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See the Current Newmarket Mortgage Rates

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Today's top rates in:

5-Year Variable
5.89%
5-Year Fixed
4.84%
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The Best Newmarket Mortgage Rates

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 4.99% 6.39% 6.39% 6.59%
6.79%
2-year fixed rate 5.91% 6.00% 6.00% 5.94%
6.39%
3-year fixed rate 4.99% 5.24% 5.24% 5.09%
5.85%
4-year fixed rate 5.09% 5.24% 5.24% 5.09%
5.59%
5-year fixed rate 4.84% 4.99% 4.99% 5.04%
5.14%
7-year fixed rate 5.60% 5.29% 5.29% 5.60%
5.90%
10-year fixed rate 6.00% 6.09% 6.09% 6.00%
7.25%
3-year variable rate 6.10% 7.00% 7.00% N/A
8.60%
5-year variable rate 5.99% 6.10% 6.10% 6.25%
6.59%
HELOC rate 7.70% 7.40% 7.40% 7.40% N/A
Stress test 6.74% 6.94% 6.94% 5.25% N/A

Compare mortgage rates from Newmarket lenders

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Written By Shivani Kaul

Updated November 15, 2023

Newmarket, Ontario's housing market

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.

First-Time Home Buyer Incentive

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: 

  • 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.

Just as the name implies, this incentive is for first-time homebuyers.

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 Newmarket, On.

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:

  1. Understand the costs from start to finish: You must evaluate 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. You must be aware of the closing costs besides the mortgage payments and taxes you’ll have to pay. Use our online mortgage affordability calculator to determine the costs for you.
  2. Get mortgage pre-approval: Before you go house hunting, it is advisable to get pre-approved for a mortgage. This involves working with a financial lender who 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.
  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. Research the market: Familiarize yourself with the Newmarket 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 requirements: We all have a list that makes up 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 Newmarket, Ontario

Find answers to all your Newmarket mortgage rate questions here...

How much can I save by comparing the current Newmarket mortgage rates?

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.

Why should I compare Newmarket mortgage rates with RATESDOTCA?

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.

Are Newmarket mortgage rates higher than other Ontario cities?

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.

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

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.

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