Best mortgage rates
in Ontario.
Today’s best 5-year fixed in Ontario is 4.14% across our network. Variable is 3.00%. Canada's largest mortgage market — GTA price stratification, Big-6 + monoline dominance, and FSRA-licensed brokerages competing aggressively on rate.
Mortgage rates in Ontario today start at 4.14%% fixed and 3.00%% variable across our 100+ lender network. The average home in Ontario is $797,486; the federal stress test requires qualifying at your rate + 2%. 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.
What are the best mortgage rates in Ontario right now?
From 100+ lenders, lowest first. Rates are for insured mortgages unless noted.
How are mortgage rates set in Ontario?
Your lender sets your rate from your credit, income, amortization and down payment. Fixed rates follow bond yields. Variable rates follow the Bank of Canada. 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.
Follow the 5-year bond yield
Lenders price 5-year fixed rates off the Government of Canada 5-year bond yield. When yields rise, fixed rates follow within days. A 0.25% move adds about $12/month per $100k.
Follow the Bank of Canada
Variable rates are prime plus or minus a discount. The Bank of Canada sets its rate 8 times a year, and prime is that rate + 2.20%.
Credit and down payment
Insured mortgages (under 20% down) get the deepest discounts. Files with 20% or more down pay 0.05–0.25% more. A score above 720 gets the best tier.
What lenders look at in Ontario
- 1. Your credit and income. Lenders check your credit score, income papers and total debt. A score above 720 gets the best discounts.
- 2. The lenders in your province. Not every lender works in every province, and pricing varies by region. Brokers reach banks, credit unions and monoline lenders.
- 3. Fixed or variable. Fixed rates follow Government of Canada bond yields. Variable rates follow the Bank of Canada. Neither is always cheaper over a full term.
- 4. The stress test. You must qualify at your rate + 2%, or 5.25%, whichever is higher. We build your application so you pass on the best product, not the easiest one.
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.
Ontario mortgage rates — common questions.
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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.
Is the mortgage stress test the same in Ontario as elsewhere in Canada?
Yes — the federal stress test applies uniformly in every province: you must qualify at your contract rate plus 2%, or 5.25%, whichever is higher. There is no Ontario-specific exception. The stress test determines your maximum mortgage size, not the rate you pay.
What is the minimum down payment on a home in Ontario?
Federal minimums apply: 5% on the first $500,000 of purchase price, 10% on the portion from $500,000 to $1,500,000, and 20% above $1,500,000. At Ontario's average home price of $797,486, the minimum down payment is roughly ~6.9%. Below 20% requires CMHC, Sagen, or Canada Guaranty default insurance.
What first-time buyer programs apply in Ontario?
Federally: the First-Time Home Buyer Tax Credit ($1,500 non-refundable), the First Home Savings Account (FHSA — save up to $40,000 tax-free), and the RRSP Home Buyers' Plan ($35,000 withdrawal repaid over 15 years) all apply province-wide. Provincially: First-time buyers can claim up to $4,000 in Ontario LTT rebate; Toronto purchases stack an additional municipal $4,475 FTHB rebate.
Have a Ontario offer from a big bank?
Bring us a written offer from a big bank. We’ll try to beat it. If we can’t, we pay you $500. Conditions apply. See the conditions
- 5-minute pre-qualification
- No credit check to start
- Same-business-hour response