The Best Mortgage Rates in Ontario

Compare mortgage rates from Ontario's top banks, lenders & brokers

Today's top rates in:

5-Year Variable
5-Year Fixed
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Compare Ontario mortgage rates from lenders across Canada

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Ontario Mortgage Rate Comparison (Rate Matrix)

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

Updated 16:01 EDT on Sep 22, 2023
Insured 80% LTV 65% LTV Uninsured Bank Rate
1-year fixed rate 6.44% 5.59% 5.59% 6.19%
2-year fixed rate 6.09% 6.15% 6.15% 6.34%
3-year fixed rate 5.29% 5.59% 5.59% 5.79%
4-year fixed rate 5.39% 5.59% 5.59% 5.54%
5-year fixed rate 5.19% 5.44% 5.44% 5.34%
7-year fixed rate 5.84% 6.34% 6.34% 5.99%
10-year fixed rate 6.00% 6.39% 6.39% 6.00%
3-year variable rate 7.70% 6.40% 6.40% 6.10%
5-year variable rate 5.99% 6.20% 6.20% 6.10%
HELOC rate 7.70% 8.20% 8.20% 7.40% N/A
Stress test 5.99% 6.99% 6.99% 6.99% N/A

Ontario mortgage rate market characteristics

As the most populous province in the nation and home to the most lenders in the country, Ontario is Canada’s most competitive mortgage market. Average mortgage rates in Ontario are below every other province the large majority of the time.

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, the most mortgage brokers and the most credit unions in the country. And they’re all vying for your mortgage business.

Due to the higher property values and concentrations of lenders and mortgage brokers, the lowest rates are usually enjoyed by residents near the greater Toronto area and Ottawa. But that’s less true now than it once was thanks to the online shopping power of the Internet.

Types of mortgages available 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.

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.

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.

Mortgage rate trends in Ontario

Below are the best conventional (uninsured) mortgage rates in Ontario over the last five years, as of year-end. Rates remain low with little foreseeable inflationary pressure to rocket them higher.

Mortgage rate trends in Ontario
Ontario 5-year Variable
Ontario 5-year Fixed

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.

There are so many incredible aspects to Canada’s most populous province, from its lush natural resources to its growing cities. That and solid job growth make the population boom less of a surprise.

As a result of its popularity, home prices in Southern Ontario are expected to continue rising. Prices are particularly prone to inflation in Ontario’s “Golden Horseshoe” region where immigration is high, land is limited by the protected “green belt” and homes remain in short supply.

That, in turn, implies that Ontario mortgage amounts (and payments) will grow faster than the national average.

Typical Ontario mortgage amounts

Finding the right mortgage has a lot to do with determining what you can afford. And that depends on where you live.

Below are typical mortgage amounts for someone putting down 20% in select Ontario cities. They’re based on a 30-year amortization and average purchase prices as tracked by the Canadian Real Estate Association (CREA) (as of April 2021):

  • Barrie and District: $570,800
  • Brantford: $475,920
  • Cambridge: $589,920
  • Durham Region: $715,858
  • Greater Toronto: $806,080
  • Guelph: $616,400
  • Hamilton-Burlington: $692,240
  • Kingston: $462,379
  • Kitchener-Waterloo: $590,560
  • Niagara Region: $496,560
  • Oakville-Milton: $1,068,720
  • Ottawa: $489,520
  • Sudbury: $308,027
  • Windsor-Essex: $416,494

Naturally, there are numerous perfectly habitable areas outside of these cities. If a home near the central core doesn’t match your mortgage budget, a 30- to 40-minute commute can often save you hundreds of thousands on the purchase price and/or hundreds of dollars on your mortgage payment.

Ontario mortgage performance

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

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 2,088,265 2,089 0.10%
2021 (to February) 2,086,163 2,130 0.10%

Thanks to Ontario’s stable economy and housing market, it tends to have lower arrears rates than other provinces.

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 2020?

At the time this is being written, economists project little chance of a material increase in mortgage rates in 2020. The most common forecast is for flat to slightly lower rates by the end of this year.

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.

Ontario Mortgage Calculators

Want to know how much a mortgage will set you back each month, or how big of a mortgage you'd qualify for, or whether refinancing make sense? Our Ontario mortgage calculators have these answers and then some. When it comes to home financing it's easy to take on more debt than you planned. So crunch the numbers, keep your monthly expenditures at a comfortable level and stay on budget.

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