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The best mortgage rates in Ontario? Get ‘em right here!
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Compare mortgage rates in Ontario.
Looking for the best mortgage rates in Ontario? You’re at the right place. LowestRates.ca brings Ontario borrowers the lowest rates from the top mortgage brokers and banks across the province. Our service is free to use and there’s no obligation of any kind — just the lowest mortgage rates on any given day, all together for you to compare, instantly.
Check out the charts below to see how much you can save by comparing rates and to find out more about the housing market in Ontario.
Lower rates = bigger savings.
We crunched the numbers on the hundreds of thousands of 5-year fixed rate mortgages Ontarians have inquired about on our site, and the results should have borrowers taking notice: 5-year fixed rates at LowestRates.ca now average less than 2.5%, while bank-posted 5-year fixed rates average well over 4%.
On a $400,000 mortgage, that difference in rates would result in more than $100,000 of savings over the life of your loan.
On average, LR.ca rates are more than 2 full percentage points lower than posted bank rates.On a $400,000 mortgage that’s an average savings of:
$451 Per Month
$5,413 Per Year
$135,316 In a Lifetime
5-year fixed mortgage rate from LowestRates.ca in Ontario vs 5-year bank rate
| Month | Average LR.ca 5-year fixed rate | Average bank 5-year fixed rate |
|---|---|---|
| 02/18 | 2.97% | 5.14% |
| 03/18 | 3% | 5.14% |
| 04/18 | 3.01% | 5.14% |
| 05/18 | 3.12% | 5.34% |
| 06/18 | 3.14% | 5.34% |
| 07/18 | 3.05% | 5.34% |
| 08/18 | 3.1% | 5.34% |
| 09/18 | 3.14% | 5.34% |
| 10/18 | 3.22% | 5.34% |
| 11/18 | 3.31% | 5.34% |
| 12/18 | 3.33% | 5.34% |
| 01/19 | 3.27% | 5.34% |
Variable or fixed: which is lower?
You can save big money by shopping around for a mortgage, but how do the best variable rates compare to the best fixed rates? We compared the 5-year fixed rate mortgages and the 5-year variable rate mortgages that Ontarians have been applying for on our site. Over the last two years, our variable rates have been almost half a percentage point lower than our fixed rates.
On average, variable rates are almost half a percentage point lower than fixed rates.On a $400,000 mortgage that’s an average savings of:
$132 Per Month
$1,580 Per Year
$39,493 In a Lifetime
5-year fixed mortgage rate in Ontario vs 5-year variable rate from LowestRates.ca
| Month | Our average 5-year fixed rate | Our average 5-year variable rate |
|---|---|---|
| 02/18 | 2.97% | 2.21% |
| 03/18 | 3% | 2.04% |
| 04/18 | 3.01% | 2.19% |
| 05/18 | 3.12% | 2.19% |
| 06/18 | 3.14% | 2.16% |
| 07/18 | 3.05% | 2.31% |
| 08/18 | 3.1% | 2.41% |
| 09/18 | 3.14% | 2.41% |
| 10/18 | 3.22% | 2.45% |
| 11/18 | 3.31% | 2.6% |
| 12/18 | 3.33% | 2.59% |
| 01/19 | 3.27% | 2.62% |
Focus On
Ontario housing.
Over the past decade, home prices have risen steadily throughout Ontario. The province's housing market is currently the second-most expensive in Canada, after British Columbia. Home buyers won’t be surprised to learn that the average house price in Ontario now exceeds $470,000, a new record.
Resale Home Prices in Ontario
| Ontario | Canada | |
|---|---|---|
| 2013 Q1 | $390,357 | $367,382 |
| 2013 Q2 | $394,639 | $372,775 |
| 2013 Q3 | $404,712 | $388,651 |
| 2013 Q4 | $401,500 | $381,900 |
| 2014 Q1 | $420,529 | $399,945 |
| 2014 Q2 | $425,773 | $402,605 |
| 2014 Q3 | $429,859 | $409,388 |
| 2014 Q4 | $438,433 | $416,410 |
| 2015 Q1 | $446,235 | $425,062 |
| 2015 Q2 | $461,254 | $438,866 |
| 2015 Q3 (F) | $468,670 | $445,000 |
| 2015 Q4 (F) | $465,000 | $438,200 |
| 2016 Q1 (F) | $469,000 | $440,800 |
| 2016 Q2 (F) | $473,000 | $441,800 |
Single family homes have seen a particularly rapid rate of appreciation since early 2009, with average two-storey house prices now at $486,700. Condominiums have become more expensive as well, rising to an average price of $273,200.
Two-Storey Home and Condo Prices by Province
| Province | Two Storey | Condo |
|---|---|---|
| British Columbia | $749,500 | $319,400 |
| Alberta | $405,000 | $255,100 |
| Saskatchewan | $384,500 | $246,100 |
| Manitoba | $322,600 | $207,500 |
| Ontario | $528,900 | $280,800 |
| Québec | $323,700 | $201,400 |
| Canadian Average | $466,100 | $254,800 |
Your Ontario mortgage questions, answered.
Variable or fixed: which is more popular?
Of the hundreds of thousands of Ontario borrowers who have shopped for a mortgage at LowestRates.ca since the start of 2014, the majority have taken 5-year variable rate loans rather than 5-year fixed rate loans. That’s likely because 5-year variable rates have been significantly lower than 5-year fixed rates and look set to remain that way for the foreseeable future.
5-Year Fixed Rates vs. 5-Year Variable Rates in Ontario: Who Takes What?✝
- of Ontario borrowers apply for 5-year variable mortgages
- 61%
- of Ontario borrowers apply for 5-year fixed mortgages
- 39%
✝Based on borrowers in Ontario who applied for a mortgage at LowestRates.ca since 2014.
About Ontario
With the highest population in Canada, the province of Ontario is also home to the country's biggest city, Toronto, and its political capital, Ottawa. It is a leading hub for industries ranging from finance and technology to manufacturing, mining and agriculture. It is also the site of some of the nation's most renowned universities and a seat of culture and innovation. Residents of Ontario hail from a diverse range of ethnic backgrounds and the province attracts more immigrants than any other jurisdiction in Canada.
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