The Best Current Mortgage Rates in North York, Ontario

Get 20+ mortgage quotes from top banks and lenders across Canada.

Today's Best Mortgage Rates in North York, Ontario

Evaluate North York’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.

Personalize My Rate

Province

Rate Type

Term

Mortgage Amount

Amortization

Purpose

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
Morra \| Mortgage Architects	3.54% $2,506.92 / month	3.78% $2,570.81 / month	3.78% $2,570.81 / month
Juno Mortgages	3.55% $2,509.57 / month	3.60% $2,522.81 / month	3.55% $2,509.57 / 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
Centum Financial Services LP	3.80% $2,576.17 / month	3.80% $2,576.17 / month	3.70% $2,549.42 / 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
Bayview Financial Services	4.29% $2,709.29 / month	4.29% $2,709.29 / month	4.29% $2,709.29 / month
CMLS	6.99% $3,498.99 / month	6.99% $3,498.99 / month	6.99% $3,498.99 / month

Written By Shivani Kaul

Content manager

Updated November 10, 2026

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

Using a $1,016,000 home in North York as an example, the minimum down payment would be approximately $76,600. This price is close to the average selling price in North York in July 2026, and the calculation follows Canadian minimum down payment requirements: 5% on the first $500,000 and 10% on the portion above $500,000.

Under Canadian minimum down payment requirements, buyers need 5% on the first $500,000 and 10% on any portion above $500,000 for homes priced below $1.5 million. Homes priced at $1.5 million or more require at least 20% down.

Minimum down payment calculation: $25,000 on the first $500,000 + $51,600 on the remaining $516,000 = $76,600.

Down payment options on a $1,016,000 North York home

Down payment option	Down payment amount	Mortgage amount*	Mortgage default insurance
Minimum required (~7.5%)	$76,600	$939,400	Required
10%	$101,600	$914,400	Required
20%	$203,200	$812,800	Not required

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

A North York 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.

At the $1,016,000 price point, choosing a 20% down payment instead of the minimum means putting an additional $126,600 upfront. It also reduces the mortgage before insurance from $939,400 to $812,800.

What should you know before getting a mortgage in North York?

Beyond your down payment, budget for additional closing costs. These are separate from your mortgage and are generally paid at or before closing.

Land transfer tax: North York is part of the City of Toronto, so buyers generally pay both Ontario's provincial land transfer tax and Toronto's municipal land transfer tax. This can make land transfer taxes a larger upfront cost than in many other Ontario communities.
Legal fees: Typically $1,500–$2,500 for a residential purchase.
Home inspection: Typically $400–$600, depending on the property and inspection scope.
Title insurance: Often $250–$400, depending on the property and coverage.
Mortgage default insurance and tax: A down payment below 20% generally means you’ll need mortgage default insurance. You can usually add the premium to your mortgage, but you must budget separately for Ontario’s 8% sales tax on that premium. According to CMHC’s mortgage insurance guidance, the provincial sales tax cannot be added to your mortgage.

Estimated land transfer tax on a $1,016,000 North York home

Land transfer tax	Estimated amount
Ontario land transfer tax	$16,795
Toronto municipal land transfer tax	$16,795
Total estimated land transfer tax	$33,590

At a $1,016,000 purchase price, a North York buyer would pay an estimated $16,795 in Ontario land transfer tax and another $16,795 in Toronto municipal land transfer tax, for a combined total of approximately $33,590.

Qualifying first-time homebuyers may be eligible for an Ontario land transfer tax refund of up to $4,000 and a Toronto municipal land transfer tax rebate of up to $4,475. If eligible for the full amount of both, the combined rebates could reduce the estimated land transfer taxes on this example from $33,590 to $25,115.

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 2.50%, after a 25 basis point increase at its October 28, 2026 announcement. It was the first rate hike since 2023, following seven consecutive holds at 2.25%. Lenders use their prime rate as the benchmark for variable-rate mortgages, and major banks are expected to raise prime from 4.45% to 4.70%. 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 December 9, 2026, and the Bank has said further increases may be needed.

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.

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

Updated 13:46 on Nov 10, 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

What happens when you renew your mortgage in North York?

When your mortgage term ends, you have options. You can:

Renew with your current lender — you may be able to negotiate a better rate or terms.
Switch to another lender — compare rates, features and fees before deciding.
Change your mortgage — depending on your needs, you may adjust your payment, amortization or other features.

You're not required to accept your lender's first renewal offer. If your mortgage term is coming to an end in North York, start comparing a few months beforehand so you have time to negotiate or explore other lenders.

Renewing with a different lender may not require the prescribed mortgage stress test if your uninsured mortgage qualifies for OSFI’s straight-switch exemption. The exemption applies to eligible transfers between federally regulated lenders without increasing the mortgage amount or remaining amortization period. The new lender will still review your finances to determine whether to approve the mortgage.

If you're considering refinancing when your North York mortgage renews, your home's current value can affect how much equity you have available. North York property values can vary significantly by neighbourhood and property type, so your lender may use a current valuation rather than the price you originally paid.

Read more: Mortgage Renewal Guide

How does mortgage refinancing work in North York?

Mortgage refinancing replaces your existing mortgage with a new one, usually to access home equity, consolidate debt, borrow for renovations or change your mortgage terms. In Canada, homeowners can generally refinance up to 80% of their home's appraised value, subject to lender qualification requirements. Learn more about how loan-to-value (LTV) affects refinancing.

Unlike a straight renewal, refinancing can increase your mortgage balance. You'll generally need to requalify for the new mortgage, and your lender may require a current appraisal or property valuation.

How much equity could you access from a North York home?

For illustration, consider a North York home valued at $1,016,000. At an 80% loan-to-value limit, the maximum mortgage would be about $812,800.

Example	Amount
Current home value	$1,016,000
80% of home value	$812,800
Existing mortgage balance	$600,000
Potential additional borrowing before penalties and fees	Up to $212,800

For a North York home valued at $1,016,000 with a $600,000 mortgage balance, this calculation leaves up to $212,800 in potential additional borrowing before costs. It assumes there are no other debts secured against the property. Prepayment penalties, appraisal costs, legal fees and other refinancing charges would reduce the amount available to use.

Your lender will assess your income, debts, credit profile and property value before approving the refinance. The Financial Consumer Agency of Canada explains how borrowing against home equity works and which fees may apply.

Considering refinancing? Compare mortgage rates in North York to see what rates are available.

Read more: Mortgage Refinancing Guide

Frequently asked questions about mortgages in North York, Ontario

Find answers to all your North York-related mortgage questions here...

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

Financial institutions offer more-or-less the same mortgage rates within the province and across the country and mortgage rates in North York would be reflective of that. Mortgage rates are affected by the change in overnight rate by the Bank of Canada and prime rates of financial institutions.

Using a mortgage rate comparison website like Rates.ca, can help you get the rate best suited for your financial situation. You can save hundreds of dollars by comparing rates offered by 50+ top Canadian lenders using Rates.ca.

Why should I compare North York mortgage rates with Rates.ca?

No two banks or lenders will offer you the same rate. The rate you are offered would depend on your financial situation as well as the bank’s prime rate. The best way to save some bucks on your mortgage is by comparing rates by different lenders. What’s a better way than comparing rates with Rates.ca where you can find 50+ top lenders in Canada competing for your business. You will see rates from top lenders like TD, CIBC, Scotiabank, Desjardins, RBC, National Bank and more, to help you decide better.

Are North York mortgage rates higher than other Ontario cities?

North York mortgage rates should resemble the rates of other communities in Toronto and in the province. However, lenders will also look at individual things such as your income, the property’s purchase price, the amount of financing you need and the location of the property.

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

One of the most essential factors to consider while buying a home is what kind of mortgage suits your income, lifestyle, tolerance, and budget. Essentially, you will be looking at two types of products: variable and fixed rate mortgages. It’s not a bad idea to talk to your lender or other trusted professionals about the pros and cons of each, although there is no right answer here. The best choice is the one that works best for you.

What’s the difference?

Variable rate mortgages fluctuate based on a bank’s prime rate which is influenced by the Bank of Canada overnight rates (the rate that is used for banks to charge interest to one another). In these cases, your regular scheduled payments remain the same but the amount you pay in interest can fluctuate. While interest rates were at historic lows, variable rate mortgage holders were paying less than their fixed-rate cousins. As rates have climbed, that scenario has changed. If you have an adjustable-rate mortgage, your monthly payments on your mortgage go up if the prime rate increases. Monthly payments will go down if the prime rate decreases.

In fixed rate mortgages your interest rate will stay the same for the duration of the mortgage term. In many cases the five-year fixed rate is the most popular among homebuyers but there are three and 10-year options as well. Unlike variable rate mortgages, you have greater peace of mind knowing what the fixed cost is for the term of your mortgage. The lack of fluctuating rates can help you budget more efficiently.

Shivani Kaul, Content manager

Shivani is a Content Manager at Rates.ca, focusing on mortgages. She is an experienced communication and marketing professional who specializes in content strategy and SEO optimization. Shivani ensures that our written materials meet the highest standards of quality and relevance.

She holds a Digital Marketing Management certificate from the University of Toronto, a Business Communications certificate from the University of British Columbia, a Masters degree in Mass Communication from Symbiosis Institute of Media and Communications and a Bachelor's degree in English from the University of Delhi.

Shivani has previously worked as a deputy digital productions editor with PMNA-The Canadian Press, and as an editor with The Globe and Mail, Toronto Star, and the Investor's Digest of Canada. She has also worked in reputed news media groups in India and the Middle East.