Best Kitchener Mortgage Rates

Compare Kitchener mortgage interest rates from top lenders & save on your mortgage.

Today's top rates in:

5-Year Variable
5-Year Fixed
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Kitchener Mortgage Rate Comparison (Rate Matrix)

Evaluate Kitchener'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 6.59% 5.29% 5.29% 7.35%
2-year fixed rate 5.54% 5.59% 5.59% 5.84%
3-year fixed rate 4.84% 4.89% 4.89% 4.99%
4-year fixed rate 4.89% 4.84% 4.84% 4.89%
5-year fixed rate 4.44% 4.64% 4.44% 4.44%
7-year fixed rate 5.65% 5.70% 5.70% 5.89%
10-year fixed rate 5.85% 5.84% 5.84% 6.09%
3-year variable rate 6.05% 6.15% 6.05% 6.05%
5-year variable rate 5.65% 5.90% 5.70% 5.70%
HELOC rate N/A N/A N/A N/A N/A
Stress test 5.25% 5.25% 5.25% 5.25% N/A

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Written By Lubna Umar


About Kitchener, Ontario mortgage rates

Are you looking to purchase property in Kitchener, Ontario? At RATESDOTCA, you can easily find and compare the best Kitchener mortgage rates. Did you know that you can save on your Kitchener mortgage by comparing fixed and variable mortgage rates along with conditions, terms, and payment options from Canada’s top lenders? Empower yourself and compare the best Kitchener mortgage rates from the comfort of your home, or office, or favourite coffee shop!

Kitchener is becoming a hot home buying region. Find out why so many people (like you) are looking to locate/relocate to the vibrate and diverse region of Kitchener-Waterloo, and get the best mortgage rates while you’re at it.

Find the best Kitchener mortgage rate

Kitchener, Ontario is a growing city of interest for new and seasoned homebuyers alike. Whether it is industry or academics that attract you to the area, Kitchener is a prime market for real estate investment in Ontario. Kitchener is part of the Waterloo region, which prides itself of being a balance of rural and urban, nature and technology, new and old. Kitchener, Ontario is a 1 hour and 15 minute commute via highway to Toronto city centre. It is a 1 hour and 35 minute commute if you decide to leave the driving to the conductor and take the VIA train.

Kitchener, Ontario has a strong real estate market of interest to singles, couples, and families alike. According to the Canadian Real Estate Association (CREA), April 2019 saw the total residential sales include 394 detached homes (up 15.2 per cent from previous years), and 75 condominium apartments (up 1.4 per cent from previous years). Sales also included 113 townhouses (down 28.9 per cent from previous years) and 41 semi-detached homes (no change).

What does this mean for Kitchener residents or those hoping to become residents? Read below and learn about the housing market in Kitchener, as well as the competitive mortgage interest rates being offered today.

Kitchener-Waterloo housing market

According to the Canadian Real Estate Market (CREA), the median sale price for a single detached home in the Kitchener-Waterloo region was up 1.2% to $536,000 in the first quarter of 2019. This amount is a milestone record for single detached properties in the region.

It is also of interest to note that the median price for a townhome in the Kitchener-Waterloo region in the first quarter of 2019 was $377.500. This shows that today’s housing prices make Kitchener a fairly competitive city for affordable community living in Ontario.

Case study: Comparing the best mortgage rates in the Kitchener-Waterloo region

Let’s say you have found a property in the Kitchener-Waterloo region that you are interested in purchasing. First of all, congrats! Now, let’s say your prospective new property is listed at the 2019 median sale price ($536,000).

Whether you are a new home buyer or experienced homebuyer, buying a property for yourself or a second property (perhaps your son or daughter is attending university in the Kitchener-Waterloo area and you purchase property for them to reside in during their academic career), you still need to ask yourself the following important questions:

  • Do you know how much you need for a down payment?
  • Do you know how much a fixed vs variable mortgage would be for that property in Kitchener, Ontario?
  • And finally (and possibly most importantly), do you know how much you will pay monthly for your Kitchener mortgage?

The following case study will help you determine how to compare and get the best mortgage rates for a property in Kitchener from Canada’s top lenders.

Case study: Comparing and calculating mortgages for property in Kitchener, Ontario

Let's say you purchase a home in Kitchener for $536,000. You put a 5 percent down payment, for a total of $26,800.

Let's compare the difference in mortgage payments between a 5 year fixed mortgage rate and a 5-year variable mortgage, which have been calculated using the RATESDOTCA Mortgage Payment Calculator.

  • Fixed closed 5-year mortgage rate: 4.99%
  • Monthly payment: $3,051.83

Now take that same mortgage example and switch the mortgage from a fixed rate to a closed variable product using a hypothetical variable rate:

  • 5 year closed variable mortgage: as low as 3.45%
  • Monthly payment: $2,608.52

This example shows the difference in monthly payments depending on whether you opt for a 5 year fixed rate or five year variable mortgage rate. For more information, check out our guides on open versus closed mortgages and fixed versus variable mortgages.

What are interest rates like in Kitchener?

The two most common types of mortgages in Kitchener are open mortgages and closed mortgages. Open mortgages generally have higher interest rates than closed mortgages, but open mortgages allow the borrower to make larger payments or pay off the loan early without penalties.

Closed mortgages are often used in conjunction with long-term mortgages and fixed rates. Fixed rate mortgages are the most popular in Kitchener, as well as other provinces in Canada. Fixed rate mortgages lock in an interest rate for the life of the loan, as opposed to variable rate mortgages. Fixed rate mortgages are ideal if one anticipates an increase in interest rates.

Read our Mortgage Guides, which offer a comprehensive list of mortgage guides to help you navigate finding the best mortgages. Recommended reading: How to buy a Mortgage in Canada.

Get the best mortgage rates for Kitchener, Ontario

Kitchener, Ontario is a small town that offers you big city amenities. With a population of over 240,000, Kitchener is full of culture and a hub of diversity. Kitchener houses world-class theatres, music festivals, art galleries and more. There is also a wealth of green space, bike trails, and outdoor opportunities for those who like to explore.

The nearby city of Waterloo is home to students and academics; lodging two of Canada’s biggest universities: University of Waterloo and Wilfrid Laurier University. With a quick and easy nine-minute commute between these two cities, via King Street West, commuting is a great option for residents of these communities.

You and your family will not want to miss the annual Kitchener-Waterloo Oktoberfest festival, which happens to be the largest Bavarian festival outside of Munich, Germany.

In addition, the Kitchener-Waterloo area of Ontario hosts a stronghold of international technology companies and their employees and investors. No matter what attracts you to Kitchener, compare and get the best mortgage rates with RATESDOTCA.

Lubna Umar

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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