Best Mortgage Rates Ontario

Compare current Ontario mortgage rates from major banks, mortgage brokers and lenders, and start saving today!

Find the Best Ontario Mortgage Rates

Are you looking to save money on your mortgage in Ontario? can help! Searching for the cheapest mortgage rates in Ontario doesn’t have to be time consuming. makes it easy to find, compare and save on the best mortgage rates in Ontario. Our rates are available for a new purchase, refinancing, pre-approval, debt consolidation and renewals. Mortgage rates are available to residents of Toronto, Ottawa, London, Windsor, Kitchener, Mississauga and those living in all other parts of Ontario. service is free and we're not affiliated with a particular lender or mortgage broker, which keeps our rates objective and unbiased.

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What you need to know about Ontario mortgages

What you need to know about Ontario mortgages

Ontario’s new tagline is “A Place to Grow,” which is also what’s expected for our province’s population. The Ontario Ministry of Finance projects the population of Ontario will increase some 30.2 percent over the next two decades, bringing our total population to 18.5 million by July 1, 2041.

There are so many incredible things about this province from our lush natural resources to our growing cities, so this boom might not come as a surprise to you. If you’re one of the lucky ones who already calls Ontario home and you’re looking to purchase property within this beautiful province, mortgage rates are likely on your mind.

Compare mortgage rates to find today’s best rates.

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Where to Buy a Home in Ontario

Where to Buy a Home in Ontario

Finding the best mortgage rate for you has a lot to do with determining what you can afford to spend and where you can afford to live. According to the Canadian Real Estate Association (CREA), these were the average home prices in select areas in March 2019:

  • Barrie and District: $460,600
  • Brantford: $439,333
  • Cambridge: $498,300
  • Durham Region: $594,537
  • Greater Toronto: $779,100
  • Guelph: $537,700
  • Hamilton-Burlington: $591,300
  • Kingston: $387,166
  • Kitchener-Waterloo: $503,942
  • Niagara Region: $400,500
  • Oakville-Milton: $974,100
  • Ottawa: $405,500
  • Sudbury: $262,903
  • Windsor-Essex: $328,875

You probably already know where you’d like to live, so use these averages to help you calculate your mortgage and compare rates.

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Frequently Asked Questions About Mortgage Rates Ontario

Your most-asked questions about mortgages and how to find the cheapest mortgage rates in Ontario.

What is a mortgage?

An Ontario mortgage is a loan secured against your property. What that means is that the lender will extend you money against the value of your property. If for whatever reason you end up defaulting on your loan, the lender could take possession of your property. Given the high property prices throughout many parts of Ontario, most people need a mortgage in order to afford to buy a home.

According to the Ontario Real Estate Association, the average home in Ontario cost $594,297 in March 2019. Of course, home prices can vary greatly depending on where in the province you reside. If you’re looking for a place in Toronto where the housing market remains hot, you’re looking at an average fo $804,926, according to the MLS home price index released in May 2019. Condos hover around $588,168 on average, while a detached home averaged over $1 million.

What types of mortgages are there in Ontario?

A mortgage can be either open or closed. Open mortgages are loans that can be paid off at any time with no penalties. Open mortgages tend to have higher rates. Closed mortgages on the other hand have pre-payment restriction privileges. This means that if a borrower wants to pay off a closed mortgage ahead of its renewal date, they would face a pre-payment penalty. However, closed mortgages do have some flexibility as many often have certain pre-payment limits.

A mortgage can also either have a fixed rate or a variable rate. A fixed rate mortgage is a mortgage loan that has a set interest rate for the duration of the term. A variable rate mortgage, which generally only comes in 3-year or 5-year terms, is a mortgage loan that has a rate that can fluctuate with the lender's prime lending rate throughout the term. That means that the rate can decrease if the prime lending rate drops and increase if the prime lending rate rises. Variable interest rate mortgages tend to have lower interest rates compared to fixed rate mortgages to compensate the borrower for the risk of being exposed to changes in interest rates.

What is the difference between Mortgage Term and Mortgage Amortization in Ontario?

Every Ontario mortgage contract has the “term” as well as the “amortization period” defined. The term is the period of time over which the mortgage conditions are in effect. At the end of the term, you can renew your mortgage, pay it off, or switch lenders. A 5-year term is the most common, however, it can be as low as 6 months and as high as 25 years.

The amortization period is the period of time over which the mortgage may be paid off. The maximum amortization period in Ontario is 35 years for a conventional mortgage and 25 years for a high ratio mortgage.

Who sells mortgages in Ontario?

Mortgages in Ontario are sold by both lenders as well as mortgage brokers. Lenders (like banks, trust companies, and credit unions) sell their own mortgage products directly to the consumer. Mortgage brokers are licenced individuals that sell mortgages on behalf of lenders. Brokers offer their services free of charge to the consumer and have access to many types of mortgages from a variety of lenders.

All the rates advertised on come from banks and brokers directly. All rates have a rate guarantee which generally ranges from 30 days up to and including 120 days. This means that the lender will guarantee the borrower the rate for the specified time period upon approval regardless of whether interest rates change. If rates increase during the period, you can take advantage of your lower guaranteed rate. If rates decrease, you can move forward with the new lower rate.

What does the housing market in Ontario look like right now?

Home prices in Eastern Ontario are expected to continue rising in line with their firmer market balances. Prices are also expected to rise in Ontario’s Greater Golden Horseshoe where homes remain in short supply.

  • Housing Market Stats Price Map of Ontario: $594,297
  • Ontario’s real Gross Domestic Product (GDP) advanced by 2.2% in 2018, outpacing Canadian growth of 1.8%.
  • Housing Starts (2018): to range from 193,700 to 204,500
  • MLS Average sale price (2018): $501,400 to $521,600
  • Population (2019) : 14,446,515 (38.6% of Canada)
  • Regional population distribution (2017): GTA 48.3%, Central 21.4%, Eastern 13%, Southwestern 11.6%, Northeastern 3.9%, Northwestern 1.7%
  • Foreign born population: 29.1%
  • Visible minorities: 13,242,160
  • Age distribution: Under 25 29%, 25-44 26.7%, 45-64 27.4%, 65 and over 17%
  • Median Age: 40.6
  • Education: 31.5% aged 25 to 64 had a university degree (highest proportion in Canada)
  • Marital Status: 11,240,525 (aged 15 and over)

Sources: Canadian real Estate Association (CREA) Q4 forecast, CREA Housing Market Stats, Ministry of Finance Q4 2018 Ontario Demographic, 2016 Census Ontario Economic Accounts, CMHC Q4 2013 report

What's the difference between High Ratio Mortgages and Conventional Mortgages in Ontario?

A high ratio mortgage is one where the home purchaser has less than a 20 percent down payment. For a high ratio mortgage, the homeowner would be required to pay a CMHC insurance premium which protects the lender in case of the homebuyer's default on the mortgage. The CMHC premium does not have to be paid up front and can be added to the total mortgage amount. It is applied as a percentage to the total mortgage amount and varies for down payments 5-9.99%, 10-14.99 and 15-19.99%.

No CMHC premium has to be paid on a conventional mortgage, where the home purchaser has at least a 20% down payment.

How can I calculate how much my Ontario mortgage payments would be?

Our Ontario Mortgage Payment Calculator will help you figure out how much you would need to borrow to purchase a particular property. It only takes a couple minutes to use our free and easy calculator before you shop for the best mortgage rates on the market for your needs. You can modify the mortgage amount, mortgage term and type, amortization, and payment type to see how your mortgage options and payment amount are impacted.

You can also use our Ontario Mortgage Payment Calculator to figure out how much you would need to borrow to purchase a particular property.

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