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Best Oakville Mortgage Rates

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

Find the Best Oakville, Ontario Mortgage Rate

Oakville, Ontario is approximately 30 km away from the country’s most competitive mortgage market, Toronto. Given that, and Oakville’s relatively high home prices, competition for borrowers in the city is fierce. That ensures qualified mortgage shoppers get some of the best mortgage rates in the nation.

Over 100 mainstream lenders serve the Oakville mortgage market, ensuring ample competition for your financing. The big banks have the bulk of mortgage market share, but the best rate deals often come from smaller lenders. Albeit, Oakville’s high property prices result in much bigger mortgages than average. That means two things:

1) The impact of small rate differences is magnified. For example, on a $300,000 mortgage a 1/10th-percentage-point-higher rate costs you about $1,400 of interest. On a typical Oakville home, you can double or triple that extra borrowing expense. That’s why rate comparison is so vital in this particular city.

2) If you’ve got a seven-figure mortgage, you’ll often find that major banks offer the best pricing for those. So, compare as many as you have time for.

Oakville Life

Oakville Life

From a livability standpoint, Oakville, is a hub of culture, diversity and economic growth. Many prospective and experienced homeowners look to Oakville as a prime home-buying destination, and it’s easy to see why.

Its proximity to Toronto is a major plus. You can turn on the radio (or podcast) and enjoy “just” a 40-minute commute from Oakville to Toronto via the Queen Elizabeth Way (QEW). Alternatively, public transit will whisk you from city centre to city centre in about 35 minutes. The city is also just an hour’s drive to Niagara Falls and the U.S. border. It’s no wonder many homeowners turn to Oakville to buy their home. Find the best Oakville mortgage rates by comparing offers today.

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Oakville Housing Market

Oakville Housing Market

Oakville is part of Halton Region. This is the regional government for residents in the City of Burlington, the Town of Halton Hills, the Town of Milton and the Town of Oakville.

According to The Oakville, Milton and District Real Estate Board (OMDREB), home property sales are on the rise. The average price for a single-detached home in Oakville in the second quarter of 2019 was $1,027,500, up 5.4 percent over last year.

Though down payment percentages can be as low as five percent, when you purchase a property priced over one million dollars you must put down at least 20 percent of the property price. To figure out how much a mortgage might cost you in Oakville, first find the best mortgage rates, then check our mortgage payment calculator and mortgage affordability calculator.

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Average Oakville Home Prices by Neighbourhood

Oakville has a number of distinct neighbourhoods, each with its own set of characteristics. Some neighbourhoods are more affordable than others, attracting families and first-time homebuyers, such as West Oak Trails. Others are known for being more luxurious, such as East Lake and Old Oakville, both of which are lakeside neighbourhoods.

This chart breaks down average property costs in Oakville by neighbourhood.

Neighbourhood Average Condo Price Average Condo Townhome Price Average Freehold Townhomes Average Detached Homes Total Average Property Price Monthly
 Mortgage Payment*
Bronte East $606,533 $582,836 $1,010,233 $1,368,992 $914,992 $4,253
Bronte West $732,301 $677,846 $843,903 $1,050,208 $844,009 $3,923
Old Oakville $519,151 $1,131,379 $1,414,780 $1,766,994 $1,239,894 $5,763
Rural Oakville n/a n/a $718,550 $1,260,783 $1,026,571 $4,772
West Oak Trails $487,504 $567,155 $680,430 $1,015,023 $702,325 $3,265
Iroquois Ridge North $507,955 $646,978 $790,092 $1,196,903 $804,926 $3,742
Iroquois Ridge South $379,982 $404,450 $588,724 $993,809 $606,558 $2,819
Eastlake $1,913,699 n/a n/a $1,726,493 $1,871,562 $8,700
Glen Abbey $369,545 $608,937 $730,056 $1,111,203 $720,479 $3,349
River Oaks $381,767 $502,204 $704,097 $1,037,589 $670,811 $3,118
Clearview n/a n/a $718,740 $1,017,757 $898,327 $4,176
Uptown Core $397,126 $514,640 $673,989 $883,745 $628,752 $2,923
Palermo West $562,423 n/a $792,227 $1,263,614 $897,601 $4,172
College Park $384,694 $533,969 $665,683 $961,504 $651,116 $3,027

Source: Average rates via oakville.listing.ca, August 2019

*Average mortgage calculated using the Rates.ca Mortgage Payment Calculator for the total average property price with a down payment of 20%, amortization period of 25 years, and a fixed closed five-year mortgage rate of 4.99%.

Comparing 2018 and 2019 Housing Prices in Oakville

Oakville is on the rise. Just look at these numbers comparing 2018 and 2019, which indicate that not only have sales increased across the region, but median housing prices have increased too.

Summary - Sales by Housing Type:

Category Q2-2019 Q2-2018 Year-over-year percentage change
Single Detached 772 677 14.0
Townhouse/row 311 280 11.1

Summary - Median Price by Housing Type:

Category Q2-2019 Q2-2018 Year-over-year percentage change
Single Detached $1,027,500 $975,000 5.4
Townhouse/row $660,000 $630,500 4.7

*Source: the Canadian Real Estate Association.

With so much action in Oakville’s housing market, it’s no wonder mortgage rates are competitive.
Check out the current best deals to find the lowest Oakville mortgage rate today.

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