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Evaluate Windsor'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 | Bank Rate | |
|---|---|---|---|---|---|
| 1-year fixed rate | 6.44% | 5.59% | 5.59% | 6.19% |
7.39%
|
| 2-year fixed rate | 6.09% | 6.15% | 6.15% | 6.34% |
7.09%
|
| 3-year fixed rate | 5.29% | 5.59% | 5.59% | 5.79% |
6.70%
|
| 4-year fixed rate | 5.39% | 5.59% | 5.59% | 5.54% |
6.49%
|
| 5-year fixed rate | 5.19% | 5.49% | 5.49% | 5.34% |
5.74%
|
| 7-year fixed rate | 5.84% | 6.34% | 6.34% | 5.99% |
6.39%
|
| 10-year fixed rate | 6.00% | 6.39% | 6.39% | 6.00% |
7.25%
|
| 3-year variable rate | 7.70% | 6.40% | 6.40% | 6.10% |
8.60%
|
| 5-year variable rate | 5.99% | 6.20% | 6.20% | 6.10% |
6.70%
|
| HELOC rate | 7.70% | 8.20% | 8.20% | 7.40% | N/A |
| Stress test | 5.99% | 6.99% | 6.99% | 6.99% | N/A |
Windsor, Ontario, which borders Michigan in the U.S., is home to a large automaking history that has attracted workers and families seeking good paying jobs and affordable living. Windsor also has a large student population, which can be attractive to investment home ownership.
For those reasons and more, the Windsor area has always been a relatively competitive housing market. However, given the recent interest rates hikes by the Bank of Canada to stem inflationary pressure, the Windsor housing market has had a more difficult market environment.
According to the Windsor-Essex County Association of Realtors, home sales this past April were down more than 24% in the region. Prices were also lower by about 16% from $687,352 in April 2022 to $576,654 this year. Year-to-date, prices were down 20.5% to $696,440 and sales were down 37.7%
In Ontario, first-time home buyers can receive a land transfer tax refund of up to $4,000. You’ll receive the maximum Ontario land transfer tax refund amount if the home you are purchasing has a price tag of $368,000 or less.
The federal government also provides a First-Time Home Buyer Incentive. The program offers 5 or 10% of the home’s purchase price toward a down payment. The homebuyer must then repay the government either 5% or 10% of the property’s market value at the time of sale or 25 years.
Owing to an uncertain economic environment, mortgage growth slowed down in Canada as interest rates hiked in the second half of 2022. As the housing markets cooled down by the end of 2022, mortgage loans for property purchases dropped by 5.5% overall. Ontario's new mortgage loan value also reported a downward trend since Q2, 2022, from $486,207 to $462,701 in Q3, 2022, according to CMHC data.
In fact, monthly mortgage payments in Windsor, Ontario, have risen from $1,424 in Q1, 2022, to $1,540 in Q2, 2022 – an increase of more than 8%, which can be attributed to the rise in interest rates over the past year. That is right in the middle of the Ontario average which rose about 9%, and the national average, which rose 7%.
The average value of new mortgage loan in Windsor in Q1, 2022, was recorded at $309,282, which increased in Q2, 2022 to $321,492, an approximately 4% increase over a quarter.
As per CMHC data, Windor’s outstanding mortgage debt in Q3 of 2021 was $10.79 billion which increased by Q3 of 2022 to $12.6 billion, an approximate 17% increase in a year.
Buying your first home in Windsor is a huge step. It will likely be the most expensive thing you ever buy. Take a close look at your income or cash flow, expenses, how you see your family growing or changing; look at your future costs for school and child rearing and make honest assessments.
Besides some of the emotional decisions, you'll need to factor in unavoidable costs such as land transfer taxes, and ongoing costs like insurance, property taxes, utility bills, and maintenance. And with home ownership comes many other expenses such as furniture and appliance purchases as well as other yet-to-be discovered upgrades and finishings you will be responsible for.
An honest evaluation will allow you to assess what you can afford and how much you will need to borrow.
Getting a pre-approval on your Windsor mortgage rate helps you assess what your costs and the type of house you will be able to afford. It also allows you to calculate costs ahead of time with the knowledge that your pre-approval rate will be held for a short period of time.
What you think you might need your house for today can change in the future. Have honest discussions with your partner about growing (or not growing) your family. What type of house will make sense in the future compared to today’s needs? Do you want to be near parks, schools, community centres or does an urban lifestyle still make sense?
During the pandemic, many people moved outside of city centres thinking their work from home arrangement would last forever. As people move back into offices, the distance may become more of a burden. Consider your lifestyle needs and if issues like distance, size of the home and proximity to amenities is part of your overall needs.
A great program from the federal government is the First-Time Home Buyer Incentive, a program that makes homeownership more affordable.
Under this incentive, the federal government will give you money for a down payment, anywhere between 5% or 10% of the home's purchase. You will still have to repay the incentive when you 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.
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.
In Ontario, first-time home buyers can receive a land transfer tax refund of up to $4,000. You’ll receive the maximum Ontario land transfer tax refund amount if the home you are purchasing is $368,000 or less.
Because this is your first home purchase, you’ll need to rely on a trustworthy team of professionals who can assist you. Finding trusted real estate agents, lawyers, lenders, inspectors, and appraisers, for example, can all help you save money in the long run, and avoid costly repairs or legal challenges down the road.
Banks look at debt-to-income ratios when considering first time homebuyers’ applications. If possible, reduce as much debt as you can ahead of your application. It can help you secure a higher loan (if needed) and will help free up cash for mortgage payments down the road.
Want to learn more about Windsor mortgages? Find answers to all your questions here...
Generally, mortgage rates in Windsor should resemble those in other cities in the province. Lenders will also look at individual things such as your income, the home you want to buy, the amount of financing you need and the location of the property.
For example, according to the CMHC, the average value of new mortgage loans is different around the province:
Windsor - $321,492
Peterborough - $512,666
Hamilton - $473,533
Barrie - $451,511
Guelph - $475,362
Because the average value of mortgage loans is different in each area, there may be slight differences in mortgage rates. Location matters in real estate, which is why comparing rates on RATESDOTCA will provide the most accurate and easiest way to make the right decision for your area, and homebuying needs.
Comparing Windsor mortgage rates on RATESDOTCA gives you the most current and cheapest rates from top providers at your fingertips.
You can make side-by-side comparisons from financial institutions such as TD Bank, National Bank, RBC, Scotiabank and more. Comparing Windsor mortgage rates on RATESDOTCA gives you the knowledge you need to make an informed decision on what is likely to be the most expensive purchase of your life.
Current Windsor mortgage rates will generally reflect the rates being offered by large financial institutions in the province and around the country.
However, individual circumstances matter, which is why comparing rates on sites like RATESDOTCA with your specific needs and budget can save you thousands of dollars on your mortgage rate. You’re getting the cheapest Windsor mortgage rates from the top providers. It’s simple, takes only a few minutes and it’s free.
Once you’ve gotten over the anxiety of finding the right home and want to take the plunge into home ownership you must also consider your mortgage options. Homebuyers are faced with choosing between variable and fixed rate mortgages. The decision should come with a realistic look at your current and future needs as well as discussions with your lender or broker about what suits you the best. There is not necessarily a right or wrong answer. Quite often it comes down to your comfort levels with interest rate fluctuations versus longer fixed-rate policies that offer consistency.
Variable Rate Mortgages:
Variable rate mortgages fluctuate based on a bank’s prime rate which is influenced by the Bank of Canada overnight rates (the rate that is used for banks to charge interest to one another).
In these cases, your regular scheduled payments remain the same but the amount you pay in interest can fluctuate. While interest rates were at historic lows, variable rate mortgage holders were paying less than their fixed-rate cousins. As rates have climbed, that scenario has changed.
If you have an adjustable-rate mortgage, your monthly payments on your mortgage go up if the prime rate increases. Monthly payments will go down if the prime rate decreases.
Fixed Rate Mortgages:
Fixed rate mortgages are, well, fixed. Your interest rate will stay the same for the duration of the mortgage term. In many cases the five-year fixed rate is the most popular among homebuyers but there are three and 10-year options as well. Unlike variable rate mortgages, you have greater peace of mind knowing what the fixed cost is for the term of your mortgage. The lack of fluctuating rates can help you budget more efficiently.
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