Compare the best current mortgage rates in Hamilton for free.

On average, Canadians save thousands of dollars per year by comparing rates with us.

Today’s lowest mortgage rates in:


5-Year Variable


5-Year Fixed

Compare rates from 50+ of Canada's top banks and brokers in 3 minutes.

24,816 Canadians

have compared rates and saved money over the last 24 hours

What our users say:

Based on 505 reviews
September 22
Was pleasantly surprised by the prompt…
Was pleasantly surprised by the prompt response to my enquiry online. Hope it's ...
Mishu K
August 5
Received a call before I was even…
Received a call before I was even finished submitting information. Super fast se...
Robert Chiasson
August 4
Great service!
Great service!
Linda RitaOlivier
August 3
They respond very quickly
They respond very quickly. They are very understandable. The representative I sp...
August 2
Quick efficient and very helpful 👌
Quick efficient and very helpful 👌
Khalilulla Razzaque
August 2
Web page was quick and easy to use
July 30
Good experience was pretty quick
Good experience was pretty quick
Grant W.Murray
July 29
The agent was friendly
The agent was friendly, helpful and polite. All in all a good experience.
July 29
Extremely simple
Extremely simple, and fast process.
July 26
excellent, professional service
July 23
Very kind and helpful
Very kind and helpful
April Shannon
July 22
Easy to find easy to use website which…
Easy to find easy to use website which provided me with options.
Randall McLellan
July 22
Excellent service
Excellent service
Sven Zorz
July 21
They were great
They were great
July 21
Excellent pricing
Excellent pricing
pankaj joshi
June 27
I asked for the best mortgage rate & I got my answer
I asked for the best mortgage rate to the application detail I sent & I got a s...
Issa Horani
March 20
Real options to save
Lowest Rates. CA has been extremely helpful I've gone through my ups and downs b...
Amir Isakovic
March 15
Very good.
Very good, and the Rates you have stated is great. Please wait till I see the ba...
Ian Stevens
March 10
Good customer service
Good customer service
Lina Bella
March 3
Great team and amazing communication…
Great team and amazing communication skills. Very straight forward to get an est...
Andre F MPereira
January 8
fast and easy
fast and easy
moira fortin
November 4
It was a good experience
It was a good experience
October 26
Easy to use
Easy to use, easy to find the result that you're looking for! 5 star coverage!
October 15
Great service and very helpful :) would…
Great service and very helpful :) would definitely recommend
Emily Peacock
October 14
It's great
It's great, found the best rates.
Chirath Ranaweera
October 14
Fast and pleasant experience
Fast and pleasant experience. Saved a lot of money too!
October 14
Fast response
Fast response
October 13
From the online process to the first…
From the online process to the first contact speaking to a rep it’s was a good...
Rose Daniel
October 13
A very pleasant contact
A very pleasant contact, without rep talking over my head., It was very infor...
Margaret Markson

How comparing mortgage quotes works. Hint: it’s free!


Next, we’ll show you quotes from 50+ Canadian banks and brokers. It’s free, with no commitment.


When you find the best quote, secure your Hamilton mortgage rate by talking to a licensed broker or agent.

Compare mortgage rates in Hamilton.

It’s no secret that mortgage rates in Canada are at record lows, and Hamilton is no exception. In fact, Hamilton, Ontario, mortgage rates are generally slightly lower than in most other parts of the country due to intense competition among banks and brokers in the province. That’s why it’s so important to compare rates at — we let you see the best offers from 50+ banks and brokers across Canada, just like that.

Variable Rates

As low as


Fixed Rates

As low as


Cha-ching! Our rates are always lower than the posted bank rates.

Current lowest posted bank rate


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

On, customers can start an application for a number of different mortgage products. The two main types of mortgages you can apply for include conventional mortgages and high-ratio mortgages. A conventional mortgage means that the homebuyer has put at least 20% of the property’s purchase price down. With this type of mortgage, the homebuyer does not have to purchase mortgage insurance from the CMHC.

A high ratio mortgage, on the other hand, is where homeowners put down less than 20% of the purchase price as a down payment, which means they’re required to purchase mortgage insurance from the CMHC. Below, you’ll see a comparison of high ratio mortgages and conventional mortgages to get a sense of Ontario’s average mortgage rates and Hamilton’s rate, by extension.

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

DateAverage Conventional RateAverage High Ratio Rate
10/21 2.12%1.87%
11/21 2.41%2.16%
12/21 2.48%2.21%
01/22 2.56%2.31%
02/22 2.77%2.49%
03/22 3.07%2.77%
04/22 3.61%3.33%
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%

Last Updated: October 1, 2022

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

When hunting for the best mortgage rates in Hamilton, it’s important to compare different offers. One question homebuyers continue to face: how do the current best variable rates compare to the best fixed rates in Hamilton?

To find the answer, we compared the 5-year variable mortgage rates and 5-year fixed mortgage rates Ontario shoppers — Hamilton included — have applied for on our site.

We discovered that whether you go with a fixed or variable rate on, you’re getting a great deal. Since late 2020, our 5-year fixed mortgage rates and our 5-year variable rates have been on par with each other. Keep reading to learn more about the difference between fixed and variable mortgage rates in Hamilton.

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

10/21 2.05%1.24%
11/21 2.32%1.19%
12/21 2.38%1.18%
01/22 2.47%1.23%
02/22 2.66%1.26%
03/22 3.00%1.53%
04/22 3.51%1.86%
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%

Last Updated: October 1, 2022

Factors that affect your Hamilton mortgage rate

Lenders have a set of criteria they examine when determining whether to give your mortgage application their stamp of approval, along with what mortgage rates to propose. Here is what lenders consider when they calculate a mortgage rate for a Hamilton home.

Read More

Typical mortgage amount in Hamilton

The size of a typical mortgage varies based on location, your down payment and your mortgage interest rate in Hamilton.

In November 2020, the Realtors Association of Hamilton-Burlington (RAHB) said that the average price of a home in Hamilton stood at $721,000. For a buyer with a 20% down payment ($144,200), the mortgage would be $576,800. Buyers will also need to tack on the amount of interest paid over the duration of the mortgage, which is dependent on the mortgage interest rate and amortization period.

If your down payment is less than 20%, you’ll be obligated to purchase CMHC mortgage insurance, which will add a greater expense to your total housing costs. You can lower your costs by comparison shopping for the best mortgage rates in Hamilton, Canada.

Hamilton’s housing market and home prices

Compared to its neighbour Toronto, homes in Hamilton remain a bargain. However, shrinking supply and intensifying demand have been pushing prices up. In late 2020, the Realtors Association of Hamilton-Burlington (RAHB) reported that an ongoing shortage of housing inventory was leading to increased housing costs.

Specifically, the average sale price for a single-detached family home in Hamilton jumped up 25% from $576,700 in November 2019 to $721,000 in November 2020.

Townhouses in Hamilton are not significantly cheaper, either. On average, they sell for $672,730. The average listing price for a condo is $656,631.

Hamilton closing costs and land transfer tax

In addition to your mortgage, you’ll need to consider the closing costs associated with your home purchase. It’s usually recommended to budget 1.5% of the home’s purchase price to cover these expenses, not including your down payment. Closing costs may include some of the following:

Closing costs in Hamilton also include a provincial land transfer tax. Ontario uses the following guidelines to determine that expense:

Purchase PriceTax Rate
$400,000–$2 million2.00%
$2 million +2.5%

For instance, on a home worth $500,000, you’d pay $6,475 in land transfer taxes.


Information for first-time homebuyers in Hamilton

Aside from mortgage rates, Hamilton home buyers will need to account for additional costs, especially if they’re first-time homeowners. Some of these costs include:

Brokers vs. bank mortgage rates in Hamilton: When pursuing a mortgage, you can choose to let either a broker or a bank facilitate the purchase. In Hamilton, broker mortgage rates can be more competitive because brokers aren’t tied directly to any proprietary products. The banks, on the other hand, will want to pitch you a mortgage from their own institution. However, there is no tried and true formula for getting the cheapest mortgage rate in Hamilton. If you’re a long-time customer of a financial institution and use multiple services, they could reward your loyalty with a low mortgage rate.

First Time Home Buyers’ Tax Credit: The government of Canada likes to encourage Canadians to buy property. That’s why there is a $5,000 non-refundable tax credit new homeowners can use to help manage the closing costs of a new house.

GST/HST new housing rebate: Individual Canadians (corporations or businesses excluded) purchasing a home as a primary place of residence are eligible for a GST/HST new housing rebate. First-time homeowners also qualify. However, to get the rebate, Canadians should be buying a new or renovated home from a builder, or buying a share of interest in co-operative housing.

The Federal Home Accessibility Tax (HATC) for Seniors and Persons with Disabilities: Renovating a home for accessibility can be expensive, so in 2015, the government of Canada introduced HATC to help seniors (65+) and persons with disabilities offset some of the expense. Applicants can claim up to $10,000 in renovation costs for their home.

Your questions about Hamilton mortgages, answered.

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

Before signing a mortgage contact these are some good terms to know:

Mortgage term: A mortgage term is the amount of time borrowers are committed to their mortgage contract with their lender. When the term ends, borrowers can negotiate a new rate with their current lender or move to a new lender. Mortgage terms in Canada can last anywhere from six months to 10 years.

Amortization period: The amortization period describes the total length of time it takes to pay down your loan’s principal and interest. In Canada, the amortization period can go up to 35 years. However, if you make a down payment that’s less than 20%, you’ll be required to buy CMHC mortgage insurance, which limits your maximum amortization period to 25 years.

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

Fixed or variable mortgage rates aren’t the only things to consider when doing a comparison of mortgage rates in Hamilton. Homeowners also need to decide between an open mortgage and a closed mortgage.

Open mortgage: Open mortgages are designed for homeowners interested in making extra mortgage payments, paying down their mortgage early and/or thinking of moving before their mortgage is paid off. Open mortgages provide a lot more flexibility than closed mortgages but that comes with a price: today’s open mortgage interest rates in Hamilton are usually higher.

Closed mortgage: While closed mortgage rates are the best in Hamilton, Canada, if solely looking at interest rates, they do require making consistent payments on a set schedule for the entire duration of the mortgage. Homeowners will receive a penalty if they wish to refinance, renegotiate, or pay down the closed mortgage before the term has ended. Some lenders do make exceptions, however. You’ll have to read the terms and conditions of your mortgage closely.

How much does it cost to live in Hamilton?

The cost of living in Hamilton largely depends on which neighbourhood you hang your hat and whether or not you drive or use public transit. Currently, Hamilton public transit is built around bus services.

If you opt to purchase a car, mortgage rates for Hamilton houses may not be your only financial concern. You’ll also need to add auto insurance to your monthly expenses. If you’re relocating to Ontario, you may be surprised to learn that the province has some of the highest auto insurance rates in Canada. You can use a comparison tool on to shop around for the best auto insurance prices.

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

Finding the lowest mortgage interest rate in Hamilton is just one piece of the home purchasing puzzle. You’ll also want to consider prepayment privileges, penalties and portability:

Prepayment privileges: Prepayment privileges let you pay down your mortgage in advance without receiving any penalties. Banks and brokers have their own rules when it comes to this, so you’ll want to ask for clarification before signing any contracts.

Penalties: Homeowners can wind up paying thousands of dollars as a penalty for paying down a mortgage early. This typically occurs if a homeowner wants to refinance the mortgage or move to another location. Sometimes taking a penalty is part of a strategic move to obtain a better rate, but you’ll need to do the math to determine whether it’s ultimately worth it in the end.

Portability: One tip for potentially avoiding a penalty is to arrange for a portable mortgage. That way, if you do want to buy and move into another home, you can transfer your mortgage to the new property.

Your questions about, answered.

How are mortgage rates determined on works with multiple banks and brokers to bring you competitive mortgage rates from lenders in Canada and we’re always adding new ones. 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.

Mortgage news

Read More Like This