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

Compare mortgage rates in Ontario.

If you’re looking for cheap Ontario mortgage rates, great news: mortgage rates in Ontario, from 6 months to 10 years, have never been lower. If you’re buying a home, you probably have a lot of questions like: what is the average mortgage rate in Ontario? What are the current mortgage rates in Ontario?

You’ve come to the right place. brings Canadians the lowest Ontario house mortgage rates from 50+ banks and brokers across the country. In just three minutes, you can see who has the best mortgage rates for your Ontario home. Our quoter tool is free to use, and there’s no obligation to accept the rates we offer you.

Start your free quote now, or read on to get more information about Ontario’s housing market to help you in your search for the lowest mortgage rate.

Variable Rates

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Fixed Rates

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Current lowest posted bank rate


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

On, users can start an application to buy a home, renew a mortgage or refinance a home. If you’re purchasing a home, the two main types of mortgages you can apply for are conventional mortgages and high-ratio mortgages. A conventional mortgage means the homebuyer has a down payment of at least 20% of the property’s purchase price. With this type of mortgage, you aren’t required to purchase mortgage default insurance.

A high-ratio mortgage, on the other hand, is where the homeowner puts down less than 20% of the purchase price. In this case, you’re required to purchase mortgage insurance from one of three providers in Canada: the government-backed Canada Mortgage and Housing Corporation (CMHC), or private insurance companies Canada Guaranty and Sagen. Mortgage insurance premiums can be paid as a lump sum when you close the deal on your house, or can be added to the cost of your mortgage payments.

Take a look at our comparison of high-ratio mortgages vs. conventional mortgage rates in Ontario.

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

DateAverage Conventional RateAverage High Ratio Rate
06/21 2.05%1.81%
07/21 2.05%1.76%
08/21 2.07%1.79%
09/21 2.02%1.75%
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%

Last Updated: June 1, 2022

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

One question homebuyers will face: how do variable mortgage rates in Ontario compare to the best fixed rates in Ontario?

With a fixed rate, the interest rate stays constant for the entire mortgage term. Variable mortgage rates in Ontario (and across Canada) may change if the lender changes its prime rate, which in turn is influenced by market conditions such as the Bank of Canada’s overnight lending rate.

To find the answer to how these two different types of rates compare, we compared 5-year fixed mortgage rates and 5-year variable mortgage rates that Ontarians 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.

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

06/21 1.96%1.34%
07/21 1.93%1.29%
08/21 1.96%1.27%
09/21 1.92%1.27%
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%

Last Updated: June 1, 2022

Factors that affect your Ontario mortgage rate

If you want to borrow money for a mortgage, lenders will review the state of your finances to help determine how much risk you pose as a borrower. This will influence whether or not the lender approves your mortgage application, and whether you qualify for their best interest rates. If you’re applying for a mortgage, here’s what lenders will take into account:

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Typical mortgage amount in Ontario

To calculate what the size of the mortgage on your Ontario property will be depends on the price of the home, your down payment and your mortgage interest rate.

According to data from the Canadian Real Estate Association (CREA), the average price of resale residential homes sold across the province of Ontario in February 2021 was a record $864,159, rising 24.5% from February 2020. A buyer who can make a 20% down payment ($172.831.80) will have to borrow $691,327.20.

On the same home, a buyer who can only make a 10% down payment ($86,415.90) will have to borrow $777,743.10. Keep in mind, if your down payment is less than 20% you will need to get mortgage loan insurance through the CMHC, Sagen or Canada Guaranty. This will protect your lender if for some reason you are unable to make your mortgage payments. Most insured mortgages require a down payment of at least 5% — that’s something to keep in mind if you’re considering a zero down mortgage in Ontario.

A mortgage affordability calculator for Ontario (also known as a mortgage payment calculator) makes it easy to estimate costs. A calculator will ask you to plug in the home’s price, your down payment amount, amortization period, mortgage rate and payment frequency.

Ontario’s housing market and home prices

The average price of resale residential homes sold across the province of Ontario in February 2021 was $864,159, but the average price of a home depends on where you live.

Ontario is home to Toronto, the most expensive city in Canada (and one of the most unaffordable cities in the world) where the benchmark price of a home is $1.3 million within the city itself, and $1.1 million within the Greater Toronto Area (GTA). Over the last five years, benchmark prices in smaller cities such as Hamilton, Guelph, Kingston, Kitchener-Waterloo and Niagara have nearly doubled. As of early 2021, housing markets across Ontario are seeing year-over-year increases of at least 20% as homebuyers leave the GTA.

Ontario closing costs and land transfer tax

A major purchase such as a new home involves more than just the cost of mortgage payments. There are other items that go hand-in-hand that you will need to budget for in order to complete the purchase of your new place.

Property valuation (appraisal) fee: If you default on the payment of your mortgage, your lender would receive your home as collateral to cover the cost. To ensure the value of your home equals the amount of the mortgage loan, lenders require an independent appraisal of your property to be performed.

Home inspection fee: Unless you’re a contractor, it’s hard to know 100% for sure if the home you’re considering buying is structurally sound or in need of any repairs or a new roof, furnace, etc. Hiring a home inspector will provide all the answers you need. They will inspect your prospective home from top to bottom and then provide you with a report recommending anything that needs to be done to the house.

Legal fees: The purchase of your new home will involve a variety of legal paperwork. Completing this paperwork will require the services of a real estate lawyer.

Title insurance: Another way to protect yourself against any unforeseen defects to your home you may discover after the deal is closed is title insurance. It covers you against losses you might incur due to undetected or unknown defects to the property. Title insurance can be obtained through your lawyer.

Mortgage default insurance: If you can only afford a down payment on your new Ontario home that is less than 20%, you are obligated to purchase mortgage loan insurance.

Home insurance: Homeowners insurance covers the cost to repair or rebuild your home after events like fire, smoke, theft, vandalism, a falling tree, or damage caused by weather such as lightning, wind, or hail. Most standard homeowners insurance policies also cover the replacement cost of furniture, clothing, and other possessions that you keep in your home. Most mortgage lenders will require proof that you have a valid home insurance policy as a condition of your mortgage.

Land transfer tax: When one person exchanges one piece of property for another another, land transfer tax must be paid. In Ontario, the land transfer tax amount depends on the price of the property you are purchasing. Here’s how it’s calculated:

If you’re buying a home in Toronto, you will have to pay two land transfer taxes. Toronto’s land transfer tax is calculated exactly the same as the provincial one. So if you’re buying a home in the city, be prepared to pay double.


Information for first-time home buyers in Ontario

If you’re buying a home for the first time, there are a few tax credits and rebates to be aware of.

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 Ontario 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.

GST/HST New Housing Rebate: As a new home owner in Ontario, you may be entitled to a rebate on some of the HST you paid on the purchase price or cost of a new-build home or a substantially-renovated home.

Federal Home Accessibility Tax Credit (HATC) for Seniors and Persons with Disabilities: If you’ve purchased a house in Ontario and made additions, alterations, or renovations to it in order to make it more accessible to a person with a disability or senior citizen, you can take advantage of the tax credit deduct up to $10,000 from the amount of taxes you owe.

Your questions about Ontario mortgages, answered.

Looking for mortgage info? Check out our Home Buyers Guide.

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 Ontario 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 CMHC, then your maximum amortization period is 25 years.

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

Mortgage rates can vary depending on whether you get an open mortgage or a closed mortgage.

An open mortgage gives you the flexibility to pay off the mortgage on your house at any time. You can also refinance your mortgage, or renegotiate the terms. With a closed mortgage, if you pay it off before the mortgage term ends, you’ll have to pay a penalty.

Because the rules are more strict, closed mortgage rates in Ontario generally have lower interest rates compared to open mortgages in Ontario.

How much does it cost to live in Ontario?

The cost of living in Ontario depends on a few individual elements such as whether you rent or own a home, drive, commute via transit or bike, the cost of auto insurance, a bunch of other items that add up such as food costs, phone and internet, health and fitness, entertainment and pet ownership.

Housing will be the biggest consideration. The average resale price of a residential home in Ontario is $864,159, which is 27% higher than Canada’s national average ($678,091) as of February 2021. But across Canada’s most populous province, even smaller cities are seeing huge spikes in real estate prices that were previously confined to the Greater Toronto Area.

Not only does Ontario have more drivers than in any other province in Canada, it also has some of the highest car insurance costs. The average cost of an insurance policy for an Ontario driver is $1,505, according to the Insurance Bureau of Canada.

How much does getting a lower mortgage interest rate matter in Ontario?

Ensuring that the mortgage you get for your new Ontario house has a low interest rate will save you thousands of dollars in interest over the lifetime of your mortgage. But getting the lowest interest rate possible isn’t the only important aspect you should keep in mind when shopping for the best mortgage. Talk to an Ontario mortgage agent about negotiating these features into your contract.

Prepayments: You can save money on your mortgage by making sure your contract includes prepayment privileges. This allows you to pay extra money toward your mortgage. For example, say you were to inherit money from a relative. You could use the inheritance money to make a mortgage prepayment, which would reduce your mortgage principal and amortization period and lead to savings on the cost of interest.

Portability: Another feature to consider is making your mortgage portable. A few years from now, you may decide it’s time to move — or maybe you have to sell your home and move due to a job transfer. Whatever the case may be, a portable mortgage means you can take your current mortgage contract with you and apply it to your new home. This will save you money because you’ll avoid charges that would occur if you had to break your mortgage early and apply for a new one.

Your questions about, answered.

How are mortgage rates determined on works with 50+ banks and brokers to bring you competitive rates from banks and mortgage brokers in Ontario and across 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 interest rates for Ontario. 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. 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. Staff Staff

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