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Evaluate Burlington'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 $500,000
| Insured | 80% LTV | 65% LTV | Uninsured | Bank Rate | |
|---|---|---|---|---|---|
| 1-year fixed rate | 4.99% | 5.99% | 5.99% | 6.69% |
7.09%
|
| 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% |
5.64%
|
| 4-year fixed rate | 5.09% | 5.14% | 5.14% | 5.09% |
5.49%
|
| 5-year fixed rate | 4.84% | 4.89% | 4.89% | 4.94% |
5.04%
|
| 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% | 6.80% | 6.80% | 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 |
Updated
Here’s a look at how Burlington mortgage rates have stacked up over the years with the lowest widely advertised national rates.
| Year |
Burlington 5-year Fixed |
Canada 5-year Fixed |
Burlington Variable |
Canada Variable |
|---|---|---|---|---|
| 2016 | 2.31% | 2.31% | 1.93% | 1.93% |
| 2017 | 2.84% | 2.83% | 2.12% | 2.00% |
| 2018 | 3.42% | 3.32% | 2.76% | 2.76% |
| 2019 | 2.66% | 2.63% | 2.79% | 2.79% |
| 2020 | 1.49% | 1.49% | 1.17% | 1.17% |
Burlington’s best mortgage rates are generally identical to the best rates in Toronto. This is due both to their geographical proximity, but also to their economies being so interconnected under the larger umbrella of the Greater Toronto Area (GTA).
This means that most real estate and mortgage rate forecasts for Toronto apply to Burlington as well. As of late 2020, current projections suggest low rates are expected to persist at least throughout 2021, and potentially into 2022 or longer. The Bank of Canada has repeatedly quoted that rates will not being to rise until the “2 percent inflation target is sustainably achieved.”
Given that Burlington is part of the Greater Toronto Area, the largest urban area in Canada, it is therefore served by the largest concentration of mortgage providers in the country.
Burlington mortgage brokers are known to offer competitive mortgage rates, sometimes among the lowest mortgage rates on the market, given the intense competition within the GTA.
The largest broker networks operating in the city include Dominion Lending Centres and M3 Mortgage Group, the latter of which consists of Mortgage Alliance, Mortgage Intelligence, Verico and Invis.
Some of the top deep-discount online brokers servicing Burlington include:
The city’s biggest lenders include:
When searching rates offered by the Big Six banks, it’s important to keep in mind that they don’t publicly advertise the best Burlington rates – which typically apply to well-qualified clients after negotiation.
As a result, Big Six bank mortgage rates advertised on RATESDOTCA are an estimate of the discretionary rates shoppers may be able to secure if they are well-qualified and meet the bank’s lending conditions.
Burlington is also serviced by a variety of credit unions. The most prominent in terms of branch presence is First Ontario Credit Union. Although Meridian, the province’s largest credit union, also has a branch in the city and often has lower mortgage rates.
As mentioned above, Burlington’s mortgage market is heavily influenced by the Toronto economy and housing market. It is part of the Greater Toronto Area (GTA) and most adult residents commute and work in other parts of the GTA.
Burlington and the GTA offer plentiful job opportunities, high immigration levels and an overall housing supply shortage. This has kept pressure on Burlington’s already strong housing and mortgage demand. A interruption in immigration (similar to the COVID pandemic), could ease some of that demand but as always, home values depend on supply as well.
One more thing to note: Changing lifestyle choices means there’s been a steady stream of downtown condo dwellers who are looking for single-family homes in the suburbs such as Burlington. That could result in above average home price growth and hence, bigger mortgage amounts.
Many Burlington mortgage shoppers, like others across the country, are sometimes hesitant to opt for mortgage rates from lenders other than the Big 6 banks.
This is often due to the feeling of security they get with their existing financial situation, or the perceived convenience of keeping all of their financial accounts “under the same roof,” as well as the fear of dealing with an unknown “small” lender.
But taking the “easy route” and sticking with your bank could end up costing you thousands of dollars over the term with a needlessly high mortgage rate.
Since you’re already on RATESDOTCA, it means you understand the importance of comparing all available mortgage rates in order to find the lowest borrowing cost for the mortgage products suited to your needs.
The difference between Burlington’s best and worst mortgage rates with similar features can be more than a full percentage point. If you’re mistakenly opt for a mortgage rate on the upper half of that spectrum, you’ll be paying untold extra interest over the course of your term.
The Big 6 Banks may offer slightly higher rates overall, but they are quite competitive on high-dollar uninsured mortgages and HELOCs. Given Burlington’s high home values and equity levels, that’s a relevant point.
Mortgage brokers and online discount brokerages, on the other hand, are typically Burlington’s market leaders with the best insured and insurable mortgage rates. This is because brokers can access lenders that securitize (fund) those rates very cheaply. Brokers can also buy down rates using their commission, which they then pass along to their clients in the form of lower effective rates.
Credit unions in the GTA can also be a good source of competitive mortgage rates, particularly during limited-time rate promotions.
Lubna Umar is an SEO Content Manager at RATESDOTCA. 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 café culture in Toronto or any other major city.
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