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Evaluate all of Newmarket, 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 | 5.74% | 4.59% | 4.59% | 6.63% |
6.29%
|
| 2-year fixed rate | 4.74% | 5.34% | 5.34% | 5.92% |
5.59%
|
| 3-year fixed rate | 4.19% | 4.29% | 4.29% | 4.79% |
4.74%
|
| 4-year fixed rate | 4.54% | 4.64% | 4.54% | 4.54% |
4.64%
|
| 5-year fixed rate | 3.99% | 3.99% | 3.99% | 4.19% |
4.34%
|
| 7-year fixed rate | 5.35% | 5.06% | 5.06% | 5.90% |
5.06%
|
| 10-year fixed rate | 5.75% | 5.80% | 5.80% | 5.80% |
7.14%
|
| 3-year variable rate | 5.10% | 5.20% | 5.10% | 5.10% |
7.35%
|
| 5-year variable rate | 4.80% | 5.05% | 4.85% | 4.85% |
5.05%
|
| HELOC rate | N/A | N/A | N/A | N/A | N/A |
| Stress test | 5.25% | 5.25% | 5.25% | 5.25% | N/A |
Updated
The town of Newmarket, situated just 45 km north of Toronto, is a cozy mix of urban and suburban areas and offers various city amenities as well as natural beauty to its residents.
Newmarket’s proximity to Toronto makes it a part of the GTA or Greater Toronto Area. According to the Toronto Regional Real Estate Board’s May 2023 Market Watch report, the GTA housing market continued to improve from a sales perspective in the month of May this year. However, the supply of homes for sale did not keep up with the demand for ownership housing.
The report stated that sales as a share of new listings were up dramatically compared to a year ago. This clearly shows that competition between buyers increased substantially compared to last year, resulting in the average selling price reaching almost $1.2 million last month.
As per the TRREB Index and benchmark price, May 2023 Market Watch report, the average price of a single family detached home in Newmarket was $1,409,900 , a y-o-y change of -5.15%, a single family attached was $1,050,000, y-o-y change of -5.28%, while a townhouse sold for an avergae of $876,600 y-o-y change of -2.59% and apartment at $618,400, y-o-y change of -7.91%.
While new listings in the GTA were down by 18.7 per cent year-over-year compared to May 2022, on a month-over-month seasonally adjusted basis, sales were up by 5.2 per cent compared to April 2023.
The Government of Canada has a lucrative incentive for first-time homebuyers in the country.
The First-Time Home Buyer Incentive makes 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:
Just as the name implies, this incentive is for first-time homebuyers.
You’re considered a first-time homebuyer if:
Buying your first ever home in Canada can be exciting and overwhelming at the same time because of all the information that’s available out there. As a first-time home buyer you must be aware of the facilities available to you so that you put your hard-earned money in the right place. Here are a few tips for first-time home buyers:
Find answers to all your Newmarket mortgage rate questions here...
Newmarket mortgage rates will mirror the rates offered by financial institutions across the province and country. These rates are influenced by the Bank of Canada's overnight lending rate to other financial institutions.
Nevertheless, each individual's circumstances vary. Utilizing comparison platforms such as RATESDOTCA can potentially save you thousands of dollars by comparing the latest Newmarket mortgage rates offered by the top providers in the area.
With so many financial institutions and lenders competing for your mortgage business, it can be hard to decipher which rates will work best for you.
RATESDOTCA synthesizes all that information in an easy to compare list of Newmarket mortgage rate providers. 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.
Generally, Newmarket mortgage rates should resemble the rates of other cities in the province. However, lenders will also look at individual things 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.
When it comes to purchasing their first home in Newmarket, there are numerous factors for buyers to consider. One crucial aspect is selecting a mortgage that aligns with their income, lifestyle, risk tolerance, 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.
When deciding between variable and fixed rate mortgages in Newmarket, it's essential to carefully evaluate your financial situation and long-term goals. Consider factors such as your appetite for risk, comfort with potential rate changes, and your ability to handle potential payment adjustments.
Shivani Kaul is a communications professional specializing in editing, writing, and content strategy, with a particular focus on personal finance and mortgages. Her expertise stems from a strong educational background and diverse international experience.Academically, Shivani 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.
Her professional journey is marked by significant roles in prestigious media organizations across multiple countries. She has previously worked as an editor at PMNA/The Canadian Press for The Globe and Mail, Toronto Star, and freelance writer for the Investor's Digest of Canada. Additionally, Shivani has contributed her skills to reputed news media groups in India and the Middle East. Her expertise in SEO ensures that the content she produces not only engages readers but also achieves optimal visibility in digital spaces.
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