OntarioLive ratesUpdated Sep 22, 2026

Ontario mortgage rates.

Canada's largest mortgage market — GTA price stratification, Big-6 + monoline dominance, and FSRA-licensed brokerages competing aggressively on rate.

FSRA #13737| 50+ languages

Best Ontario rates

Updated Sep 22, 2026

5-yr fixed

4.14%

5-yr variable

3.44%

3-yr fixed

3.99%

2-yr fixed

3.99%

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Live · updated Sep 22, 2026

Lowest offer per term across 100+ lenders

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Lender

Term

Type

Rate

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Meridian Credit Union Best

Credit Union

5-yr

Variable

3.44%APR 3.44% · $2,778/mo

Apply now

Meridian Credit Union Best

5-yr · Variable

3.44%

APR 3.44% · $2,778/mo

Apply now

Radius Financial

Monoline Broker-only

3-yr

Variable

3.55%APR 3.55% · $2,811/mo

Apply now

Radius Financial

3-yr · Variable Broker-only

3.55%

APR 3.55% · $2,811/mo

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Marathon Mortgage Corp

Monoline Broker-only

0.5-yr

Fixed

3.64%APR 3.64% · $2,837/mo

Apply now

Marathon Mortgage Corp

0.5-yr · Fixed Broker-only

3.64%

APR 3.64% · $2,837/mo

Apply now

Marathon Mortgage Corp

A_LENDER Broker-only

6-yr

Fixed

3.64%APR 3.64% · $2,837/mo

Apply now

Marathon Mortgage Corp

6-yr · Fixed Broker-only

3.64%

APR 3.64% · $2,837/mo

Apply now

Scotiabank

Bank

2-yr

Fixed

3.99%APR 3.99% · $2,943/mo

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Scotiabank

2-yr · Fixed

3.99%

APR 3.99% · $2,943/mo

Apply now

Alterna Savings

Credit Union

3-yr

Fixed

3.99%APR 3.99% · $2,943/mo

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Alterna Savings

3-yr · Fixed

3.99%

APR 3.99% · $2,943/mo

Apply now

Desjardins

Credit Union

4-yr

Fixed

4.14%APR 4.14% · $2,988/mo

Apply now

Desjardins

4-yr · Fixed

4.14%

APR 4.14% · $2,988/mo

Apply now

Desjardins

Credit Union

5-yr

Fixed

4.14%APR 4.14% · $2,988/mo

Apply now

Desjardins

5-yr · Fixed

4.14%

APR 4.14% · $2,988/mo

Apply now

DUCA (Near Prime)

Alternate

1-yr

Fixed

4.19%APR 4.19% · $3,004/mo

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DUCA (Near Prime)

1-yr · Fixed

4.19%

APR 4.19% · $3,004/mo

Apply now

Desjardins

Credit Union

7-yr

Fixed

4.49%APR 4.49% · $3,096/mo

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Desjardins

7-yr · Fixed

4.49%

APR 4.49% · $3,096/mo

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CTBC Bank

Alternate

2-yr

Variable

4.75%APR 4.75% · $3,178/mo

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CTBC Bank

2-yr · Variable

4.75%

APR 4.75% · $3,178/mo

Apply now

CTBC Bank

Alternate

1-yr

Variable

4.95%APR 4.95% · $3,241/mo

Apply now

CTBC Bank

1-yr · Variable

4.95%

APR 4.95% · $3,241/mo

Apply now

TD Canada Trust

Bank

10-yr

Fixed

5.34%APR 5.34% · $3,366/mo

Apply now

TD Canada Trust

10-yr · Fixed

5.34%

APR 5.34% · $3,366/mo

Apply now

Est. payment shown on a $700,000 home, 20% down, 25-yr amortization. Rates updated daily. O.A.C., E.&O.E.

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Ontario rates by term

Compare the best Ontario rate for each term — fixed and variable.

5-Year Fixed 5-Year Variable 3-Year Fixed 3-Year Variable 2-Year Fixed 1-Year Fixed 4-Year Fixed 7-Year Fixed 10-Year Fixed

Average price

$797,486

Ontario province-wide average residential price, Ontario Real Estate Association (via CREA), July 2026. See the release.

Ontario Land Transfer Tax (LTT)

Tiered tax of 0.5%–2.5% on purchase price, calculated at closing on the entire amount.

First-time buyers can claim up to $4,000 in Ontario LTT rebate; Toronto purchases stack an additional municipal $4,475 FTHB rebate.

Toronto purchases pay BOTH Ontario LTT AND Toronto Municipal LTT. Below $3 million the two schedules match, so the tax is effectively doubled. Above $3 million they diverge sharply: since 1 April 2026 the municipal tax runs its own luxury brackets — 4.4% from $3M, 5.45% from $4M, 6.5% from $5M, 7.55% from $10M and 8.6% above $20M — against a flat provincial 2.5%. On a $5 million purchase that is about $160,000 municipal against $111,000 provincial.

Regulator

Financial Services Regulatory Authority (FSRA)

Official site →

Top Ontario lenders

TDRBCScotiabankMCAPFirst NationalEquitable Bank

Why Ontario rates work the way they do

Ontario has the deepest lender competition in Canada — every monoline (MCAP, First National, RFA, B2B Bank), every Big-6, and 25+ credit unions actively bid. This typically produces the sharpest discount-rate offers in the country.

Foreign-buyer rules: Non-Resident Speculation Tax (NRST) of 25% applies to foreign buyers province-wide; combined with the federal foreign-buyer ban (extended to 2027), foreign purchases are largely paused.

Mortgage brokers in Ontario

Same FSRA license, same 100+ lender network — applied to each Ontario market.

Ontario is not one market, and the file mix changes street by street. Toronto and Vaughan run on price stratification and multi-generational buying; Hamilton is investor and multiplex territory; the Halton belt west of the city is dominated by established owners rather than first purchases — a mortgage broker in Burlington, Ontario spends far more of the week on renewals, refinances and equity take-outs than on first-time files. Pick your market below for local prices, lender notes and closing-cost figures.

Today’s rate read · Ontario

AI-generated from the live board · live feed · as of 2026-09-22T19:45:58.131Z

Maya

4.14%

5-yr fixed

3.44%

5-yr variable

5.95%

Lender prime

4.25%

BoC overnight

The best 5-year fixed mortgage rate is currently 4.14%, while the best 5-year variable rate is 3.44%; this indicates that fixed rates are generally higher than variable rates by 70 basis points. The Bank of Canada's overnight rate is at 4.25%, and with a lender prime rate of 5.95%, the current trend suggests a potential shift in interest rates may be on the horizon.

Estimates only — your rate depends on your file. FSRA #13737.

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FAQ

Ontario mortgage rates — common questions.

Don’t see yours? Ask Maya — instant answer in 50+ languages.

What is the average mortgage rate in Ontario today?

Best discounted 5-year fixed rates in Ontario typically sit 0.10–0.20% below national averages because of lender competition. Variable rates track Prime minus a negotiated discount (currently ~Prime −0.85% to −1.05% for insured purchases).

How much is the Ontario Land Transfer Tax on a $1,000,000 home?

Approximately $16,475 on a $1M home (provincial LTT only). In Toronto add roughly another $16,475 in municipal LTT for a combined ~$32,950 — below $3 million the two schedules are identical, so Toronto buyers simply pay it twice. Above $3 million that stops being true: Toronto's municipal luxury brackets run from 4.4% to 8.6% while the province stays at 2.5%, so on a $5 million purchase the municipal share alone is about $160,000. First-time buyers can claim up to $4,000 provincial rebate, plus $4,475 in Toronto.

Do I need a 20% down payment in Ontario?

No — 5% down works on purchases up to $500,000 of price; 10% on the portion between $500K and $1.5M; 20% above $1.5M. Below 20% means CMHC/Sagen/Canada Guaranty insurance, financed into the mortgage.

Which Ontario cities have the highest home prices?

Oakville (~$1.54M), Vaughan (~$1.42M), Richmond Hill (~$1.42M), Caledon (~$1.40M), Markham (~$1.29M), Burlington (~$1.18M), Toronto (~$1.15M). The GTA core dominates the top 10.

Are credit unions a good option in Ontario?

Yes — Ontario credit unions (Meridian, Alterna, DUCA, Tandia, FirstOntario) often qualify at contract rate (not stress-test rate) and price competitively for self-employed and rental-income files. We compare them on every applicable file.

Rates in other provinces

Same broker, every province — pick yours.

National rate table →

British Columbia Alberta Quebec Manitoba Saskatchewan Nova Scotia New Brunswick Newfoundland and Labrador Prince Edward Island

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