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.
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.
| Month | Average LR.ca 5-year fixed rate | Average bank 5-year fixed rate |
|---|---|---|
| Mar 2017 | 2.42% | 4.64% |
| Apr 2017 | 2.42% | 4.64% |
| May 2017 | 2.21% | 4.64% |
| Jun 2017 | 2.22% | 4.64% |
| Jul 2017 | 2.47% | 4.84% |
| Aug 2017 | 2.63% | 4.84% |
| Sep 2017 | 2.69% | 4.89% |
| Oct 2017 | 2.85% | 4.99% |
| Nov 2017 | 2.80% | 4.99% |
| Dec 2017 | 2.68% | 4.99% |
| Jan 2018 | 2.92% | 5.14% |
| Feb 2018 | 2.97% | 5.14% |
On a $400,000 mortgage, that's an average savings of:
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.
| Month | Average LR.ca 5-year fixed rate | Average LR.ca 5-year variable rate |
|---|---|---|
| Mar 2017 | 2.42% | 1.78% |
| Apr 2017 | 2.42% | 1.79% |
| May 2017 | 2.21% | 1.73% |
| Jun 2017 | 2.22% | 1.71% |
| Jul 2017 | 2.47% | 1.87% |
| Aug 2017 | 2.63% | 1.98% |
| Sep 2017 | 2.69% | 2.09% |
| Oct 2017 | 2.85% | 2.07% |
| Nov 2017 | 2.80% | 2.03% |
| Dec 2017 | 2.68% | 1.91% |
| Jan 2018 | 2.92% | 2.07% |
| Feb 2018 | 2.97% | 2.21% |
On a $400,000 mortgage, that's an average savings of:
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.
✝Based on borrowers in Ontario who applied for a mortgage at LowestRates.ca since 2014.
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.
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.
| 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 |
| Province and territory | Average home price (2016)* | Year- |
|---|---|---|
| Ontario | $571,696 | +21.2% |
| Alberta | $395,648 | +2.7% |
| British Columbia | $625,871 | -6.4% |
| Manitoba | $282,511 | +4.2% |
| Newfoundland and Labrador | $265,395 | -2.4% |
| New Brunswick | $158,295 | +2.0% |
| Nova Scotia | $218,332 | +1.7% |
| Northwest Territories | $423,222 | -0.1% |
| Prince Edward Island | $165,406 | +0.0% |
| Quebec | $291,232 | +2.6% |
| Saskatchewan | $292,303 | +0.4% |
| Yukon | $289,312 | -15.9% |
*Numbers courtesy of The Canadian Real Estate Association (CREA), November 2016
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.
