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How comparing mortgage quotes works. Hint: it’s free!
First, choose whether you're buying a new home, refinancing or renewing, and fill in a few details. It only takes 3 minutes, and it’s 100% confidential.
Next, we’ll show you quotes from 75+ Canadian banks and brokers. It’s free, with no commitment.
When you find the best quote, secure your Oakville mortgage rate by talking to a licensed broker or agent.
Compare mortgage rates in Oakville, Ontario
For Oakville homebuyers, we have great news to deliver this year: high home prices continue to be offset by very, very low mortgage loan rates. In fact, today’s current Oakville mortgage interest rates are at their lowest in years, so now is a great time to apply for a mortgage or renew the one you already have. Do the mortgage rates comparison yourself on LowestRates.ca. We show you the best Oakville mortgage offers in just a few minutes.
As low as
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 LowestRates.ca, customers can start an application for a number of different mortgage products. The two main types of mortgages you can apply for on your quest for the lowest mortgage interest rate in Oakville 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 Canada Mortgage and Housing Corporation (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 are required to purchase mortgage insurance from the CMHC. The premiums for mortgage insurance are rolled into your monthly payment, which will raise your monthly housing costs.
Below, you’ll see a comparison of high ratio mortgages and conventional mortgages in Oakville, Ontario, Canada.
Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Ontario
Average Conventional Rate
Average High Ratio Rate
Last Updated: May 1, 2022
Fixed rate vs. variable rate mortgages: which is cheaper?
When conducting a comparison of the average broker or lender mortgage rates for your Oakville house, it’s important to gather multiple offers.
One question homebuyers continue to face: how do the current variable mortgage rates in Oakville compare to the best fixed mortgage rates in Oakville?
To find the answer, we performed a comparison between the average 5-year fixed mortgage rates and 5-year variable mortgage rates that prospective Oakville homeowners have applied for on our site.
From this comparison, we discovered that whether you go with a fixed or variable rate on LowestRates.ca, you’re getting a great mortgage loan deal for your Oakville home. Our average 5-year fixed rates and 5-year variable mortgage rates for Oakville have been virtually on par recently. Keep reading to learn more about the difference between fixed and variable mortgage rates.
5-year fixed vs. 5-year variable mortgage rates in Ontario
Last Updated: May 1, 2022
Factors that affect your Oakville mortgage rate
Risk is what determines whether an Oakville broker or lender will be comfortable offering you low mortgage rates or even a mortgage at all. To calculate if they should lend you the mortgage amount for your Oakville home, the best lenders and companies assess the risk you present as a borrower. A number of factors are considered in order to determine this:
Down payment: In most cases, if you have the financial ability to make a 20% down payment on the purchase of your home, Oakville banks or mortgage companies will be willing to offer you very competitive mortgage rates for your house.
Debt service ratios: Mortgage companies want to be assured that you’ll be able to afford your mortgage payments every month. To calculate the probability of this, they use two formulas to compare your monthly income against your monthly expenses:
Gross debt service ratio (GDS): This calculation determines what portion of your income each month will be going towards property expenses like mortgage payments, property taxes, utilities, and more. All of these expenses are then added up and divided by your gross annual income. If the percentage is 32% or less, the bank or lender will be confident in your ability to pay your housing costs each month.
Total debt service ratio (TDS): This calculation takes all of the property expenses used to calculate the gross debt service ratio and adds on any other monthly payments you may have (student loans, car loans and minimum credit card payments, for example.). The total of these costs is then divided by your gross annual income. If the percentage is 40% or less, the mortgage company will be confident in your ability to make all of your payments each month.
Credit score: If you have a good credit score, you are more likely to qualify for a lower mortgage rate on your Oakville home. Your credit score indicates to lenders how reliable you are at making payments on-time on both installment loans (e.g. car loan) and revolving credit (e.g. credit cards). Your credit score also takes into account if you use less than 30% of your available credit, have maintained long-standing relationships with banks and lenders and have avoided opening numerous accounts.
Income: If you have a good, stable source of income this provides the mortgage company with further peace of mind knowing that you will be able to make your future mortgage payments on time as well as your other monthly expenses. Consequently, you are more likely to qualify for the bank’s cheapest mortgage rate on your Oakville home.
Typical mortgage amount in Oakville
So, how much will your mortgage amount be? To calculate the mortgage on a typical Oakville home will depend on where in the community you would like to put roots down, the mortgage interest rate that you qualify for and the size of your down payment.
If the average sales price of a home in Oakville is $1,641,392, then a 20% down payment would result in a mortgage loan of $1,313,114.
A 5% down payment on the same house would be $82,069, making the mortgage loan $1,559,323.
Don’t forget, if your down payment is less than 20% you will have to get mortgage loan insurance through the Canada Mortgage and Housing Corporation (CHMC), the premiums of which are rolled into your monthly mortgage payment.
The purpose of this insurance is to protect the lender in case you can’t make your mortgage payments for some reason. With CMHC mortgage loan insurance you can qualify for a mortgage for up to 95% of the purchase price of your Oakville home.
Oakville’s housing market and home prices
In Oakville, the average sale price for a home in October 2020 was $1,641,392, up 27.2% from 2019.
The median sale price for single-detached homes rose 20.4% on a year-over-year basis to $1,300,000 in the fourth quarter of 2020. This was a new record for the median sale price.
The median sale price for townhouse and row units rose 11.1% on a year-over-year basis to $750,000 in the fourth quarter of 2020.
Oakville closing costs and land transfer tax
When you decide to buy a house in Oakville there are other costs beyond the mortgage that you will need to prepare for. Here is a list of the costs you must also factor into your home purchasing closing costs.
Property valuation (appraisal) fee: Prior to approving the funds for the mortgage on your new Oakville home, your bank or lender will require an independent assessment of your property to determine its value. This property valuation or appraisal will cost in the range of $400 to $500.
Home inspection fee: Before you commit your signature to a purchase contract, it’s nice to know your future home is structurally sound. This can be done by hiring the services of a home inspector. They will alert you to any repairs or updates and how much they will cost. A home inspection in Oakville will be approximately $450 plus taxes.
Title insurance: This type of insurance protects your ownership of the title (i.e. the Oakville property you’ve purchased) against any losses you might incur because of undetected or unknown defects to the property. Title insurance costs approximately $250. Purchase it through your lawyer.
Mortgage default insurance: If you can only afford a down payment on your new Oakville home that is less than 20% you are obligated to purchase mortgage loan insurance through the Canada Mortgage and Housing Corporation (CHMC). The cost of the insurance is calculated by taking the mortgage loan amount and dividing it by the purchase price.
Legal fees: To complete the paperwork required in order to purchase your home in Oakville you will require the services of a real estate lawyer. This legal cost will be somewhere between $2,000 to $3,000.
Land transfer tax: When one person exchanges a piece of property with another land transfer tax must be paid. In Oakville, because it is part of the GTA, there are two land transfer taxes that must be paid: a municipal one and a provincial one. The rate of tax ranges from 0.5% to 2% and depends on the price of the property you are purchasing.
Home insurance: For a million-dollar home in Oakville, Ontario, the average cost of home insurance is in the neighbourhood of $900 a year. As a general rule of thumb, the more upgrades made to your home and the more valuable its contents, the more expensive your home insurance will be.
Information for first-time homebuyers in Oakville
Are you a first-time homebuyer in Oakville? If so, here is some great advice and incentives to review that could potentially reduce the amount of your mortgage and help you qualify for a great interest rate.
How much of a down payment do you need? It’s simple math: the bigger your down payment, the smaller the mortgage amount for your Oakville home will be, which will translate into thousands of dollars in interest savings over the lifetime of your mortgage. And that’s not all. The higher your credit score, the greater the odds are that a broker, lender or mortgage company will offer you a competitive interest rate. Keep in mind your down payment will need to be at least 20% of the price of your property. If it’s less than that, you will need to get mortgage loan insurance through the CHMC.
First-Time Home Buyers Incentive: Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their Oakville home purchase through a shared equity mortgage with the Government of Canada. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment will lower your mortgage carrying costs, making homeownership more affordable.
GST/HST New Housing rebate: Purchasing a new-build home or substantially-renovated home in Oakville? You may be eligible for a rebate on some of the HST you paid out. GST/HST New Housing has all of the details.
Federal Home Accessibility Tax Credit (HATC) for Seniors and Persons with Disabilities: Made additions, alterations or renovations to your new home in Oakville in order to enhance its accessibility for a disabled person or senior citizen? You could deduct up to $10,000 from the amount of taxes you owe to the CRA by leveraging the HATC tax credit.
Your questions about Oakville mortgages, answered.
What’s the difference between a mortgage term and an amortization period?
Mortgage term: The mortgage term is the amount of time that you commit to your mortgage rate, lender and the terms and conditions of the contract. At the end of the term, you’ll renew your contract with the mortgage company for the remaining principal at a new rate. The process repeats until you’ve paid off the mortgage on your Oakville home. A mortgage term can vary in length, from six months to 10 years, with the most common term in Canada being five years.
Amortization period: The amortization period is the amount of time it will take you to pay off your entire mortgage. In Canada, the maximum amortization period is 35 years. But, if your down payment was less than 20% and you were required to purchase mortgage insurance from the Canadian Mortgage Housing Corporation (CMHC), then your maximum amortization period is 25 years.
What’s the difference between an open mortgage vs. a closed mortgage?
An open mortgage gives you the flexibility to pay off the mortgage on your Oakville house at any time. With a closed mortgage, if you pay it off before the mortgage term ends, you have to pay a penalty.
So why would anyone choose to go with a closed mortgage?
Because a closed mortgage generally offers a lower interest rate than an open mortgage. With an open mortgage, the rate is usually variable and a little higher.
How much does it cost to live in Oakville?
Owning a Home: Average cost in Oakville as of February 2021.
3-bedroom, detached house: $1.4M
3-bedroom townhouse: $1.0M
2-bedroom condo: $667K
Renting a Home: Average cost in Oakville as of January 2021.
Car insurance: Oakville is a commuting city. Located 30 kilometres from Toronto many of Oakville’s residents travel back and forth to Toronto for work. So how does this affect car insurance rates in Oakville compared to other cities in Ontario? Well, on the top-five lists for most and least expensive cities for car insurance, guess what? Oakville doesn’t make an appearance on either indicating that the cost for car insurance for Oakville drivers is somewhere in between.
How much does getting a lower interest rate matter in Oakville?
Getting the lowest mortgage rate possible matters. Why? Because having the lowest mortgage rate possible on your Oakville home will save you thousands of dollars in interest over the lifetime of your mortgage.
Wouldn’t it be great if there were other ways to save on the cost of your mortgage? There are.
One way is to get a mortgage that offers prepayment privileges which allows you to make additional payments. Even making one additional payment per year can make a difference as it reduces the amortization period of your mortgage and lowers the amount you’ll pay towards interest.
Another potential source of savings is to ensure your mortgage is portable. When you do you’ll be giving yourself the option of taking your existing mortgage with you if, down the road, you move from your current home to a new house. With a portable mortgage in place, you’ll be able to avoid any charges you would have incurred if you had to close and open a new mortgage.
Your questions about LowestRates.ca, answered.
How are mortgage rates determined on LowestRates.ca?
LowestRates.ca works to bring you competitive mortgage rates from 75+ 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. 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.
How do I know I’m getting the lowest rate?
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.
In a new suburb, builders will often have a model home on site to showcase the soon-to-be-built-homes. Fully furnished and beautifully decorated, this home is meant to entice you to buy one in the new neighbourhood.
If you have a sneaking suspicion that everything is more expensive these days, you’re right. Canada’s inflation rate hit an 18-year high in October of last year, sending consumer prices soaring. So much so that the cost of living has increased by nearly 5%, according to Statistics Canada.