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Toronto mortgage rates
Rates updated:
Rate | Term | Type | Provider | |
---|---|---|---|---|
Featured3.98% | 1 year | Fixed | Canadian Lender | |
Featured4.14% | 5 year | Fixed | Canadian Lender | |
Featured4.38% | 2 year | Fixed | Canadian Lender | |
Featured4.39% | 3 year | Fixed | Canadian Lender | |
Featured4.54% | 4 year | Fixed | Canadian Lender | |
Featured4.59% | 6 year | Fixed | Duca | |
Featured4.79% | 7 year | Fixed | Duca | |
Featured5.23% | 10 year | Fixed | Canadian Lender | |
8 year | Fixed | Laurentian Bank | ||
9 year | Fixed | Laurentian Bank | ||
25 year | Fixed | RBC Royal Bank |
Best 5-year variable rates in Toronto
Rates updated:
Rate | Term | Type | Provider | |
---|---|---|---|---|
Featured2.50% | 5 year | Variable | Canadian Lender | |
Featured2.50% | 5 year | Variable | CanWise | |
Featured2.70% | 5 year | Variable | Alterna Savings | |
Featured2.70% | 5 year | Variable | Meridian Credit Union | |
Featured2.80% | 5 year | Variable | Equitable Bank | |
Featured3.00% | 5 year | Variable | MCAP | |
Featured3.00% | 5 year | Variable | First National | |
Featured3.00% | 5 year | Variable | CMLS Financial | |
Featured3.15% | 5 year | Variable | Big 6 Bank | |
Featured3.20% | 5 year | Variable | Bank of Montreal | |
Featured3.24% | 5 year | Variable | CIBC | |
Featured3.25% | 5 year | Variable | TD Bank | |
Featured3.30% | 5 year | Variable | Desjardins | |
Featured3.35% | 5 year | Variable | motusbank | |
Featured3.40% | 5 year | Variable | Scotiabank | |
Featured3.70% | 5 year | Variable | Duca | |
5 year | Variable | HSBC | ||
5 year | Variable | National Bank | ||
5 year | Variable | RBC Royal Bank | ||
5 year | Variable | Tangerine | ||
5 year | Variable | Laurentian Bank | ||
5 year | Variable | Simplii Financial ™ |
Best big bank rates in Toronto
Rates updated:
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Getting the best mortgage rates in Toronto

Jamie David, Director of Marketing & Mortgages
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 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 a better deal.
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 Detached Home Price: $1,565,000 in Q1 of 2022, a 27.2% year-over-year increase
- 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.
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.
Toronto first-time homebuyer rebates
In an effort to make it easier for first-time homebuyers to buy property in Toronto, there are first-time homebuyer 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 homebuyers.
- The City of Toronto will rebate up to $4,475 of the Toronto land transfer tax for first-time homebuyers.
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 homebuyers' programs in Canada.
Sources:
Author bio
Jamie David
Jamie David is the Business Director of Mortgages at Ratehub.ca. A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to Ratehub.ca where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.
read linkedin bioAbout Ratehub.ca
Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.
When it comes to mortgages, Ratehub.ca is more than just the place to research and compare the best rates. Get your mortgage at Ratehub.ca and have the best of both worlds – online rates and award-winning customer service.
Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada, from online search to close.
How does Ratehub.ca make money?
Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.
How are CanWise Financial and Ratehub.ca connected?
We own and operate a mortgage brokerage, Ratehub.ca (formerly known as CanWise Financial), and are compensated for mortgages funded through our brokerage. Ratehub Inc. o/a Ratehub.ca & CanWise is a licensed mortgage brokerage and CMHC-approved lender. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders, including CanWise. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us. Both Ratehub.ca and CanWise are owned and operated by Ratehub Inc.
We’re proud of our Ratehub.ca mortgage brokerage, which offers our users great rates, trusted advice and an award-winning team of mortgage experts. Read any of our 6,700 five-star Google and Facebook reviews and you’ll see what we mean.