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.
What is the mortgage rate in Ottawa today?
As of today, December 9, 2023, the best fixed Ottawa mortgage rate is 5.04% and the best variable Ottawa mortgage rate is 5.95%.
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.
What will Ottawa mortgage rates be in 2023?
Variable mortgage rates in Ottawa and across the country rose sharply over the course of 2022 and into early 2023 in response to the Bank of Canada repeatedly raising the target for the overnight rate. These successive rate hikes caused lenders’ Prime rates to increase as well, which had an immediate effect on variable mortgage rates and HELOC rates.
After holding rates steady for much of the first half of 2023, the Bank of Canada raised the target for the overnight rate by 0.25% twice in a row in June and July, taking it to 5%. Variable mortgage rates rose almost immediately in response. At its last announcement on December 6, the Bank held the overnight rate at 5% for the third straight time, citing weak Q3 GDP numbers, a reduction in consumer spending and October's lower-than-anticipated CPI figure as the main drivers of its decision. Nonetheless, the Bank also noted that inflation remains stubbornly above its goal rate of 2%, and did not rule out a further rate hike to achieve this objective. Given that this was the last announcement of the year, we can expect that variable mortgage rates will remain stable at least through the end of 2023 and into 2024. Moreover, despite the Bank’s warning, it appears that inflation and other economic indicators are trending in the right direction, making another rate hike unlikely. Rather, most expert observers are predicting that the Bank will cut rates in the latter half of 2024 or in 2025, and when it does so, variable mortgage rates will finally start to come down.
Fixed mortgage rates have been extremely unpredictable throughout 2023, as they are not directly tied to the Bank of Canada's target for the overnight rate, but rather to the bond market. After bond yields steadily climbed throughout most of 2022 and into 2023, instability in the international banking sector sent them tumbling in March before finally stabilizing, though at rates lower than where they were a year ago. This allowed lenders to discount fixed mortgage rates for a few weeks. Worries relating to entrenched inflation and other economic factors pushed bond yields upwards and kept them high throughout the summer. September’s strong jobs report along with fears connected to entrenched inflation and “higher for longer” interest rates caused bond yields to climb past the 4.4% mark (a level not witnessed since 2007), which in turn forced lenders to increase their fixed mortgage rates in the second half of October. However, the Bank of Canada’s October 25 rate hold decision combined with that of the US Fed on November 1 triggered bond yields to start descending, which in turn allowed lenders to start decreasing their fixed mortgage rates. Declining inflation and the Bank of Canada’s December 6 rate hold have pushed bond yields down to the 3.3% range – their lowest level since May – allowing for fixed mortgage rates to fall even further. Should bond yields remain where they are or dip even lower, there will be further downward pressure on fixed mortgage rates.
What bank offers the best mortgage rates in Ottawa?
The Big 5 Bank offering the best 5-year fixed mortgage rate in Ottawa is TD with 5.53%, and the Big 5 Bank offering the best 5-year variable rate in Ottawa is CIBC with 6.7%.
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.
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.
Best fixed rate in Canadasee my rates
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 +
|5 years||5.04%||Fixed||Canadian Lender|
|4 years||5.39%||Fixed||Canadian Lender|
|7 years||5.84%||Fixed||Big 6 Bank|
|2 years||6.14%||Fixed||Big 6 Bank|
|10 years||6.24%||Fixed||Canadian Lender|
|6 years||6.34%||Fixed||Bank of Montreal|
|1 year||6.44%||Fixed||Big 6 Bank|
|25 years||12.00%||Fixed||RBC Royal Bank|
Ottawa at a glance
- Population: 1.05 million
- Average Home Price: $638,600 in October 2023, a 1.8% year-over-year increase
- 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.
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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