Best mortgage rates in Richmond Hill.
Today’s best rate in Richmond Hill is 3.44%. We compare Richmond Hill mortgage rates across 100+ Canadian lenders and lock your best on one application — no bureau pull to start.
The lowest rate on today’s board for Richmond Hill is 3.44%. On the average price of $1,205,777, 20% down and the best 5-year fixed come to about $5,148/month; the smallest legal down payment is $95,578, plus $20,591 of Ontario land transfer tax at closing. Established multi-cultural market with heavy investor activity.
Meridian Credit Union Best5-year variable3.44%Apply Meridian Credit Union5-year variable3.44%Apply 
Radius Financial3-year variable3.55%Apply Radius Financial3-year variable3.55%Apply 
Marathon Mortgage Corp0.5-year fixed3.64%Apply Marathon Mortgage Corp0.5-year fixed3.64%Apply 
Desjardins5-year variable3.70%Apply 
TD Canada Trust3-year variable3.97%Apply Rates illustrative; your file (credit, income, LTV) sets your personalized rate. See all Ontario rates →
Financing a $1,205,777 home in Richmond Hill
Richmond Hill's average price sits 24% below the $1,500,000 insurance line, so an above-average purchase can cross it — and past the line the minimum is 20%, not the tiered amount. At the average price itself, choosing 20% down over the minimum means $145,578 more cash and no $44,408 premium.
On the 20%-down loan, variable is $362 a month cheaper than fixed today.
| At $1,205,777 | Minimum down | 20% down |
|---|---|---|
| Down payment | $95,578 | $241,156 |
| CMHC premium | $44,408 | None |
| Mortgage | $1,154,607 | $964,621 |
| Monthly, 5-yr fixed 4.14% | $6,161 | $5,148 |
| Monthly, 5-yr variable 3.44% | $5,728 | $4,786 |
| Stress-test payment at 6.14% | $7,484 | $6,252 |
25-year amortization, Canadian semi-annual compounding, best rates on today’s board. The stress test qualifies you at the greater of the contract rate plus 2 points or 5.25%. Illustrative, O.A.C. Model your own numbers in the payment calculator.
Land transfer tax on a Richmond Hill purchase
Richmond Hill is outside the City of Toronto, so only Ontario's land transfer tax applies — $20,591 on a $1,205,777 purchase.
The first-time-buyer refund is capped at $4,000, which here covers only 19% of the tax; a first-time buyer still owes $16,591.
All told, the minimum cash to close at this price — before legal fees, title insurance and adjustments — is about $116,169. Check other prices in the land transfer tax calculator.
The Richmond Hill market behind your rate
The $1,205,777 figure is Richmond Hill’s average price for August 2026 (the latest we have sourced), from Richmond Hill average selling price, TRREB Market Watch.
Our Richmond Hill guide works through the 3 questions that decide most files here:
- Richmond Hill detached sits above the insurance ceiling — the Yonge corridor doesn't. Richmond Hill's July 2026 all-types average selling price was $1,222,748, while the average detached sale was $1,569,133.
- York Region closing costs and the move-up sequencing problem. Richmond Hill is in York Region, which charges no municipal land transfer tax — so a purchase here pays Ontario's provincial tax only, where the same-priced home inside the City of Toronto would carry a second municipal tax on top, roughly doubling that line and payable in cash on closing.
- An illustrative Richmond Hill file: equity that arrives one day late. This is an illustrative composite drawn from the rules above — not a specific client, and not a guaranteed outcome.
How Richmond Hill neighbourhoods change the file
In 2 of these 7 Richmond Hill pockets the deciding rule is the $1,500,000 insurance ceiling — above it, 20% down is the legal minimum rather than a choice.
Bayview Hill
Executive detached (large lots)Sits above the $1.5M insured ceiling as a rule, so default insurance is unavailable and 20% down is the legal minimum. Larger loan amounts bring tighter debt-service review and an appraisal that has to carry the file.
Oak Ridges
Detached subdivision on the moraine edgeProperties on or beside protected moraine land can face conservation-authority constraints that show up in the appraisal and in any future expansion. Prices straddle the insurability line, so confirm before budgeting a down payment.
Mill Pond
Established detached, mature lotsLow-turnover older stock near the historic core. Long ownership makes this refinance and HELOC territory more than purchase territory, and every take-out stops at 80% loan-to-value.
Jefferson
2000s executive detachedNewer large homes clustered around the $1.5M line — whether a file is insurable is a per-property question here, not a neighbourhood-wide one, and the answer changes your minimum down payment by more than ten points.
Westbrook
Newer detached and townhouse subdivisionUniform recent stock with clean comparables. Secondary suites appear across the pocket, and the rent only enters your qualifying calculation once the suite is legal and permitted.
Devonsleigh
1990s detached and semiMid-band stock that more often stays under the insured ceiling, so the tiered minimum down payment is live. Established ownership also makes renewals a large share of the local work.
Crosby
Older detached and semi (freehold)One of the more affordable pockets in the town and reliably insurable. Older houses raise the standard wiring, plumbing and roof-age questions that attach conditions to an approval and matter to your property insurer.
This page is the rate-shopping side. For pre-approval strategy, document help and a dedicated advisor, see our Richmond Hill mortgage broker page.
