Best Oakville Mortgage Rates

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

Today's Best Mortgage Rates in Oakville, Ontario

Evaluate Oakville’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 Joel Kranc

Freelance writer

Updated November 10, 2026

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

For a $1,343,000 home in Oakville, the minimum down payment would be approximately $109,300. This price is close to the average sold price in Oakville in August 2026. Under Canadian minimum down payment requirements, you need 5% on the first $500,000 and 10% on the portion between $500,000 and $1.5 million.

Minimum down payment calculation: $25,000 on the first $500,000 + $84,300 on the remaining $843,000 = $109,300.

Down payment options on a $1,343,000 Oakville home

Down payment option	Down payment amount	Mortgage amount*	Mortgage default insurance
Minimum required (~8%)	$109,300	$1,233,700	Required
10%	$134,300	$1,208,700	Required
20%	$268,600	$1,074,400	Not required

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

Because this example home is below $1.5 million, an Oakville buyer can put down less than 20%, provided they meet the lender's qualification requirements. A down payment below 20% will typically require mortgage default insurance.

Putting 20% down instead of the minimum would mean paying an additional $159,300 upfront, but it would reduce the mortgage before insurance from $1,233,700 to $1,074,400 and avoid mortgage default insurance.

What should you know before getting a mortgage in Oakville?

Your down payment isn't the only upfront cost to budget for when buying a home in Oakville. You'll also need to plan for closing costs, which are generally paid at or before the purchase is completed.

Land transfer tax: Oakville buyers pay Ontario's provincial land transfer tax, which is based on the home's purchase price.
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: With less than 20% down, you’ll generally need mortgage default insurance. The premium can usually be added to your mortgage, but Ontario’s 8% sales tax on the premium must be paid upfront. CMHC confirms that provincial sales tax cannot be added to the loan.

Estimated Ontario land transfer tax on a $1,343,000 Oakville home

Purchase price portion	Rate	Tax
First $55,000	0.5%	$275
$55,000–$250,000	1.0%	$1,950
$250,000–$400,000	1.5%	$2,250
$400,000–$1,343,000	2.0%	$18,860
Total		$23,335

Based on Ontario's land transfer tax rates, a $1,343,000 Oakville home would have approximately $23,335 in provincial land transfer tax. Oakville does not have the additional municipal land transfer tax that applies to properties purchased in Toronto.

If you're a qualifying first-time homebuyer, you may be eligible for an Ontario land transfer tax refund of up to $4,000. On a $1,343,000 Oakville home, the maximum refund could reduce the estimated land transfer tax from $23,335 to $19,335.

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 14:59 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 Oakville?

When your mortgage term comes to an end, you don't have to automatically accept the renewal offer from your current lender. You can compare rates, negotiate new terms or move your mortgage to another lender.

Stay with your current lender — review the renewal offer and ask whether a better rate or different terms are available.
Switch lenders — compare mortgage rates and features from other lenders before your renewal date.
Adjust your mortgage — depending on your situation, you may want to change your payment frequency, amortization or other mortgage features.

Starting your comparison before your Oakville mortgage reaches its renewal date gives you more time to review your options instead of making a decision based only on your lender's first offer.

If you have an eligible uninsured mortgage, you may be able to switch between federally regulated lenders at renewal without the prescribed mortgage stress test. Under OSFI’s straight-switch rules, the exemption applies when the mortgage amount and remaining amortization period are not increased.

The new lender will still assess your income, debts and credit before approving the transfer.

If you want to borrow additional money against your Oakville home or extend the amortization, the transaction may be treated as a refinance rather than a straight switch. In that case, different qualification requirements can apply.

Mortgage Renewal Guide

How does mortgage refinancing work in Oakville?

Mortgage refinancing replaces your current mortgage with a new one. Oakville homeowners may refinance to access home equity, consolidate debt, pay for renovations or change their mortgage terms.

In Canada, homeowners can generally borrow up to 80% of their home's appraised value when refinancing, subject to lender qualification requirements. Your lender may also require a new appraisal to determine the property's current value. Learn more about how loan-to-value (LTV) affects refinancing.

How much equity could you access from an Oakville home?

Using a home valued at $1,343,000 as an example, 80% of the property's value would be $1,074,400.

Example	Amount
Current home value	$1,343,000
80% of home value	$1,074,400
Existing mortgage balance	$800,000
Potential additional borrowing before penalties and fees	Up to $274,400

This example assumes there are no other debts secured against the property. The $274,400 represents potential additional borrowing before costs, including mortgage prepayment penalties, legal fees, appraisal costs and other refinancing charges.

The amount you qualify for will depend on your home’s appraised value, existing mortgage balance, income, debts, credit profile and lender requirements.

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

Read more: Mortgage Refinancing Guide

Frequently asked questions about mortgages in Oakville, Ontario

Find answers to all your Oakville mortgage related questions here...

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

Oakville mortgage rates will reflect similar rates that financial institutions are offering within the province and country. Current rates are based on the Bank of Canada’s overnight lending rate to other financial institutions.

However, everyone’s situation is different. Using comparison sites like Rates.ca can help you save thousands of dollars by comparing the most current Oakville mortgage rates from the area’s top providers.

Why should I compare Oakville mortgage rates with Rates.ca?

With so many financial institutions and lenders competing for your mortgage business, it can be hard to decipher which rates will work for you.

Rates.ca synthesizes all that information in an easy to compare list of Oakville 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 Oakville mortgage rates higher than other Ontario cities?

Generally, mortgage rates in Oakville 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. Oakville property values average more than $1.5 million, which is higher than the national average of about $686,000 and could also be a factor in lenders’ decision making.

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

First time homebuyers have enough on their plates to consider when making their purchase. However, one of the most essential elements to consider 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

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.

Fixed Rate Mortgages

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.

Joel Kranc, Freelance writer

Joel Kranc is a freelance writer and content provider who has worked with Rates.ca since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.

He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.

He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."