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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:
Toronto mortgage rates: FAQ
What are the current mortgage rates in Toronto?
As of today, August 8, 2025, the best high-ratio, 5-year fixed Toronto mortgage rate is 4.04%, while the best high-ratio, 5-year variable mortgage rate available is 3.95%.
To see the most up-to-date Toronto mortgage rates, be sure to look at our rate table above. We update all of our rate tables multiple times per day to reflect any mortgage rate changes across the different providers.
What is the lowest variable mortgage rate in Toronto?
As of August 8, 2025, the lowest high-ratio, 5-year variable Toronto mortgage rate is 3.95%, while the lowest 3-year variable mortgage rate available is 4.15%. The lowest 3-year fixed mortgage rate, meanwhile, is 3.99%.
For the most current rate information, consult our rate table above. It’s updated several times daily, whenever there are any rate updates across the different providers.
Will mortgage rates continue to go down in 2025?
After a sharp rise in borrowing costs throughout 2022 and 2023, mortgage rates began trending lower between June 2024 and March 2025, as the Bank of Canada implemented seven rate cuts, lowering its overnight lending rate to 2.75%. In its most recent announcement on July 30, 2025, the Bank has held that rate steady for three consecutive meetings, citing persistent inflation pressures and ongoing uncertainty tied to U.S. tariffs. With the prime rate remaining at 4.95%, variable mortgage rates are expected to stay stable in the short term. The lowest five-year variable rate currently sits around 3.95%.
Fixed mortgage rates, which are influenced by bond yields, have been volatile After dipping earlier in the year, the five-year Government of Canada bond yield has climbed back above 3%, prompting lenders to raise rates. The lowest five-year fixed insured mortgage rate now stands at 3.89%.
While further declines in mortgage rates are possible, the outlook remains uncertain. The direction of rates will continue to depend on how inflation, trade policy, and bond market conditions evolve in the coming months.
Not sure where to start? Check out our tools to get started
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.
Getting the best mortgage rates in Toronto

Jamie David, Sr. Director of Marketing and 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 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 +
Rates updated:
Term | Rate | Type | Provider |
---|---|---|---|
3 years | 3.99% | Fixed | Meridian Credit Union |
5 years | 4.04% | Fixed | Canadian Lender |
2 years | 4.29% | Fixed | Canadian Lender |
4 years | 4.29% | Fixed | Canadian Lender |
1 year | 4.79% | Fixed | Canadian Lender |
7 years | 4.84% | Fixed | Desjardins |
6 years | 5.14% | Fixed | Bank of Montreal |
10 years | 5.34% | Fixed | First National |
25 years | 7.49% | Fixed | CIBC |
Toronto at a glance
- Population: 2.79 million - the largest city in Canada and the fourth largest city in North America
- Average Home Price: $1,051,719 (August 2025 report)
- Average Household Income: $65,829
- Percentage of Homeowners: 53%
Fun Facts About TorontoÂ
- 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.
August 2025 Toronto market update
Home sales in the Greater Toronto Area saw a notable boost in July 2025, as improved affordability drew more buyers back into the market. According to the Toronto Regional Real Estate Board (TRREB), 6,100 homes were sold, marking a 10.9% increase from July 2024 and the strongest July result since 2021. New listings also rose by 5.7% year-over-year, though sales increased at a faster pace, suggesting a modest tightening in market conditions. Seasonally adjusted figures show a 13% month-over-month increase in sales, further reinforcing the market’s upward trend.
Despite the stronger activity, home prices continued to trend lower than last year. The average selling price fell 5.5% annually to $1,051,719, while the MLS® Home Price Index Benchmark dropped 5.4%. However, both measures remained stable on a monthly basis, pointing to a potential bottoming-out in price declines. Detached and semi-detached homes saw the largest year-over-year sales growth, while the 905 region outpaced the City of Toronto in both sales volume and new listings.
TRREB leaders remain cautiously optimistic, citing improved affordability and easing borrowing costs as key factors driving renewed buyer interest. However, they stressed that additional interest rate cuts will be needed to support a more sustained recovery. The Bank of Canada has held its overnight rate at 2.75% since March, keeping variable mortgage rates steady for now. At the same time, fixed mortgage rates remain elevated due to high Government of Canada bond yields, which continue to reflect persistent inflation concerns. Buyers and those nearing renewal can consider a rate hold or mortgage pre-approval to safeguard against potential rate increases heading into the fall.
Also read: GTA home sales reach four-year July high
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.
Sources:
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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