Compare the Best Mortgage Rates in Burlington

The best mortgage rates in Burlington, ON from major banks, credit unions and brokers.

Today's Best Mortgage Rates in Burlington, Ontario

Evaluate Burlington’s best mortgage rates in one place. You can compare the most current mortgage rates and monthly payments from 175+ banks and lenders across Ontario.

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Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.

Lender	Insured	Insurable	Uninsured
nesto inc.	3.40% $2,470.03 / month	3.50% $2,496.35 / month	3.45% $2,483.17 / month
Mortgage Associates Ontario Inc.	3.45% $2,483.17 / month	3.60% $2,522.81 / month	3.60% $2,522.81 / month
Mortgage Alliance	3.50% $2,496.35 / month	3.60% $2,522.81 / month	3.60% $2,522.81 / month
Affinity Mortgage Solutions	3.55% $2,509.57 / month	3.45% $2,483.17 / month	3.45% $2,483.17 / month
Pineapple Financial Inc – Kinetix Mortgages Team	3.55% $2,509.57 / month	3.65% $2,536.10 / month	3.55% $2,509.57 / month
DUCA Financial	3.89% $2,600.37 / month	3.89% $2,600.37 / month	3.89% $2,600.37 / month
Dominion Lending Centres	3.9% $2,603.07 / month	3.9% $2,603.07 / month	3.9% $2,603.07 / month
Alterna Savings	3.94% $2,613.86 / month	3.94% $2,613.86 / month	3.94% $2,613.86 / month
Copperfin Credit Union	4.04% $2,640.95 / month	4.04% $2,640.95 / month	4.04% $2,640.95 / month
CIBC	4.19% $2,681.85 / month	4.19% $2,681.85 / month	4.19% $2,681.85 / month
Healthcare and Municipal Employees' Credit Union	4.19% $2,681.85 / month	4.19% $2,681.85 / month	4.19% $2,681.85 / month
Bayview Financial Services	4.29% $2,709.29 / month	4.29% $2,709.29 / month	4.29% $2,709.29 / month
First National Financial	4.3% $2,712.04 / month	4.3% $2,712.04 / month	4.3% $2,712.04 / month
Ganaraska Credit Union	4.49% $2,764.59 / month	4.49% $2,764.59 / month	4.49% $2,764.59 / month
CMLS	6.99% $3,498.99 / month	6.99% $3,498.99 / month	6.99% $3,498.99 / month

Written By Lubna Umar

Updated October 8, 2026

How much down payment do you need to buy a home in Burlington?

Burlington's higher home prices can push the minimum down payment well above the standard 5% often associated with buying a home. Using a $1,050,887 Burlington home as an example, a buyer would need approximately $80,089 for the minimum down payment. This price is close to the average selling price in Burlington in July 2026.

Under Canadian minimum down payment requirements, buyers put down 5% on the first $500,000 and 10% on the portion above $500,000.

Minimum down payment calculation: $25,000 on the first $500,000 + $55,089 on the remaining $550,887 = $80,089.

Down payment options on a $1,050,887 Burlington home

Down payment option	Down payment amount	Mortgage amount*	Mortgage default insurance
Minimum required (~7.6%)	$80,089	$970,798	Required
10%	$105,089	$945,798	Required
20%	$210,177	$840,710	Not required

*Mortgage amount shown before any mortgage default insurance premium is added.

A Burlington buyer putting down less than 20% will typically need mortgage default insurance. This coverage protects the lender if the borrower is unable to repay the mortgage, and the premium can usually be added to the mortgage balance.

For a Burlington home at this price, the gap between the minimum and a 20% down payment is substantial. Putting down 20% requires an additional $130,089 upfront, but reduces the mortgage before insurance from $970,798 to $840,710 and removes the need for mortgage default insurance.

What should you know before getting a mortgage in Burlington?

Your down payment is only one part of the upfront cost of buying a home in Burlington. Buyers should also plan for land transfer tax, legal expenses and other closing costs that are generally due around the time the purchase closes.

Land transfer tax: Burlington buyers pay Ontario's provincial land transfer tax. Unlike buyers in Toronto, they do not pay an additional municipal land transfer tax, which can make this particular closing cost lower on a similarly priced home.
Legal fees: A residential purchase will typically involve legal costs of around $1,500–$2,500.
Home inspection: An inspection may cost approximately $400–$600, depending on the property and the scope of the inspection.
Title insurance: Buyers may pay roughly $250–$400, depending on the property and type of coverage.
Mortgage default insurance: If you put down less than 20%, mortgage default insurance will generally be required. CMHC mortgage loan insurance allows eligible buyers to purchase a home with a smaller down payment.

Estimated Ontario land transfer tax on a $1,050,887 Burlington home

Purchase price portion	Rate	Estimated tax
First $55,000	0.5%	$275
$55,000–$250,000	1.0%	$1,950
$250,000–$400,000	1.5%	$2,250
$400,000–$1,050,887	2.0%	$13,018
Total estimated land transfer tax		$17,493

On a $1,050,887 Burlington home, the estimated Ontario land transfer tax would be approximately $17,493. Because Burlington is outside the City of Toronto, there is no second municipal land transfer tax added to this amount.

Qualifying first-time homebuyers may receive an Ontario land transfer tax refund of up to $4,000. If eligible for the full refund, the estimated tax on this Burlington example would fall from $17,493 to $13,493.

Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.

Updated 00:09 on Oct 27, 2026

Placeholder	Insured The rates in this column apply to borrowers who have purchased mortgage default insurance. This is required when you purchase a home with less than a 20% down payment. The home must be owner-occupied and the amortization must be 25 years or less.	80% LTV The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.	65% LTV The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates.	Uninsured The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates.	Bank Rate Bank Rate is the mortgage interest rate posted by the big banks in Canada.
1-year fixed rate	4.99%	4.59%	4.59%	4.99%	4.99%
2-years fixed rate	3.99%	4.14%	4.14%	4.44%	4.53%
3-years fixed rate	3.86%	3.79%	3.79%	3.90%	4.39%
4-years fixed rate	4.19%	4.09%	4.09%	4.39%	4.44%
5-years fixed rate	3.69%	3.94%	3.69%	3.69%	4.19%
7-years fixed rate	4.89%	4.89%	4.89%	4.89%	5.00%
10-years fixed rate	5.24%	5.24%	5.24%	5.24%	6.09%
3-years variable rate	3.90%	4.05%	3.90%	3.90%	5.95%
5-years variable rate	3.45%	3.54%	3.50%	3.50%	4.24%
HELOC rate	N/A	N/A	N/A	N/A	N/A
Stress Test	5.45%	5.45%	5.45%	5.50%	N/A

Should you choose a fixed or variable mortgage rate?

A fixed-rate mortgage keeps the same interest rate for the length of your term. A variable-rate mortgage changes when your lender's prime rate changes. Fixed gives you payment certainty. Variable can start lower, but your costs can rise.

The Bank of Canada's policy rate is 2.25%, unchanged at its September 2, 2026 announcement. Lenders use their prime rate, currently 4.45% at major banks, as the benchmark for variable-rate mortgages. Your actual rate is set as a discount or premium to prime, so it won't match the Bank of Canada rate. The next announcement is scheduled for October 28, 2026 and could affect prime and variable mortgage pricing.

For example, using the lowest 5-year insured rates in the Rate Matrix above:

Comparison	Fixed mortgage	Variable mortgage
Starting mortgage rate	3.69%	3.45%
How the rate is set	Locked in when you sign	Prime (4.45%) minus 1.00%
What happens if the Bank of Canada raises rates?	Fixed rate stays at 3.69% for the term	Variable rate may increase
What happens if the Bank of Canada lowers rates?	Fixed rate stays at 3.69% for the term	Variable rate may decrease

Rate change example

What if rates rise by 0.50%?

If the Bank of Canada raised its policy rate by 0.50 percentage points and lenders raised prime by the same amount, prime would go from 4.45% to 4.95%. A variable rate set at prime minus 1.00% would rise from 3.45% to about 3.95%.

The example below assumes a variable-rate mortgage with payments that adjust when the interest rate changes. With a fixed-payment variable mortgage, a rate increase may instead mean more of your payment goes toward interest and less toward paying down your mortgage.

On a $500,000 mortgage with a 25-year amortization, that is roughly $2,483 per month at 3.45% and $2,617 per month at 3.95%, about $134 more each month. The 3.69% fixed rate would stay at about $2,547 per month.

The variable-rate borrower could pay more if rates rise, but could also save money if rates stay low or fall. Fixed rates don't change during the term, but you may face a different rate at renewal.

Which one suits you?

Fixed may suit you if you want predictable payments and have a tight monthly budget.
Variable may suit you if you can handle payment changes and want to benefit if rates fall.

Learn more: Fixed vs. variable mortgages. Compare today's 5-year fixed and 5-year variable rates.

This example is for illustration only. Payments are estimates. Mortgage rates vary by lender, borrower, mortgage type and eligibility.

What happens when you renew your mortgage in Burlington?

When your Burlington mortgage reaches the end of its term, you don't have to simply accept the renewal offered by your existing lender. This is an opportunity to review your rate, mortgage features and whether your current lender still fits your needs.

Your main options are to:

Renew with your existing lender — you can review the renewal offer and try to negotiate a lower rate or different terms.
Move your mortgage to another lender — comparing competing offers may help you find a different rate, prepayment privileges or mortgage features.
Make changes to your mortgage — depending on your circumstances, you may want to change your payment schedule, amortization or other terms.

It can be useful to start comparing mortgage rates before your Burlington renewal date rather than waiting until the term expires. Giving yourself more time lets you compare lenders and use competing offers when negotiating with your current provider.

If you have an eligible uninsured mortgage, an uninsured straight switch to another federally regulated lender does not require OSFI's prescribed minimum qualifying rate, as long as you don't increase the remaining amortization period or mortgage amount.

Renewal can also be a useful time to reassess the equity in your Burlington property. If you're planning to refinance rather than complete a straight renewal, your lender may use the home's current appraised value to determine how much equity may be available, rather than relying on what you originally paid for the property.

Read more: Mortgage Renewal Guide

How does mortgage refinancing work in Burlington?

Burlington homeowners may choose to refinance their mortgage to access built-up equity, consolidate higher-interest debt, pay for renovations or change their mortgage terms. Refinancing replaces your current mortgage with a new one and can allow you to borrow against your property's current value.

In Canada, homeowners can generally refinance up to 80% of the home's appraised value, subject to lender qualification requirements. The difference between that limit and your outstanding mortgage balance helps determine how much additional borrowing may be available. Learn more about loan-to-value (LTV) and how it affects refinancing.

Because refinancing is different from simply renewing your mortgage, you'll generally need to requalify. Your lender may also request a new appraisal to establish the current value of your Burlington property.

How much equity could you access from a Burlington home?

Using a Burlington home valued at $1,050,887 as an example, 80% of the property's value is approximately $840,710. The amount potentially available to refinance depends on how much of your existing mortgage is still outstanding.

Example	Amount
Current home value	$1,050,887
80% of home value	$840,710
Existing mortgage balance	$600,000
Potential additional borrowing	Up to $240,710

In this scenario, a Burlington homeowner who still owes $600,000 could potentially have room for up to $240,710 in additional borrowing. This is only an illustration: the amount available will depend on the home's appraised value, your remaining mortgage balance, income, debts, credit profile and lender requirements.

Thinking about refinancing your Burlington home? Compare mortgage rates in Burlington to see what options are available.

Read more: Mortgage Refinancing Guide

What Burlington-specific rules and costs affect your mortgage?

A few local and provincial rules shape how much you can borrow, what you pay at closing and whether a home can help carry its own costs. These are the four that matter most for Burlington buyers.

Your property tax bill counts toward your housing costs. The City of Burlington collects property tax for three payees: the City, Halton Region and Ontario's education system. According to the City, your bill is your property's assessment multiplied by the rates each of them sets. Lenders include property taxes when they calculate your housing costs, so a higher bill can reduce the mortgage you qualify for. Ask for the home's most recent tax bill when you make an offer.
There is no municipal land transfer tax. Burlington buyers pay only Ontario's provincial land transfer tax. The additional municipal tax applies in Toronto. First-time buyers may qualify for a refund of up to $4,000.
The $1.5 million cap matters for larger homes. Mortgage default insurance is only available on homes priced under the $1.5 million insured mortgage cap. At $1.5 million or more, you need at least 20% down.
You may be able to add rental units. Burlington's zoning allows up to three additional residential units (ARUs) on an eligible urban residential lot, on top of the main home. Examples include basement apartments, garage conversions and coach houses. Not every property qualifies, so the City recommends starting with its pre-building approval application and ARU look-up tool. You need a building permit, and parking rules apply: none for the first ARU and one space for each second or third unit. Detached ARUs may also carry Education Development Charges set by the school boards. Some lenders count part of the rental income when you apply, but policies vary, so ask yours before you build.

The City's ARU incentive program closed on October 1, 2025, and its municipal fee waivers ended on December 31, 2025.

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Lubna Umar,

Lubna Umar is a former SEO Content Manager at Rates.ca. She has produced a wide variety of content, including academic essays, pieces of fiction and financial literacy guides. In her free time, she can be found exploring the caf culture in Toronto or any other major city.