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Evaluate Oakville'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 $500,000
| Insured | 80% LTV | 65% LTV | Uninsured | Editor's Tips GREAT RATE |
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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:
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.
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.
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 RATESDOTCA 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%.
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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