Are you looking to save money on your mortgage in Ontario? Rates.ca can help! Searching for the cheapest mortgage rates in Ontario doesn’t have to be time consuming. Rates.ca makes it easy to find, compare and save on the best mortgage rates in Ontario. Our rates are available for a new purchase, refinancing, pre-approval, debt consolidation and renewals. Mortgage rates are available to residents of Toronto, Ottawa, London, Windsor, Kitchener, Mississauga and those living in all other parts of Ontario.
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Ottawa mortgage shoppers are lucky. They live in one of the most competitive mortgage markets in Canada.
The city not only has strong borrower fundamentals (given all the well-paying government and tech jobs in the region), but it’s also got a high concentration of mortgage brokers. That makes competition for Ottawa mortgages fierce, resulting in some of the best interest rates in the nation. If you live in the Ottawa area, and are thinking about buying a home, or refinancing your current mortgage, there are some things you should know before settling on a mortgage rate.
If you’re looking for the lowest mortgage rates available, our tools are designed to empower you. They’ll help you compare the best Ottawa mortgage rates and terms from an array of Canada’s top lenders.
If you’re just starting your home-buying journey in Ottawa, or looking to make a change to your existing mortgage, give our mortgage payment calculator a go. It’ll help you determine what you can afford, first and foremost. Then, once you have this baseline, you can start comparing Ottawa mortgage rates to get an accurate sense of the borrowing cost.
Buying a home is one of the biggest decisions you’ll make. Financing that decision takes careful consideration of factors like the mortgage term, interest rate, whether to get a preapproval, your qualifications and the rate type (fixed or variable), to name just a few.
Here are a few tips to get you started:
Educate yourself before you start your home-financing journey by checking out our mortgage guides. They offer a comprehensive list of things you need to know before obtaining a mortgage in Ottawa.
If you’re looking to purchase a home in Ottawa and have found a few possibilities, the next step is comparing mortgage offers. You’ll find the best mortgage rates in the city on Rates.ca.
It’s important to note that our listings include all major banks, credit unions and top brokers in Ottawa. The region is fortunate to benefit from competitive Ontario-based credit unions (like Meridian and Alterna), deep-discount online brokers, online banks (like HSBC and motusbank) as well as all six of the big banks. In short, there are more rate options in Ottawa than all but a handful of other cities in Canada.
Ottawa has become one of the country’s most in-demand real estate markets given its accessible housing costs, strong employment and family-centric communities. That’s true even as home prices continue to rise. Indeed, the city’s reasonable home-price-to-incomes ratio is most appealing to first-time homebuyers in Ottawa.
Best all-around Ottawa real-estate market: Orléans
Average Orléans home price: $394,200
Orléans, an affordable and fast-growing suburb, is a family-centric community with many schools and great proximity to downtown Ottawa. Whether it’s a detached house, townhouse, or an apartment that you’re looking for, there are ample housing options to choose from. According to data from the Ottawa Real Estate Board (OREB), home prices in the area are increasing but remain among the best bargains in the city.
Using the Rates.ca mortgage payment calculator, if you were to purchase a residential-class property in Orléans at August 2019’s average price of $484,921, with 20% down, an amortization period of 25 years, and a fixed-closed mortgage rate of 2.99%, your monthly mortgage payment would be approximately $1,834.
Let’s apply the same mortgage parameters to a few other housing types to provide context on how monthly mortgage costs can vary depending on the property.
Ottawa's average one-floor condo:
Benchmark price: $330,102
Average monthly mortgage payment: $1,248
Ottawa's average two-story detached home:
Benchmark price: $515,531
Average monthly mortgage payment: $1,950
*Statistics via OREB
While houses in Ottawa are more affordable than in cities such as Calgary, Toronto and Vancouver, Ottawa’s housing market has still seen a staggering increase in prices.
The Ottawa Real Estate Board recorded a record-breaking surge in new listings and sales activity in summer 2019, with the average sale price of a residential-class property approaching $500,000. Ottawa has, in the last 10 years, seen an approximate increase of over 50% in average prices for residential properties and over 33% for condominiums.
OREB members are said to have sold a total of 1,731 homes in August 2019, up by 9.5% (compared to 1,581 in August 2018), with an average house price of $441,064, up by 9.1%.
Condominium prices also continue to rise, according to Statistics Canada. The Ottawa market saw new condo prices rise on a quarterly basis, up by 8.4% from the first quarter.
If you’re looking to call this bustling capital home, there may be no better time than now. According to OREB President Dwight Delahunt, appreciation trends could continue as Ottawa’s population and jobs grow faster than the national average.
The capital city is home to over one million people. Sixty-six percent of the population lives in Ottawa, and the rest in neighbouring municipalities, including Gatineau. Ranked one of the best Canadian cities to raise a family, Ottawa appeals to families because of its greenery, excellent healthcare, lower crime rates, great public transit, beautiful schools and first-class universities.
When it comes to quality of life, Ottawa scores strongly. Research by Canadian Business ranked Ottawa as Canada’s best place to live on the basis of income, new car ownership, crime and unemployment rates, housing, better healthcare, and great culture. On top of Ottawa’s reputation for being a laid-back, family-oriented region, Mercer has ranked Ottawa as the third-best city in North America, beating fellow Canadian cities Toronto and Vancouver.