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Best Toronto mortgage rates

The rate table shows 5-year fixed mortgage rates in Toronto. To compare other rate types and terms, click on the filters icon beside the down payment percentage.

As of:


Canadian Lender


Big 6 Bank





A Ratehub Company


RBC Royal Bank


Meridian Credit Union


Toronto mortgage rates: FAQ

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What is the lowest variable mortgage rate in Toronto?

Will mortgage rates go down in 2024?

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Getting the best mortgage rates in Toronto

Toronto is Canada’s most populous city, which has made it one of the hottest real estate markets in the country. Buying a home in Toronto is also made more complex by the additional municipal regulations in place in the city.

These extra rules and fees are part and parcel of buying a home in Toronto. However, you can make life easier on yourself by getting a great deal on your next mortgage. Here's what you need to know to get the right mortgage for you. 

Best mortgage rates in Toronto +

Toronto at a glance

  • Population: 2.79 million - the largest city in Canada and the fourth largest city in North America
  • Average Home Price: $1,195,409 in May of 2024
  • Average Household Income: $65,829
  • Percentage of Homeowners: 53%

Fun Facts About Toronto 

  • Toronto is ranked as the safest major city in North America and the 6th safest city in the world.
  • Toronto is home to the Royal Ontario Museum, which is Canada’s largest and most visited museum, as well as the Art Gallery of Ontario, which is Canada’s largest and most visited art gallery.

June 2024 Toronto market update

On June 5, 2024, the Toronto Regional Real Estate Board (TRREB) published the latest Greater Toronto Area (GTA) housing market figures for the month of May 2024. The most recent data reveals that sales slipped on an annual basis for the third month in a row, with the 7,013 residential properties sold in the Toronto area in May 2024 marking a significant annual decrease of -22.5%. This was also very slightly below April’s total of 7,114 homes sold.

Continuing a trend observed since the start of 2024, the number of newly listed homes rose substantially, from 16,941 in April to 18,612 in May, representing a hefty annual increase of 21%. As such, buying conditions have continued to ease in the GTA, with the sales-to-new-listings ratio (SNLR) coming in at 37.7%, putting Toronto firmly in buyers’ market territory. According to the Canadian Real Estate Association (CREA), a ratio within 45 - 65% is a balanced market, with above and below that threshold indicating sellers’ and buyers’ markets, respectively.

This large influx of new supply, coupled with sluggish demand, stifled price growth in the GTA market. The average home price in Toronto in May 2024 came in at $1,195,409, down by -.2.5% year over year, but still higher than April’s figure of $1,156,167.

Read more: Toronto home sales fall 22% in May as buyers await rate cuts

Toronto housing market forecast

According to TRREB’s 2023 Market Outlook and 2022 Year in Review Report, Greater Toronto Area home sales will continue to slow throughout 2023, though buyer demand is expected to pick back up in the second half of the year, which will put more pressure on market balance and may drive home prices higher.

Polling conducted by TRREB suggests prospective home buyer intentions are increasing, especially if fixed mortgage rates continue to trend lower, with 28% of respondents indicating they will consider purchasing a home in 2023. 

The regional real estate board forecasts a total of 70,000 home sales in 2023, which will be -6.7% lower than 2022 transactions, and would prove to be the softest year for demand, compared to the last six years of data.

The average home price is forecast to be $1,140,000, marking a year-over-year decline of -4.1%. However, it should be noted that this price remains quite elevated from a longer-term perspective and well above pre-pandemic price levels, coming in 39% higher than the 2019 average price of $819,153.

Comparing the best mortgage rates in Toronto

The comparison tables above list the best rates in Toronto, 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 Toronto lenders in under two minutes.

Toronto closing costs

When applying for a new mortgage in Toronto, it’s important to be aware of the closing costs associated with all property purchases. Most of these costs will need to be paid up front, so you’ll need to save the cash to pay for them (in addition to your down payment).

  • Ontario Land Transfer Tax: Provincial land transfer taxes are collected by the Ontario government, and are between 0.5% - 2.0% of the purchase price.
  • Toronto Land Transfer Tax: Unlike most cities, the City of Toronto charges its own land transfer tax on top of the provincial tax. This adds an additional 0.5 - 2.0%, depending on the purchase price.
  • Mortgage Default Insurance and PST: 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. However, provincial sales tax (PST) on your premiums must be paid upfront. Ontario currently charges 8% PST on mortgage default insurance premiums.

These are just some of the closing costs you’ll have to pay in Toronto. Learn more on our closing costs education centre page.

Vacant Home Tax (VHT)

As of January 1, 2023, the City of Toronto’s Vacant Home Tax (VHT) regulation became payable. The VHT is a tax that applies to all residential properties that are vacant for at least six months during a calendar year. All Toronto homeowners must now self-declare their home’s occupancy status on an annual basis, whether or not they reside in that home.

The VHT is 1% of your home’s Current Value Assessment, which is provided by the Municipal Property Assessment Corporation (MPAC). For example, if your property is valued at $1,000,000, your VHT bill would come to $10,000: (1% x $1,000,000).

The Vacant Home Tax strictly applies to homes that are unoccupied. The VHT does not apply if your property is your principal residence, if it is occupied by a tenant with a minimum 30-day lease or if you have approved another individual, such as a family member, to occupy it. 

You can find more detailed information on Toronto’s Vacant Home Tax and who is impacted by it on the Ratehub Blog


Toronto first-time home buyer rebates

In an effort to make it easier for first-time home buyers to buy property in Toronto, there are first-time home buyer rebates of land transfer taxes at both the provincial and municipal levels.

  • The Ontario government will rebate up to $4,000 of provincial land transfer tax for first-time home buyers.
  • The City of Toronto will rebate up to $4,475 of the Toronto land transfer tax for first-time home buyers.

You can learn more about land transfer tax rebates here. If you’ve never bought a home before, you should also check out the other first-time home buyers' programs in Canada.


  2. CREA
  3. Statistics Canada
  4. Fun World Facts

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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