Find the best mortgage rate in Toronto

You can save a significant amount of money by comparing interest rates in Toronto because shopping around is the best way to get a lower rate. Getting a mortgage is going to be one of the biggest financial commitments you'll ever make, especially if you're buying in Toronto, so even a slightly smaller rate could save you thousands of dollars. 

Here's an example of how much you could save. A $600,000 mortgage with a 25-year amortization and a 2.50% rate will cost you $2,150 per month. With a 3.0% rate, you'll pay $2,272 each month. That's a saving of $122 per month, a saving of over $7,000 over a 5-year term.

You can use our mortgage payment calculator to run your own numbers

Toronto mortgage rates can be different from mortgage rates in other Canadian cities, but the city itself would be a very small factor. Mortgage rates change based on many factors, including the economy, the politics of the day, the Bank of Canada rate, and more. Further, your personal rate will be influenced by a range of factors like your income, employment, and down payment. The impact being in Toronto vs anywhere else in Canada is likely to have a much smaller effect.

The difference between variable and fixed rates is in whether they change over time. Fixed rates are set for the entire length of your mortgage term, which is usually between 1 and 10 years. A variable rate, on the other hand, changes over time alongside your lender's prime rate. Fixed rates are more stable and make budgeting easier, but variable rates can save you money if rates drop during your mortgage term.

No single bank always has the best mortgage rate, in Toronto or elsewhere in Canada. Mortgage providers and banks change their mortgage rates regularly based on the market, the Bank of Canada interest rate, or due to a marketing or advertising campaign. The best thing you can do is compare mortgage rates from multiple banks in order to find the one offering the best mortgage rates to you at this moment in time. 

While comparing mortgage rates used to involve calling around to individual mortgage providers, Ratehub.ca has made the process quick and pain-free. Using the tools at the top of this page, you can receive mortgage personalized mortgage rates from multiple banks in a matter of minutes. This is all at no cost to you. 

A mortgage broker can connect you with mortgage products from a range of lenders, both big and small. As well as being connected with multiple lenders, brokers often have access to rates and deals that aren’t available to the public. Generally, getting a mortgage through a broker will help you secure a lower mortgage rate than going directly to your current bank. Mortgage brokers are free for you to use, so there’s no risk in approaching one for a chat.