The Best Current Mortgage Rates in Ontario

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Best current mortgage rates in Ontario

Evaluate all of 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% 5.99% 5.99% 6.69%
2-year fixed rate 5.71% 5.39% 5.39% 6.04%
3-year fixed rate 4.94% 5.04% 5.04% 4.94%
4-year fixed rate 5.09% 5.09% 5.09% 5.09%
5-year fixed rate 4.79% 4.89% 4.89% 4.94%
7-year fixed rate 5.60% 5.09% 5.09% 5.65%
10-year fixed rate 6.00% 6.09% 6.09% 6.05%
3-year variable rate 6.10% 7.00% 7.00% N/A
5-year variable rate 5.99% 6.25% 6.25% 6.25%
HELOC rate 7.70% 7.40% 7.40% 7.40% N/A
Stress test 6.74% 6.79% 6.79% 5.25% N/A
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Written By Shivani Kaul

Content Manager


Ontario mortgage rate market characteristics

Ontario is the most populous province in Canada and home to the most number of lenders in the country. The province is a major immigration attraction and Ontarians have witnessed rising cost of living in the post COVID-19 pandemic world like no one else.

It’s no coincidence that all five of Canada’s top banks are headquartered in Toronto, Ontario. So are some of the country’s largest and most competitive credit unions, like Meridian Credit Union, DUCA Financial Services Credit Union, and Alterna Savings and Credit Union. The province has the most bank branches, mortgage brokers and credit unions in the country. And they’re all vying for your mortgage business.

According to November 2022 Abacus data on housing affordability in Ontario, housing affordability remains a persistent issue in the province, and the desire to own a home is increasing, with 69% of non-homeowners expressing a strong desire for homeownership, representing a 9% increase from a previous survey. Only 5% of respondents are content with renting indefinitely, marking a 17% decrease.

Rising interest rates due to Bank of Canada’s overnight rate increase is also impacting homeowners with mortgages, prompting them to take steps to reduce their spending. If interest rates continue to rise, 21% of these homeowners may have to consider selling their homes. This concern is especially pronounced among younger homeowners who recently entered the housing market. The Bank of Canada remains concerned about inflation remaining higher for longer and becoming entrenched. Although the policy rate has been held at 5% it is still prepared to hike rates further if necessary.

While some provinces have mortgage rates like that in Ontario, for instance, Alberta, British Columbia have 5.64% for 5-Year Fixed rate and 6.05% for 5-Year Variable rate, same as Ontario. Other provinces like Manitoba, Nova Scotia, New Brunswick and Saskatchewan have higher mortgage rates available. This difference in rates is caused by various factors such as lack of competition in the mortgage market. The more lenders a market will have, the lower will be the rate available to home buyers. Also, differences in household income, population, real estate prices and demand, and mortgage amounts also impact the mortgage rates.

The Big 6 banks in Canada (RBC, TD, Scotiabank, CIBC, BMO, and National Bank) are vying for the home buyers in Ontario and are also the largest lenders in the province. Some other B-lenders and alternative lenders are also vying for a piece of the mortgage pie in Ontario. Credit unions on the other hand have also entered the race with the big banks for mortgage buyers in Ontario.

Ontario also has a higher-than-average ratio of mortgages with 30-year amortizations. This is most likely a result of high property values, which lead borrowers to try and minimize their mortgage payments. The province also has a larger percentage of private mortgages. That’s a direct result of Ontario having more private mortgage lenders than anywhere else in Canada.

The most popular mortgage terms in Ontario

Ontario tends to have the same selection of mortgages as any other province, with a higher concentration of large (a.k.a. “jumbo”) mortgages compared to other provinces. That could be due to Ontario’s higher average incomes.

As with the rest of the country, Ontario’s mortgage market peaks in the spring, with March, April and May being the busiest months. The best rates are often available during this time when the competition is fiercest.

In Ontario, 5-year fixed mortgages are popular for their predictability and stability. Your interest rate and payments remain the same for five years, following the 5-Year Government of Canada bond yield, with a slight premium. Shorter-term mortgages are also common, but they require more frequent renewals, which can be burdensome for some mortgage buyers. Locking in a rate for 5 years provides peace of mind and avoids short-term rate fluctuations, making it a preferred choice for many homeowners.

Mortgage rate trends in Ontario (2020-2023)

Homeowners in Canada have seen the greatest ups-and-downs in mortgage history in the last three years than ever before. With mortgage rates dropping significantly in Q2 2020 at the beginning of the COVID-19 pandemic, to the Bank of Canada increasing overnight policy rate 10 times since March 2022, as part of its monetary tightening policy to curb inflation.

The Bank aims to bring inflation down to 2% from the current 3.8%. This tightening has added to the woes of homebuyers seeking mortgage because the rates are exorbitantly high, and most people are struggling to buy their first homes. Homeowners have been finding it difficult to renew their mortgage because of the high interest rates. Here’s a look at how the 5-year conventional mortgage rates and 5-year personal fixed term rates posted by Canadian chartered banks have changed in the last three years:

Mortgage rate trends Ontario (2020 - 2023)

Ontario’s housing market trend

Ontario’s new tagline is “A Place to Grow,” which is also what’s expected for the province’s population. The Ontario Ministry of Finance projects the population of Ontario will increase some 30.2% over the next two decades, bringing the total population to 18.5 million by July 1, 2041. With a population of more than 13.5 million, Ontario is home to about 2 in 5 Canadians. More than 85% live in urban centres, in cities on the shores of the Great Lakes.

There are so many incredible aspects to Canada’s most populous province, from its natural resources to its growing cities. So it is no surprise that many new immigrants want to live, work and raise a family here.

Based on CREA data, house prices in some Ontario markets in September 2023 are having a decent increase in average house prices comparing to previous year, especially in some major cities like the Greater Toronto Area (+2.4%), Hamilton-Burlington (+1.9%), Sudbury (+9.4%), which have not been affected due to the growing interest rates. However, some markets have seen decrease in house prices, like Brantford (-2.18%), Cambridge (-0.6%), Durham (-0.67%), Kingston (-3.25%), Niagara (-1.23%), Oakville-Milton (-0.53%). This could be due to the paucity of demand in the housing market as buyers are struggling to pass mortgage stress test at this high rate.

Average house prices in Ontario

The average house prices in different regions of Ontario as of September 2023 compared to September 2022 are below:


Barrie and District



Durham Region

Greater Toronto





Niagara Region





Ontario provincial average

September 2023
















September 2022
















Year Over Year Changes

+$13,100 (+1.63%)

-$15,100 (-2.18%)

-$4,500 (-0.60%)

-$6,087 (-0.67%)

+$26,500 (+2.41%)

+$17,200 (+2.09%)

+$15,900 (+1.90%)

-$18,600 (-3.25%)

+$8,000 (+1.10%)

-$8,100 (-1.23%)

-$6,800 (-0.53%)

+$3,100 (+0.48%)

+$39,900 (+9.74%)

+$6,700 (+1.17%)

+$15,908 (+1.90%)

What affects mortgage rates in Ontario?

There are different factors that can impact your mortgage rate, including your financial condition. However, some external factors are beyond your control and can impact your mortgage in a big way. Here are some factors that can impact your mortgage rate in Ontario:

  1. Bond market – Due to expectations of an economic downturn, bond yields, which lead fixed mortgage rates, have been falling. The thinking is that inflation may be nearing its peak, but the recession risk is real. Because the BoC has continued its strategy of quantitative tightening, interest rates remain relatively high and may do so throughout the year. A significant decrease in energy and food inflation may change the Bank’s thinking but so far that hasn’t happened.
  2. Supply and demand on real estate – Market demand can also affect mortgage rates. As demand heats up, prices for homes go up but competition from lenders could be a bonus for home buyers looking to buy homes, with banks offering lower rates to win business.
  3. Factors that determine your own mortgage rate – Yes, inflation, supply and demand, and the Bank of Canada will influence mortgage rates and trends but there are factors that affect you personally. For example:
  4. Credit score – This will show lenders your trustworthiness and how likely you are to pay down debt
  5. Down payment – The more you save and have for a down payment, the lower your rate may be. Lenders want to reduce risk and so if you have more to put down towards your house, the more you may get a lower rate.
  6. Type of rate – If you choose a fixed rate mortgage your payment and rate will stay the same throughout your full term. A variable rate mortgage will fluctuate based on the prime lending rate set by the lender.
  7. Mortgage loan term – Choosing fixed rate mortgages can allow you to lock into lower rates if, for example, you choose a 5-year term versus a shorter 1-year term.
  8. Personal Income – Mortgage lenders will want to know you have the ability to pay your mortgage and your debt to income ratio (percentage that evaluates your debt compared to your gross income) can sustain payments,
  9. Appraisal Value – Appraisials can change the value of the home you are purchasing and ultimately your mortgage rate. If you’ve saved 20% for a downpayment and then the appraiser values the home less than you thought, your downpayment actually becomes less than 20%, which could affect the risk factor and mortgage rate your lender would be willing to provide.
  10. First-time homebuyer program – The first-time homebuyer program enables newcomers to Canada to get cashback on their purchase of the first home. If you are a first-time homebuyer in Ontario, you get additional provincial discounts on your new home. This may have an impact on your mortgage rate as you would have to take mortgage insurance as well.

Ontario Average New Mortgage Loan Value

Finding the right mortgage depends on your financial situation and how much mortgage you can afford.

Ontario’s average value of new mortgage loans is among the highest in the country, only second to British Columbia. Alberta is cutting close to Ontario, but Ontario’s average value of new mortgage loans are significantly higher from the national average as well. We can see the trend that average new mortgage loan value in Q1 - Q2 2023 is lower than Q1 - Q2 2022, because of the real estate prices were skyrocketing in Q1 - Q2 2022, and came down significantly in 2023, based on the Single Family Benchmark Price from CREA data. Another reason for the average mortgage loan value is lower also because of the possibility that some homebuyers tapped into the equity of their existing homes to pay downpayment on the new property.

Average Value of New Mortgage Loans ($)
Geography 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2
Canada 350,686 361,001 366,163 363,654 325,612 320,298 314,864
Newfoundland 207,769 214,003 219,188 232,851 216,426 214,277 201,787
Prince Edward Island 246,930 242,214 244,884 251,957 253,908 231,844 234,411
Nova Scotia 238,656 240,473 250,006 258,677 237,381 227,788 234,636
New Brunswick 178,892 179,304 188,394 203,216 186,699 182,986 182,197
Québec 218,440 224,133 228,524 237,520 206,201 202,014 194,035
Ontario 434,185 448,031 462,494 462,701 418,808 406,429 405,975
Manitoba 249,534 247,682 255,490 272,728 251,420 237,080 236,740
Saskatchewan 254,453 251,715 243,338 260,163 240,763 232,458 226,308
Alberta 317,212 319,728 331,285 339,854 317,353 310,002 316,597
British Columbia 474,258 484,941 491,960 487,366 439,719 429,370 440,387

Ontario average mortgage monthly payment (2022 - 2023)

The average scheduled monthly payment of new mortgage loans, according to a CMHC report, in Ontario compared to other provinces is listed below. The significant increase in the average monthly mortgage payment started in Q3 2022 mainly due to the rise in Bank of Canada overnight interest rates increase started in April 2022.

Geography 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2
Canada $1,594 $1,722 $1,909 $1,923 $1,984 $1,922
Nova Scotia $1,180 $1,290 $1,438 $1,441 $1,449 $1,470
New Brunswick $944 $1,026 $1,161 $1,162 $1,191 $1,179
Québec $1,093 $1,150 $1,266 $1,239 $1,274 $1,222
Ontario $1,897 $2,099 $2,392 $2,449 $2,494 $2,445
Manitoba $1,176 $1,277 $1,449 $1,473 $1,462 $1,464
Saskatchewan $1,272 $1,284 $1,463 $1,476 $1,516 $1,452
Alberta $1,476 $1,601 $1,800 $1,856 $1,907 $1,907
British Columbia $2,038 $2,234 $2,506 $2,553 $2,607 $2,626

Source: CMHC

Ontario mortgage performance

Below are recent mortgage arrears statistics from the province of Ontario, as tracked by the Canadian Banker’s Association until August 2023.

Ontario mortgage performance

# of Mortgages # in Arrears % in Arrears
2009 1,743,409 7,340 0.42%
2010 1,793,660 6,482 0.36%
2011 1,844,262 5,195 0.28%
2012 1,866,397 4,061 0.22%
2013 1,950,992 4,023 0.21%
2014 1,962,120 3,433 0.17%
2015 1,971,704 2,834 0.14%
2016 1,974,728 2,449 0.12%
2017 2,012,388 1,965 0.10%
2018 2,008,774 1,925 0.10%
2019 2,036,450 1,836 0.09%
2020 2,111,669 2,135 0.10%
2021 2,174,192 1,352 0.06%
2022 2,202,656 1,630 0.07%
2023 (to August) 2,198,619 1,983 0.09%

Source: Canadian Banker’s Association.

The table Includes data from BMO, CIBC, HSBC Bank Canada, National Bank of Canada, RBC Royal Bank, Scotiabank, TD Canada Trust, Canadian Western Bank, Manulife Bank (as of April 2004), Laurentian Bank (as of October 2010), Equitable Bank (as of November 2020)

Mortgage arrears are considered a lagging economic indicator because they typically relate to events that have happened in the past and take time for their financial impact to be felt. Payment arrears are driven primarily by employment conditions and major changes in life circumstances that can cause an unexpected loss of a significant portion of household income.

Ontario's total number of mortgages is 2,198,619 with 1,983 mortgages in arrears. Ontario's low mortgage arrears rate, at 0.09% of the total number of mortgages, can be attributed to several factors such as strong economy, mortgage regulations, government support, responsible borrowing, among others. Ontario has historically had a strong and diversified economy, with a significant job market and a variety of industries. A robust job market can help homeowners meet their mortgage obligations, reducing the risk of arrears.

Ontario homeowners may be prudent in their borrowing and monetary management, which can reduce the likelihood of falling behind on mortgage payments.

While Ontario has a low arrears rate, it's important to monitor the situation over time, especially during economic fluctuations, to ensure that homeowners continue to have the support they need to maintain their mortgage payments.

Frequently asked questions about Ontario mortgage rates

These are some of the most-asked mortgage questions in the province, as well as tips on finding the cheapest mortgage rates in Ontario.

What are today’s mortgage rates in Ontario?

All of Ontario’s best mortgage rates can be found on this page. Enter your mortgage type, home value and mortgage size and our rate table will do the rest. You’ll instantly see the lowest rates matching your criteria appear from dozens of lenders.

Who provides the best mortgage rate in Ontario?

The lowest default-insured rates (for those putting down less than 20%) usually come from mortgage brokers. The lowest uninsured rates, particularly for people putting down 20%, generally come from banks.

Will mortgage rates in Ontario go up or down in 2024?

According to CREA’s housing market forecast, Ontario is forecast to see virtually no growth in prices next year (+0.2%). Modest price growth in the 1% to 2.5% range is forecast for other provinces in 2024. With the BoC policy interest rate expected to remain stable at 5% for the remainder of 2023, mortgage rates are still hovering high and making it difficult for first time home buyers and investors to take the plunge into the housing market at this time. However, the mortgage market is abuzz with the Bank holding its policy rate at 5% until later next year, which will bring some stability to the housing market and give buyers, who can afford to own a home at that rate, some confidence to take the leap of faith.

What is the minimum down payment required for a mortgage in Ontario?

The minimum down payment is 5% of the purchase price. But those funds can be borrowed from another source, so long as you qualify with your chosen lender.

Should I use an Ontario mortgage broker?

Ontario mortgage brokers often have the lowest rates in the province, particularly for default-insured mortgages. And they’re generally free of charge for qualified borrowers. Ontario brokers also tend to provide better advice than many lender representatives since they specialize in mortgages and deal with multiple lenders. Note that all brokers must be licensed by the Financial Services Regulatory Authority of Ontario. Here’s a link to see if your broker is licensed.

How can I calculate how much my Ontario mortgage payments would be?

Our Ontario Mortgage Payment Calculator will help you figure out how much you’ll pay with any rate you find on the site. It only takes a few minutes to use, so give it a try. You can modify the mortgage amount, mortgage term and type, amortization and payment type to see how your mortgage options and payment amount are impacted.

Is the lowest Ontario mortgage rate the best rate?

Not always. The lowest rates usually come with more limitations. These restrictions can cost you much more than the small rate savings. Such terms are common with “low frills” mortgages and typically kick in when you try to port, break or increase the mortgage after closing. When comparing mortgage rates, don’t be afraid to ask potential lenders questions to ensure you understand the terms and conditions of your mortgage.

*Based on the difference between estimated deep-discount 5-year fixed rates from Canada's top six banks and the lowest comparable rates on RATESDOTCA, as of January 14, 2022.

Shivani Kaul

Shivani is a Content Manager at RATESDOTCA, 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 Master’s 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.

  • Mortgage
  • Credit Cards
  • Real Estate
  • University of Toronto
  • Symbiosis Institute of Media and Communications
  • University of Delhi

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