Current Mortgage Rates in Toronto

Browse our aggregated Toronto mortgage rates to find the lowest rates possible. Click “See all” to compare.

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Current Toronto Mortgage Rate News

Best Toronto Mortgage Rates

With mortgage rates in Toronto at record lows, now is the perfect time to buy a home in Toronto. Recent predictions from economists and analysts suggest that the Bank of Canada will raise interest rates mid-2014. Toronto mortgage rates will likely rise, as a result.

Toronto Information

Toronto, Canada’s largest city, has a population of over 2.6 million people and is the fifth most populous city in North America. The Greater Toronto Area (GTA) supports more than 6 million citizens. Toronto is regarded as one of the most diverse cities in the world, with half its population born outside of Canada. The Cities of Opportunity report by PricewaterhouseCoopers ranked Toronto as the second-best city for business, life and innovation. [1] According to Statistics Canada, the median total income in Toronto is $66,790. The Toronto Disctrict School Board (TDSB) is the largest board in Canada with nearly 600 schools and over 250,000 students. Some of the best schools in Toronto include Deer Park Junior and Senior Public School and Hillmount Public School.

The Toronto Housing Market

The heated Toronto real estate market has been the subject of much debate, as some industry insiders feel that Toronto housing prices are due for a correction while others feel the market will continue to plug away. Thus far, sales and home prices in 2012 have exceeded their 2011 levels (year-over-year). This is a notable trend because in 2011 Toronto had the second best year of sales on record. Roughly 5.3% of homes sold in Toronto in 2011 were above the million dollar mark, setting a new record. We’ve seen the mortgage rates in Toronto reach record low levels over the past few months; which has been a major contributor to the city’s housing boom.

Toronto is a hotbed for condos. There are currently more condos in Toronto under development than anywhere else in North America, including New York City. Housing starts have already started to moderate, but vacancy rates in the city should continue to remain low (under 2%). The number of Toronto townhouses for sale have also increased as home developers focus on building communities with higher density.

Toronto Mortgage Brokers

Locating a mortgage broker in Toronto who understands the local housing and mortgage market can be beneficial if you’re looking to purchase a property in the GTA. They can handle the rate negotiations for you to ensure you receive the lowest mortgage rates in Toronto.

Toronto Home Inspectors

It's a good idea to find a home inspector in Toronto before you even make an offer on a home. Since it's not uncommon to see bidding wars in Toronto, having a home inspector's name and phone number ready means you can remove your successful home inspection condition that much sooner.

Toronto Real Estate Lawyers

Buying a home is not only a large financial transaction, there are a lot of legalities involved. A Toronto real estate lawyer will review all of your documents, do a search on the title of your home, register the title in your name and make sure all of your Toronto closing costs are paid.