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Ontario Mortgages

Ontario Rates

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Term Lowest Fixed Rate Lowest Variable Rate
1-Year 2.49%
3-Year 2.19% 2.45%
5-Year 2.14% 1.85%
10-Year 3.09%
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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

Condo or house? A guide for first-time homebuyers

May 31, 2020

Should your first home be a condo or house? There are pros and cons to both. Here's everything first-time home buyers need to know. Continue reading →

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Will my insurance cover an Airbnb sublet?

May 31, 2020

I’m an Airbnb host but I don’t own my home. When I tell people I Airbnb sublet my apartment out for days, weekends and occasionally weeks at a time, they inevitably ask, “aren’t you afraid something is going to happen?”

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