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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 4.64% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 4.99% | 4.99% | ||
Insured 3.99% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.44% | 4.53% | ||
Insured 3.69% | 80% LTV 3.79% | 65% LTV 3.79% | Uninsured 3.9% | 4.39% | ||
Insured 3.84% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.39% | 4.44% | ||
Insured 3.69% | 80% LTV 3.55% | 65% LTV 3.55% | Uninsured 3.69% | 4.19% | ||
Insured 4.19% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 4.89% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.24% | 6.09% | ||
Insured 3.9% | 80% LTV 3.95% | 65% LTV 3.9% | Uninsured 3.9% | 5.95% | ||
Insured 3.45% | 80% LTV 3.45% | 65% LTV 3.45% | Uninsured 3.5% | 4.24% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.45% | 80% LTV 5.45% | 65% LTV 5.45% | Uninsured 5.5% | N/A |
There are three main drivers behind mortgage rates in North Bay and Canada at large:
The Bank of Canada influences mortgage rates through its policy rate. The Bank’s objective is to keep inflation in the target range of 1% to 3% and preserve the value of the Canadian dollar. It achieves this by setting the target overnight rate, also known as the policy rate.
As of today, the policy rate is 2.25%. The central bank uses the target rate to influence how the banks set their own rates and acts as a barometer for the rate at which banks borrow and lend among themselves.
The higher the inflation, particularly if it’s above 3%, the higher the likelihood of a rate hike. Though inflation does not directly affect mortgage rates, the Bank tends to raise rates to cool down economic activity and force homebuyers to retreat from the market. It’s worth noting that government bond yields, which influence fixed rates, are affected by inflation as well, in addition to factors like oil prices, geopolitical tensions and broader economic conditions (which currently remain uncertain).
Banks, credit unions, monoline lenders and other financial institutions compete to attract borrowers across North Bay and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local Ontario credit unions like Meridian Credit Union — can often result in a better mortgage rate.
There are some other essential factors to consider when getting a mortgage. These elements will determine whether or not a lender will approve your application, and whether you qualify for the lowest mortgage rates offered in North Bay.
1. Down payment
To buy a home in Canada, buyers must put at least 5% of the purchase price toward a down payment. The size of your down payment will have an effect on the type of mortgage you can get. If you have 20% down, you would qualify for a conventional mortgage rate. That means you won’t have to pay for mortgage default insurance. Not having to pay mortgage default insurance will lower the cost of your monthly mortgage payment. Mortgage default insurance is offered by three entities in Canada: the government-run Canada Mortgage and Housing Corporation (CMHC), or private insurers Canada Guaranty and Sagen.
Having a down payment of less than 20% will require mortgage default insurance, which will increase your monthly payment. However, many of the best mortgage lenders in North Bay might offer lower rates for high-ratio mortgages, because high-ratio mortgages are backed by insurance.
When it comes to how much money buyers can put toward a down payment, there’s no maximum. However, Canada has minimum down payment requirements based on home price.
2. Debt service ratios
When calculating a best mortgage rate, lenders in North Bay consider the following:
3. Credit score
A buyer’s credit score is a major factor lenders use when determining what mortgage rate a buyer qualifies for. Buyers need a good credit score to qualify for the lowest mortgage interest rate in North Bay. Credit scores in Canada range from 300-900. A credit score between 660 and 724 is considered good by Equifax Canada. A score between 725 and 759 is considered very good. And a score between 760 and 900 is considered excellent. Having a score that falls within one of those ranges will help you qualify for the best of today’s mortgage rates in North Bay.
4. Income and employment
Income is a big determining factor lenders use when offering home mortgage rates in North Bay. Lenders want to make sure you can afford mortgage payments based on your income and your type of employment (full-time salaried, part-time, temporary, seasonal, etc.). A buyer will provide the lender or broker with documentation that proves how much you make. For a salaried employee, this will typically mean having to provide tax documents, such as T4s, for the last two years.
Self-employed buyers must also prove their income to lenders when trying to buy a home and find the best mortgage interest rate in North Bay. Lenders will likely ask for additional documents, such as bank statements, to determine a self-employed buyer’s income. While both salaried and self-employed buyers can qualify for the best mortgage rates in North Bay Canada, the amount of documentation and proof of income you must provide will vary.
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How do these mortgage types differ? Conventional (low-ratio) mortgage requires a down payment of 20% or more, with no mandatory insurance, while a high-ratio mortgage requires a down payment of below 20%, plus mandatory insurance.
Which mortgage type offers cheaper rates? As of September 2026, the average conventional 5-year fixed rate is 4.49%. That’s 40 bps above the average high-ratio 5-year fixed rate, which stands at 4.09%.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 09/25 | 4.50% | 4.42% |
| 10/25 | 4.46% | 4.36% |
| 11/25 | 4.35% | 4.31% |
| 12/25 | 4.44% | 4.32% |
| 01/26 | 4.49% | 4.49% |
| 02/26 | 4.47% | 4.43% |
| 03/26 | 4.27% | 4.20% |
| 04/26 | 4.24% | 4.23% |
| 05/26 | 4.38% | 4.22% |
| 06/26 | 4.48% | 4.24% |
| 07/26 | 4.47% | 4.14% |
| 08/26 | 4.49% | 4.09% |
Last Updated: September 1, 2026
How do these mortgage rates differ? A fixed rate mortgage is a rate fixed over a period of time. Interest rates and the mortgage payments remain the same (and consistent) over that mortgage term. A variable rate mortgage is different. While the mortgage payment remains constant, the interest rate payments fluctuate with the prime interest rate.
Which rate is cheaper? As of September, the 5-year fixed rate is 4.30%. That’s 41 bps abow the 5-year variable rate, which stands at 3.89%.
| Month | Fixed | Variable |
|---|---|---|
| 09/25 | 4.60% | 4.64% |
| 10/25 | 4.62% | 4.51% |
| 11/25 | 4.64% | 4.40% |
| 12/25 | 4.64% | 4.41% |
| 01/26 | 4.71% | 4.44% |
| 02/26 | 4.64% | 4.43% |
| 03/26 | 4.33% | 4.38% |
| 04/26 | 4.38% | 4.06% |
| 05/26 | 4.41% | 4.05% |
| 06/26 | 4.45% | 4.01% |
| 07/26 | 4.34% | 3.93% |
| 08/26 | 4.30% | 3.89% |
Last Updated: September 1, 2026
New mortgage loan values have been trending upward throughout 2025, reaching the average of $441,394 in Ontario and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Ontario from 2022 to 2025:
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Canada | $368,936 | $371,063 | $363,654 | $325,612 | $320,298 | $314,540 | $338,522 | $327,899 | $323,537 | $332,825 | $349,364 | $343,271 | $356,831 | $350,281 | $360,986 | $360,597 |
| Ontario | $466,931 | $475,987 | $462,701 | $418,808 | $406,427 | $405,753 | $434,005 | $426,021 | $421,795 | $427,078 | $440,052 | $432,237 | $441,074 | $438,188 | $445,693 | $441,394 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $2,402 in Ontario by the end of Q4 2025.
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1,966 | $2,153 | $2,392 | $2,449 | $2,494 | $2,444 | $2,634 | $2,770 | $2,751 | $2,646 | $2,664 | $2,524 | $2,526 | $2,452 | $2,472 | $2,402 |
Closing costs are the one-time fees buyers pay upon purchasing property in North Bay. Generally, closing costs include:
Land transfer tax calculations for a $500,000 property in North Bay without a rebate are:
There are two important time periods to consider when buyers compare mortgage rates in North Bay. They are the mortgage term and amortization period. So, what are they?
A mortgage rate is just one factor a buyer should consider when doing a mortgage rates comparison in North Bay. While a great rate is something all buyers are looking for, determining whether or not they should get an open or closed mortgage is also important. So, what’s the difference?
While open mortgages offer more flexibility, lenders typically offer lower rates on closed mortgages. Buyers should take that into consideration when looking at house mortgage rates in North Bay.
Getting a low rate is a goal of all home buyers, whether you’re interested in broker mortgage rates in North Bay or looking specifically at bank mortgage rates in North Bay. However, a good rate is only one factor when determining whether or not a particular mortgage is a good fit.
Some other factors include prepayment privileges, penalties, and portability. Before signing a mortgage contract, you might want to familiarize yourself with these details.
LowestRates.ca works with top banks and brokers to bring you competitive mortgage rates from lenders in Canada. All you have to do is answer a few questions, and in minutes you’ll be provided with current mortgage rates in North Bay. 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.
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. LowestRates.ca 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.
We have a strong selection of lenders on LowestRates.ca 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.
Taras Trofimov
About the Author
Taras is the Content Manager for LowestRates.ca. He has produced thought leadership content for organizations like Constellation Software, Facebook and Yellow Pages as well as outlets like The Globe and Mail, Autoblog and MSN Autos.
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