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Best Mortgage Rates in Oshawa

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Best current mortgage rates in Oshawa 

Evaluate all of Oshawa'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

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Written by Joel Kranc

Oshawa, Ontario’s mortgage rates

As the largest province with the most competitive mortgage market in the country, Ontario has Canada's most competitive mortgage market, resulting in lower interest rates.

In fact, compared to the national average, Ontario's average mortgage rate was 31.7 basis points lower than the national average in Sep. 2022. That's 6% less than the average.

Why are rates lower in Oshawa than the ones found in cities in other provinces? Historically, Ontario has had the most mortgage professionals and lenders in the country.

Competition breeds price advantages in most cases and the number of licensed agents increased 17% year-over-year by mid-2021, bringing the total number of licensed mortgage brokers and agents to 2,749 and 13,179, according to the Financial Services Regulatory Association of Ontario.

To put it into further perspective: Mortgage Professionals Canada says its membership consists of 15,000 licensed mortgage professionals and 1,000 firms nationwide.

Average mortgage payments in Oshawa

Average mortgage rates have been on the rise nationally and in the Oshawa area. In Canada, mortgage rates stood at $1,909 per month for Q3 2022, up from $1,758 in Q2. In Oshawa, which is considerably higher than the national average, mortgage rates rose from $2,288 in Q2 2022 to $2,486 in the third quarter. The average value of new mortgage loans for Oshawa in Q2 of 2022 was $512,666, compared to the national average of $374,635. Again, higher borrowing costs have contributed to the increase.

The Bank of Canada predicts that by 2025 and 2026, the median rates for fixed and variable mortgages will be 4.4% and 4.5%, respectively. That means homebuyers who took out loans in 2020 and 20201 will see their monthly payments increase by $420, or 30% when their mortgage is renewed.

Average value of new mortgage loans in Oshawa, Ont.

The average value of a new mortgage loan in Oshawa in the second quarter of 2022 was $512,666 compared with the same period in 2021 was $450,232, which is an increase of $62,434. On an average, in Ontario, the value of new mortgage loan was $486,206 in Q2 2022, which is less than Oshawa's average by $26,460.

Province/City 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2
Ontario $403,739 $438,788 $464,838 $453,834 $474,072 $486,206
Oshawa $404,377 $450,232 $476,593 $477,657 $490,942 $512,666

Oshawa’s housing market

Much like the rest of the country, the inventory of houses for sale in Oshawa has decreased due to the higher interest rate environment. Durham Region Association of Realtors reported 564 residential transactions in November 2022 representing a significant 44 per cent decrease from this time in 2021. The number of sales reported in Durham decreased by 10.7 per cent on a month-over-month basis. The number of new listings was 1,037 in November, comparable to the 1,044 reported at this time last year.

Sales are down due to the escalating borrowing costs and rising interest rates. For example, a home sold in February 2022 with interest rates at 1.99 per cent has the same mortgage payment if it was sold in October 2022 for three hundred thousand dollars less with the heightened rates at 5.25 per cent.

The average price in Durham Region for all home types was $874,456, a 15 per cent decrease when compared to December 2021. The MLS® Home Price Index Composite benchmark was down 13.7 per cent in Durham Region at $918,400 in December.

Tips for first-time homebuyers in Oshawa, Ont.

  • Evaluate your costs

With higher interest rates in Canada and the price of goods higher than it has been in decades, Canadians are having to stretch their dollars further. Home ownership is no exception, which is why you have to evaluate your income streams, estimate the total costs of home ownership, and create a financial plan to ensure you'll be able to handle what comes your way.

For example, the price of buying a home is never just the price alone. You need to factor in closing costs, land transfer taxes, and ongoing costs like insurance, property taxes, utility bills, and maintenance. Also, a new home needs furniture, appliances and regular maintenance. Crunching these numbers will help you understand how much you can reasonably pay for a new home.

  • Seek pre-approval on your mortgage loan

Before you head out on your home buying journey, get pre-approved for a mortgage. This will give you a clearer picture of how much you can afford, what kind of interest rate you qualify for, and an estimate of your monthly mortgage bill. Without this knowledge, it's tough to know what neighbourhood or type of housing you can seek out.

  • Think long-term

In 2020 and 2021, when many employers went remote, many Canadians sought bigger homes further away from the city, assuming they no longer would be needed at the office. Many employers are now asking staff to return to the office, at least in some hybrid capacity, creating difficult commuting situations for those who moved far out of town.

Also, consider your stage in life now and where it will be in the future. Do you envision the pitter patter of little feet running around, a pet, perhaps, or the need to care for an elderly parent.

These are just a few examples of choosing a new home based on immediate needs and circumstances instead of finding a spot that will serve you from now until 10 years or more.

  • Research homebuying incentives from the federal government  

If you're considering buying your first home in Oshawa, you'll likely benefit from the First-Time Homebuyer Incentive , a federal program that makes homeownership more affordable.

Under the program, the federal government will give you money for a down payment, anywhere between 5% or 10% of the home's purchase. Homeowners still have to repay the incentive when they sell the house or after 25 years. You might also trigger a repayment if you and a co-owner split up and one wants to buy out the other. If you choose to port your mortgage, meaning you transfer your existing mortgage to a new home, you will also be required to pay the government back.

Your household income must be no more than $120,000 to qualify for the new incentive. This includes any investments and rental income, not just your employment income. You will also need a minimum down payment, which must be less than 20% of the home's total cost. Lastly, you can only buy a home with valuations that are at most four times your qualifying income; you can't exceed this ratio.

  • Find a trustworthy team of professionals

Just because your partner’s father’s friend gave you advice on homebuying, it's best to rely on the support of professionals you can trust. These can include a real estate agent, insurance broker, home inspector, appraiser, land surveyor, contractor, lawyer and more. Having an agent or inspector that can take you through the home and point out pros and cons you may have never considered (or things that need immediate repair versus items that can wait), will go a long way in saving you time, money and headaches after you move in.

If you're searching for a mortgage broker or agent, apply for a quote with RATESDOTCA. We'll set you up in three minutes with the mortgage provider offering your lowest rate.

Frequently asked questions about mortgages in Oshawa, Ont.

Got more questions about homebuying in Oshawa? We have answers.

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

By comparing rates on RATESDOTCA, you could save thousands of dollars annually. You're making an informed decision based on all the choices rather than jumping on the first mortgage offer you see. Just a few clicks and some information of what you are looking for and you’ll have immediate access to the most competitive and current Oshawa mortgage rates.

Why should I compare Oshawa mortgage rates with RATESDOTCA?

RATESDOTCA is one of the best places to compare Oshawa mortgage rates. Lenders across Canada, such as the Bank of Nova Scotia, TD Bank, National Bank, Desjardins, Home Trust, and many others, are put side by side to find you the best deal possible.

When choosing an Oshawa mortgage rate, you want choice, current information that is easy to access. When you compare current Oshawa mortgage rates on RATESDOTCA, you're doing important research ahead of a life-changing decision.

RATESDOTCA is constantly updated with the latest rates on the market, so check back frequently for new deals.

Are Oshawa mortgage rates higher than other Ontario cities?

Some cities and provinces offer more competition among lenders regarding mortgages. For the most part, Ontario is a very competitive market as it has the greatest number of lenders, agents and financial institutions vying for your business. For instance, if there's a hot housing market, lenders might choose to compete with others by lowering their rates to attract more clients.

Generally speaking, Oshawa mortgage rates are not any higher than other Ontario cities. Mortgage rates will be influenced mainly by your credit score (so you'll want to make sure it's as high as possible), your employment record, your debt-to-income ratio, the house you are looking to buy and the neighbourhood it is in.

*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.

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