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Ontario Mortgages

Ontario Rates

We shop the most competitive brokers, lenders and banks in Canada to bring you today's lowest interest rates, free of charge! Our Canadian comparison charts list current rates, and are updated on a daily basis.

Term Lowest Fixed Rate Lowest Variable Rate
1-Year 2.49%
3-Year 2.49% 2.89%
5-Year 2.37% 2.65%
10-Year 2.99%
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Land transfer tax is charged on the purchase price of a home in Ontario at the rates listed below. First-time homebuyers purchasing a home under $227,500 will receive a full refund of their tax. For homes over $227,500, the maximum rebate of $2,000 will be refunded. Land transfer tax is one closing cost in Ontario that you need to pay when purchasing a home. Other closing costs include fees for an Ontario home inspector and Ontario real estate lawyer.

Purchase Price of Home Marginal Tax Rate
First $55,000 0.5%
On $55,001 to $250,000 1.0%
On $250,001 to $400,000 1.5%
Over $400,000 2.0%

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Mortgage default insurance or CMHC insurance is required in Canada for down payments of less than 20%.


Down payment (% of home)
5%-9.99% 10%-14.99% 15-19.99% 20% or higher
CMHC insurance premium 2.75% 2.00% 1.75% 0.00%

Additional criteria as of July 9th, 2012:

  • The maximum amortization available on an insured mortgage (less than 20% down) is 25 years.
  • Homes sold for more than $1,000,000 do not qualify for CMHC insurance and, therefore, require a down payment of at least 20%.

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Ontario First Time Home Buyer Freebies

  • First time home buyer Tax Credit

    Get $750 dollars back on your personal tax return.

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  • Land transfer tax rebates

    Save up to $2,000 at
    time of closing.

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  • RRSP Home buyers Plan

    Access up to $25,000 from
    your RRSP tax-free.

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Ontario Blog Articles

How Subscriptions Have Replaced One-Off Purchases 

September 18, 2019

Even if you’re a casual consumer who doesn’t pay attention to trends, you’ll likely notice a bump in your recurring payments. It’s not just Netflix and gym memberships that are getting charged to your credit card monthly. Groceries, health and … Continue reading →

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How to Stick to a Budget in 6 Simple Steps

September 17, 2019

Keep track of your spending – it’s one of the cardinal rules of good personal finance and advice you’ve probably heard before. After all, how else are you going to stick to a budget and save for the future when … Continue reading →

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