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|
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|
|On $55,001 to $250,000||1.0%|
|On $250,001 to $400,000||1.5%|
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%.
Ontario Mortgage BrokersSee all Ontario Mortgage agents
Ontario Mortgage Calculators
Manage your monthly mortgage payments.Start Now
How Much Can
What is the maximum mortgage you can afford?Start Now
Ontario First Time Home Buyer Freebies
Ontario Blog Articles
This article is sponsored by Duuo As a property manager, you want to create the best living space possible for your tenants. That includes a clean and well-maintained building, regular fire inspections, and meeting or exceeding safety standards. For tenants, … Continue reading →Read More
It’s no secret that many Canadians have been through tremendous financial, emotional, and in some cases, physical stress due to COVID-19. Many have lost their jobs, while for others working from home has become part of their new normal. While … Continue reading →Read More