortgage products, when bond yields rise, so do fixed mortgage rates.
What bank offers the best mortgage rates in Ottawa?
The Big 5 Banks offering the best 5-year fixed mortgage rate in Ottawa are CIBC and RBC with 4.64%, and the Big 5 Bank offering the best 5-year variable rate in Ottawa is TD with 5.59%.
While these are the best Big 5 Bank 5-year fixed and variable Ottawa mortgage rates available, they are not the best rates on the market. Be sure to consult our rate table above to compare the best Ottawa mortgage rates on offer.
Not sure where to start? Check out our tools to get started
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.
Getting the best mortgage rates in Ottawa
Jamie David, Sr. Director of Marketing and Mortgages
As Canada’s capital city, Ottawa is a busy place. While less densely populated than Toronto and Vancouver, Ottawa has large local and transient populations, both of which need housing. This is good for home buyers, as it means there's lots of competition in the Ottawa mortgage market.
If you’re thinking of getting a new mortgage in Ottawa, or need to renew, you’re in the right place. The best way to get a better deal on your next mortgage is to compare rates and products from multiple lenders to make sure you get the right mortgage for your needs.
Best mortgage rates in Ottawa +
Rates updated:
Term | Rate | Type | Provider |
---|---|---|---|
5 years | 4.14% | Fixed | Canadian Lender |
4 years | 4.34% | Fixed | Desjardins |
3 years | 4.39% | Fixed | Meridian Credit Union |
7 years | 4.49% | Fixed | Desjardins |
6 years | 5.14% | Fixed | Bank of Montreal |
10 years | 5.24% | Fixed | Desjardins |
2 years | 5.49% | Fixed | Canadian Lender |
1 year | 5.99% | Fixed | Big 6 Bank |
25 years | 7.49% | Fixed | CIBC |
Ottawa at a glance
- Population: 1.05 million
- Average Home Price: $647,700 in June 2024, a -0.5% year-over-year decrease
- Average Household Income: $85,981
- Percentage of Homeowners: 66%
Fun Facts About Ottawa
- Ottawa is home to the Rideau Canal, the oldest continuously used canal system in North America. In winter, a 7.8 km section of the canal becomes Canada’s largest skating rink, called the Rideau Canal Skateway, which is about as big as 90 Olympic-sized skating rinks.
- Ottawa is famous for its many tulips, and hosts the annual Canadian Tulip Festival every May with over a million tulips on display.
Comparing the best mortgage rates in Ottawa
The tables on this page list the up-to-the-minute best rates currently available from Ottawa mortgage brokers, big banks and other mortgage providers. Having them all in one place makes it harder to miss out on a great deal.
Keep in mind that your personal rate could be different than the ones in the table above. This is because the rate you qualify for is affected by a lot of factors, including your credit score, down payment as well as the purchase price of the property and what it will be used for.
To properly understand what rates you're likely to be approved for, you'll need to source quotes that are tailored to your actual financial situation. We can help you get personalized quotes from multiple lenders in just a couple of minutes. Use the tools at the top of this page to get started.
Ottawa closing costs
If you’re buying a home in Ottawa, make sure you factor in the closing costs you’ll have to pay. While many of the costs of owning a home can be added to your mortgage and paid off over time, there are some you’ll need to pay up-front, in cash. Be sure to save enough to pay for these costs, in addition to your down payment.
- Ontario Land Transfer Tax: The Ontario government charges a land transfer tax on all property sales. This will add 0.5% - 2.0% to the purchase price.
- Sales tax on mortgage default insurance: Some mortgages require you to pay for mortgage default insurance, also called CMHC insurance. If this is the case, your premiums will be added to your mortgage. The provincial sales tax on your premiums, however, will need to be paid for up-front. Ontario currently charges 8% provincial sales tax (PST) on mortgage default insurance premiums.
- Legal fees: All property purchases require a real estate lawyer to facilitate the sale, look over the contracts, and make any required changes to the land title. Costs for these services are normally in the hundreds to low thousands of dollars.
These are just a few of the closing costs you’ll pay when buying a home in Ottawa. Learn more on our closing costs education centre page.
Note: If you’re house-hunting in both Ottawa and Gatineau, remember that land transfer taxes are different in Quebec, with a maximum rate of 1.5%.
Ottawa first-time home buyer rebates
In Ottawa, there is a first-time home buyer rebate of the provincial land transfer tax. The government will rebate up to $4,000 of your land transfer tax if you’re a first-time home buyer.
If you’re looking for a home in either Ottawa or Gatineau, it’s important to know that there are no similar rebates in Quebec. While land transfer taxes in Quebec are lower than they are in Ontario, not receiving a rebate could actually make them more expensive. Learn more about land transfer tax rebates here.
Regardless of which side of the river you buy a home, national first-time home buyer programs are still available to everyone, so make sure to check them out if you’re eligible.
Sources:
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
About Ratehub.ca
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