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See the Current Ajax Mortgage Rates

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Today's top rates in:

5-Year Variable
5.89%
5-Year Fixed
4.79%
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The Best Ajax Mortgage Rates

Evaluate all of Ajax, Ontario's best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms.

Rates are based on a home value of $400,000

Insured 80% LTV 65% LTV Uninsured Bank Rate
1-year fixed rate 4.99% 5.99% 5.99% 6.69%
6.79%
2-year fixed rate 5.67% 5.39% 5.39% 6.04%
6.39%
3-year fixed rate 4.84% 5.04% 5.04% 4.94%
5.55%
4-year fixed rate 5.09% 5.14% 5.14% 5.09%
5.29%
5-year fixed rate 4.84% 4.89% 4.89% 4.94%
4.84%
7-year fixed rate 5.60% 5.70% 5.70% 5.65%
5.90%
10-year fixed rate 6.00% 6.09% 6.09% 6.05%
7.25%
3-year variable rate 6.10% 7.00% 7.00% N/A
8.60%
5-year variable rate 5.99% 6.25% 6.25% 6.25%
6.59%
HELOC rate 7.70% 7.40% 7.40% 7.40% N/A
Stress test 6.74% 6.79% 6.79% 5.25% N/A

Compare mortgage rates from Ajax lenders

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Written By Shivani Kaul

Content Manager

Updated

Ajax, Ontario's housing market

According to the Durham Region Association of Realtors Housing Report, the average selling price of a house in Ajax was $1,063,888 in May 2023. The average selling price of a detached home was $1,155,736, while a demi-detached sold for 1,012,355 on average. The average price of a townhouse was $775,938.

Last year, the average selling price of a house in Ajax in May was $1,099,882. On average, a detached home in Ajax sold for $1,252,101 while a semi-detached sold for $964,545 and the average selling price of a townhouse was $785,516.

With a population of 126,000 (as per Statistics Canada’s 2021 Census of Population), Ajax is relatively close to Toronto and easily accessible via major highways and public transportation. It is a part of the eastern suburbs of Toronto and part of the GTA or Greater Toronto Area, approximately 25 kilometers east of downtown Toronto.

The Durham Region is a lucrative destination for homebuyers with the projected population expected to reach 130,000 by 2051, according to the 2022 Economic Development and Tourism Annual Report for Durham Region.

While the MLS® Home Price Index (HPI) composite benchmark price witnessed a 10.51% decline, settling at $981,100 for the region, it is important to note that this decrease was observed across all markets in Durham Region on a year-over-year basis. Due to the Bank of Canada’s several overnight rate hikes affecting mortgage rates across the country, this decline is common in all markets year-over-year.

First-Time Home Buyer Incentive

First-time home buyers in Canada can avail the Government’s First-Time Home Buyer Incentive, making it easier for people who are buying their very first home in Canada to lower their monthly mortgage payments.

This program is on a shared equity basis and works by getting an extra 5% or 10% of the down payment of your home and then repaying the government either 5% or 10% of the property’s market value at the time of repayment, up to a maximum repayment amount equal to: 

  • In the case of appreciation, the Incentive amount plus a maximum gain to the Government of 8% per annum (not compounded) on the Incentive amount from the date of advance to the time of repayment; or
  • In the case of a depreciation, the Incentive amount minus a maximum loss to the Government of 8% per annum (not compounded) on the Incentive amount from the date of advance to the time of repayment.

You’re considered a first-time homebuyer if:

  • you have never purchased a home before in Canada
  • you did not occupy a home that you or your current spouse or common-law partner owned in the last 4 years (the 4-year period begins on January 1 of the fourth year before the Incentive is funded and ends 31 days before the date the Incentive is funded)
  • you have recently experienced the breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements).

Tips for first-time home buyers in Ajax, Ontario

Buying your first ever home in Canada can be daunting because of all the paperwork and important steps you need to take to achieve that goal. As a first-time home buyer you must be aware of the incentives available to you so that you put your hard-earned money in the right place.

Here are a few tips for ensuring your first-time home buying experience is seamless:

  1. Evaluate your costs from start to finish: Research and understand the various expenses you’ll have to incur around buying your first home. Assess your finances like your income and expenditures and determine how much money you will need for a downpayment as well as closing costs, besides the mortgage payments and taxes you’ll have to pay. Use RATESDOTCA’s online mortgage affordability calculator to determine how much mortgage you can actually take based on your income and expenditure.
  2. Get mortgage pre-approval: Before you start your house search, it is advisable to get pre-approved for a mortgage. A financial lender will evaluate your money situation and determine the maximum loan amount they're willing to lend you. Pre-approval gives you a clear idea of your budget and helps streamline the buying process. Reach out to a mortgage broker or financial agent to help you reach out to mortgage lenders.
  3. Research government’s first-time home buyer incentive: The First-Time Home Buyer Incentive by the Government of Canada is a great way to help you save while buying your first home in the country. Research the incentives available to you and avail the discounts that you can. An extra dollar saved hurt no one.
  4. Learn about the Ajax market: Familiarize yourself with the Ajax and Durham Region real estate market. Research recent housing trends, average prices, and neighborhoods that align with your preferences. Consider factors such as proximity to amenities, schools, transportation, and future development plans.
  5. Prioritize your needs and wants: We all have an ideal list of things we want to see in our dream home. Make a list of your must-have features in a home, such as the number of bedrooms, bathrooms, or a specific location. Differentiate between essential elements and desirable amenities. This will help you narrow down your search and focus on properties that meet your criteria.
  6. Plan for the long term: Consider your long-term goals and how the chosen property aligns with them. Are you planning to start a family, or do you expect changes in your lifestyle or career? Assess the property's potential for growth and its suitability for your future needs.

Frequently asked questions about mortgages in Ajax, Ontario

Have more questions about Ajax mortgage rates? Find the answers here...

How can I save by comparing the current Ajax mortgage rates?

There is stiff competition between financial institutions to offer the best mortgage rates. However, these rates are based on the overnight rate set by the Bank of Canada.

Depending on your financial situation, the lender will determine your mortgage rate. No two lenders will offer the same rate. The best way to evaluate your financial situation and negotiate the best rate for you is to use a rate aggregator like RATESDOTCA. We help you compare rates by 50+ providers all in one click. You could possibly save hundreds of dollars by simply comparing the quotes.

Why should I compare Ajax mortgage rates with RATESDOTCA?

There are 50+ financial institutions partnering with RATESDOTCA to give you a seamlesss service of providing multiple quotes at just a click. You can compare mortgage rates from Ajax mortgage providers and others from across the country. You’ll see side-by-side comparisons from financial institutions such as TD Bank, National Bank, RBC, Scotiabank and more. It’s simple to use and free.

Are Ajax rates higher than other Ontario cities?

Generally, mortgage rates from Ajax lenders should be more or less the same rates by lenders in other cities in the province. However, lenders will also evaluate individual situations such as your income, the home you want to buy, the amount of financing you need and the location of the property before offering a rate to you. No two financial institutions will provide the same rate to you.

What’s the difference between variable and fixed rate mortgages? 

There are several factors for buyers to consider when buying a home in Ajax. One crucial aspect is selecting a mortgage that aligns with your income, risk appetite, and budget. Essentially, there are two main types of mortgage products to evaluate: variable rate and fixed rate mortgages. While it can be beneficial to consult with your lender or trusted professionals to understand the pros and cons of each, the right choice ultimately depends on your individual circumstances and preferences.

Here are the two most popular types of mortgage rates available to buyers:

Variable rate mortgage

With a variable rate mortgage, your regular scheduled payments remain consistent, but the amount you pay in interest can fluctuate. When interest rates were historically low, those with variable rate mortgages paid less interest compared to their counterparts with fixed-rate mortgages. However, as rates have risen, this scenario has changed.

If you have a variable rate mortgage, your monthly mortgage payments will increase when the prime rate goes up and decrease when the prime rate goes down.

Fixed Rate Mortgages

With fixed rate mortgages, your interest rate remains the same throughout the mortgage term, which ranges from 6-months to 10 years. For many homebuyers, the five-year fixed rate is the most popular option, although there are also three-year and ten-year alternatives. Unlike variable rate mortgages, the stability of a fixed rate provides peace of mind, as you know exactly what your mortgage costs will be for the duration of the term. This lack of rate fluctuations allows for more efficient budgeting.

Shivani Kaul

Shivani is a Content Manager at RATESDOTCA, focusing on mortgages. She is an experienced communication and marketing professional who specializes in content strategy and SEO optimization. Shivani ensures that our written materials meet the highest standards of quality and relevance.

She holds a Digital Marketing Management certificate from the University of Toronto, a Business Communications certificate from the University of British Columbia, a Master’s degree in Mass Communication from Symbiosis Institute of Media and Communications and a Bachelor's degree in English from the University of Delhi.

Shivani has previously worked as a deputy digital productions editor with PMNA-The Canadian Press, and as an editor with The Globe and Mail, Toronto Star, and the Investor's Digest of Canada. She has also worked in reputed news media groups in India and the Middle East.

Experience
  • Mortgage
  • Credit Cards
  • Real Estate
Education
  • University of Toronto
  • Symbiosis Institute of Media and Communications
  • University of Delhi

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