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May 31
Great service
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May 27
Quick and easy
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May 19
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May 17
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May 16
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May 13
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When you find the best quote, secure your Brampton mortgage rate by talking to a licensed broker or agent.

Compare mortgage rates in Brampton

Looking for the best mortgage rates in Brampton, Canada? You’ve come to the right place. Using, you’ll have access to low rates, thanks to the intense competition among GTA banks and brokers right now. This page will always show you today’s lowest mortgage rates in Brampton.

Over the past year, mortgage rates in Brampton have decreased, and now is a perfect time to apply for a mortgage or renew the one you already have. You can compare the best mortgage rates from 50+ Canadian banks and brokers right here at

Conventional vs. high-ratio mortgages: which is cheaper?

On, you can obtain a quote for a high ratio mortgage or a conventional mortgage. After all, we’re here to help you compare mortgage rates in Brampton.

A conventional mortgage refers to one where the down payment is greater than 20% of the purchase price of the home, whereas a high ratio mortgage refers to a one where the down payment is less than 20% of the purchase price of the home.

The one you choose will impact the mortgage rates in Brampton, Ontario you recieve. We’ve pulled the average rates from our user database to give you a sense of what rates you’ll be charged on each type of mortgage.

While high ratio mortgages often come with lower rates, this is because homebuyers putting less than 20% down are required to purchase mortgage insurance. It’s important to speak with an advisor about which rate structure is right for you.

Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Ontario

DateAverage Conventional RateAverage High Ratio Rate
05/22 4.04%3.69%
06/22 4.36%3.98%
07/22 4.85%4.46%
08/22 4.79%4.36%
09/22 4.76%4.35%
10/22 5.13%4.70%
11/22 5.43%5.10%
12/22 5.23%4.82%
01/23 5.20%4.76%
02/23 5.10%4.68%
03/23 5.04%4.78%
04/23 4.79%4.44%

Last Updated: May 1, 2023

Fixed rate vs. variable rate mortgages: which is cheaper?

One of the biggest decisions you’ll make when hunting for a mortgage is whether to go with a fixed or variable rate. For much of 2020, variable rate mortgages were cheaper than fixed rate ones in Ontario. Towards the end of the year, the gap between fixed and variable mortgages narrowed and they have been virtually tied on ever since. Check out our chart below to help you calculate mortgage rates in Brampton.

Want to know what mortgage rates are right now in less than three minutes? Start an application with us.

5-year fixed vs. 5-year variable mortgage rates in Ontario

05/22 3.90%2.26%
06/22 4.24%2.71%
07/22 4.72%3.20%
08/22 4.60%3.79%
09/22 4.60%4.24%
10/22 4.99%4.60%
11/22 5.24%5.07%
12/22 4.99%5.35%
01/23 4.87%5.68%
02/23 4.83%5.89%
03/23 4.86%5.85%
04/23 4.63%5.82%

Last Updated: May 1, 2023

Factors that affect your Brampton mortgage rate

So you’re looking to find a place in Brampton. While researching where you want to live and the kind of home you want is up to you, we here at can help you with one of the most important parts of homebuying: securing the lowest mortgage rates in Brampton.

Naturally, you want to get a mortgage that’s right for you. Being able to do that means understanding what can lower or increase your rate. Below, we’ll take a look at the things that can affect your mortgage loan in Brampton.

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Typical mortgage amount in Brampton

Brampton is one of the more expensive housing markets in Canada. Situated in the Greater Toronto Area, Brampton’s closest proximity to Canada’s largest city means that you’ll be paying a premium to live there. Luckily, condo and house mortgage rates in Brampton are near record lows. Let’s dive into the prices in Brampton and the amount of mortgage you’ll need to be able to afford a home.

Brampton’s housing market and home prices

The average price of a detached home in Brampton in Dec. 2020 was $1,034,004, according to the Toronto Regional Real Estate Board (TRREB). That represents a 15.9% increase from what buyers were paying on average one year ago.

Knowing this information, we can do some math about the sort of down payment you might need and how large of a mortgage you’ll be applying for to afford a home in Brampton.

The minimum down payment you’ll need for an $835,088 house in Brampton is $51,700 (that’s based on a 5% required down payment to qualify). That means you'll have a mortgage of $783,388.

Are you curious about what the average homebuyer in Brampton puts down? Well, luckily we have some data about what the average Ontario buyer spends on a down payment to help you make a decision.

Based on our data, homebuyers in Ontario put down an average of 19.8%. If you take the average home price in Brampton ($835,088), that would net out to a down payment of $204,732.

While these numbers may seem daunting, you can decrease your costs by doing a comparison of mortgage rates in Brampton.

Brampton’s closing costs and land transfer tax

When buying a home in Brampton, the costs don’t necessarily end when you secure your mortgage down payment. There are a number of additional costs that people forget to budget for when they embark on their home-buying journey.

Below, we outline some of the major ones that you should make sure to account for.

Legal fees: You’ll need a lawyer to review your purchase documents. They’ll also help you arrange for title insurance, make sure the title is valid upon closing, help you calculate the land transfer tax and ensure property taxes are up to date, among other things. A real estate agent can often help you get connected to a lawyer.

Property insurance: Lenders won’t give you a mortgage without proof of home insurance or condo insurance. So make sure you get this set up before you close.

Mortgage insurance: If you’re getting a high-ratio mortgage (e.g. you put down less than 20%), you’ll need to buy mortgage insurance from the Canada Mortgage and Housing Corporation. Your broker can help you get this if you require it and the premiums will be rolled into your mortgage.

Land transfer tax: If you’re buying a property in Ontario, you need to pay the land transfer tax. Keep in mind that in addition to a land transfer tax, those who aren’t citizens or permanent residents of Canada have to pay an additional 15% Non-Resident Speculation Tax (NRST). The land transfer tax works this way:

Purchase PriceLand Transfer Tax (Marginal Rate)
First $55,0000.5%
$55,000.01 to $250,0001.0%
$250,000.01 to $400,0001.5%
$400,000.01 to $2,000,0002.0%
More than $2,000,0002.5%

Misc. costs: Don’t forget all the other costs you’ll incur by purchasing a home. These include hooking up cable, internet and home phone, setting up hydro and utilities, moving, painting the home, etc. It’s important to budget for all of these so you’re not caught financially short.


Information for first-time homebuyers in Brampton

The list of things you need to know when buying your first home can be intimidating. But that’s OK. We’re here to provide you with the information to confidently make buying your home easier.

Below, we list some need-to-know items you’ll want to read about before diving into the housing market.

Required down payment: In Canada, you must put down at least 5% of the property’s purchase price to qualify for a mortgage. If you put down less than 20%, you’re required to have mortgage insurance.

First-time home buyers tax credit: Eligible Canadians who buy their first home can get $750 back as a tax rebate when they file their taxes. This is on line 369 of your tax return (you can claim $5,000 of your purchase price, with the rebate being $750). Unfortunately, if you’re buying your house with a spouse, the total the two of you can claim is $750 as it applies once per house, not per person.

GST/HST New Housing rebate: This is a rebate if you’re buying a new home or a presale home. Your home must be your primary residence to qualify. To get the full rebate of up to $6,300, your home price must be less than $350,000. You may still be able to get a partial rebate if your home is $450,000 or less.

Federal Home Accessibility Tax (HATC) for Seniors and Persons with Disabilities: This applies to seniors 65 years or older, someone who holds a valid disability tax credit, or someone helping take care of someone who belongs to either of these two groups. The credit helps with the cost of renovation of a home to make it more accessible, specifically with helping an individual get easier access to their home, be more mobile in the home, or reducing the risk of harm in using the home.

Your questions about Brampton mortgages, answered.

What’s the difference between a mortgage term and an amortization period?

A mortgage term is the period of time during which the conditions of your mortgage are applicable. So for instance, if you secure a fixed-rate mortgage for 1.85%, with a five-year term, you’re guaranteed that interest rate for five years. Once your term ends, you’ll have to negotiate new conditions for the next term, either with your existing lender or by taking your mortgage to a new lender. Be sure to read the fine print or ask your broker about the penalties of cancelling during your term. These can be quite costly depending on your lender and type of mortgage.

In Canada, the most popular terms tend to be five years, however, mortgage terms of as short as one year are available, while some lenders may offer terms of more than 10 years.

Amortization refers to the length of time that you have to pay off your mortgage. The longer your amortization, the longer you can space out your payments, which lowers your monthly bill. If you put down less than 20% on your purchase price, the longest amortization you’re allowed to have is 25 years. If you put down 20% or more, you can stretch your amortization to 30 years.

What’s the difference between an open mortgage vs. a closed mortgage?

The key difference is flexibility. An open mortgage will have either lax penalties or no penalties if you decide to increase your mortgage payment, make a lump sum payment or refinance your mortgage. However, in exchange for that flexibility, open mortgages come with higher interest rates. An example of someone who might want this sort of mortgage is a homebuyer who expects their income to significantly increase and wants to put the extra money toward their mortgage.

While open mortgages are flexible, most people opt for closed mortgages. That’s because they come with lower interest rates. However, those who opt for closed mortgages should take time to understand the penalties of refinancing or changing their mortgage. For certain fixed-rate mortgages, these penalties can cost thousands or even tens of thousands of dollars. Don’t sign onto a mortgage until you fully understand these costs — mortgage companies in Brampton can help you figure out these costs.

How much does it cost to live in Brampton?

Being in the Greater Toronto Area, Brampton has high housing costs. The average detached home in the city cost over $1 million at the end of 2020. The average rent for the 905 region, which includes Brampton, was $2,139 in the fourth quarter of 2020. Given the high cost of living, it’s important you decrease your housing cost by looking for the lowest mortgage interest rate in Brampton.

Anyone moving to Brampton should know that it has one of the highest car insurance costs in Canada. In fact, according to our data, the price of car insurance in the city is 123% higher than the provincial average.

Clearly, if you’re planning to live in Brampton, you’ll have to be prepared for what’s a relatively high cost of living in Canada. Budget accordingly.

How much does getting a lower interest rate matter in Brampton?

Finding a good interest rate can save you thousands of dollars a year. That’s why it’s important to understand the current mortgage rates in Brampton.

How much could you save? Well, let’s take the following example. You buy a house for $1 million. If you put 20% down, that means you’ll need a mortgage of $800,000.

If you get a mortgage from your bank with a 2.5% fixed-rate, your monthly payment would be $3,584. That works out to $43,008 a year.

Now, let’s say you didn’t take that rate and instead shopped around using a site like If you get a mortgage rate of 1.74%, your monthly mortgage payment goes down to $3,288, or $39,456 a year.

That works out to $3,552 a year in savings. And so you can see why it’s important to find the best mortgage interest rates in Brampton.

Your questions about, answered.

How are mortgage rates determined on works to bring you competitive mortgage rates from 50+ banks and brokers in Canada. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.

Is it safe to get a mortgage online?

Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.

How do I know I’m getting the lowest rate?

We have a strong selection of lenders on including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).

The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.

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