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5.50%

5-Year Variable

4.44%

5-Year Fixed

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Compare mortgage rates in Orillia.

Orillia is situated on Lake Simcoe in Central Ontario and close to cottage country. The city is located 35km northeast of Barrie and about 130km north of Toronto. It’s also near the Casino Rama Resort.

If you’re thinking about buying a home and want to get one of the best mortgage rates in Orillia or Canada, you’ll want to keep reading. We describe everything you wanted to know about mortgages but were afraid to ask. And we also help you compare the most current mortgage rates in Orillia for a house, home, or condo.

LowestRates.ca allows you to compare mortgage rates from 50+ banks and brokers across Canada. Just tell us whether you’re buying a home, renewing or refinancing and click the “Get Started” button above.

Variable Rates

As low as

5.50%

Fixed Rates

As low as

4.44%

Cha-ching! Our rates are always lower than the posted bank rates.

Current lowest posted bank rate

6.90%

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

Whether you get a conventional or a high-ratio mortgage is determined by the size of your down payment. If you make a down payment of 20% or more, it means you’ll have a conventional mortgage. And if you make a down payment of less than 20%, you’ll have a high-ratio mortgage.

On a high-ratio mortgage, there’s a minimum down payment of 5%. You’re also required to get mortgage default insurance from the Canada Mortgage and Housing Corporation (CMHC) or a private insurance company. This type of insurance is also sometimes known as CMHC insurance.

You’ll often get one of the cheapest mortgage rates in Orillia if you have a high-ratio mortgage because you must buy mortgage default insurance, which protects the lender if you can’t make your payments.

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

DateAverage Conventional RateAverage High Ratio Rate
02/22 2.77%2.49%
03/22 3.07%2.77%
04/22 3.61%3.33%
05/22 4.04%3.69%
06/22 4.36%3.98%
07/22 4.85%4.46%
08/22 4.79%4.36%
09/22 4.76%4.35%
10/22 5.13%4.70%
11/22 5.43%5.10%
12/22 5.23%4.82%
01/23 5.20%4.76%

Last Updated: February 1, 2023

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

Getting a mortgage loan in Orillia? You get to choose either a fixed or variable rate mortgage. Fixed rates are typically higher than variable rates.

When you choose a fixed rate, the interest rate and the payments stay the same for the entire mortgage term. This gives you some peace of mind because you’re protected if mortgage rates rise. The downside is that you may end up paying more interest if rates fall.

When you choose a variable rate, the payments usually stay the same, but the rate will rise or fall. When rates rise, you’ll pay more interest. And when rates fall, you’ll pay less interest.

To learn what factors decide whether you’re able to get the best fixed or variable mortgage rates in Orillia, keep reading.

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

MonthFixedVariable
02/22 2.66%1.26%
03/22 3.00%1.53%
04/22 3.51%1.86%
05/22 3.90%2.26%
06/22 4.24%2.71%
07/22 4.72%3.20%
08/22 4.60%3.79%
09/22 4.60%4.24%
10/22 4.99%4.60%
11/22 5.24%5.07%
12/22 4.99%5.35%
01/23 4.87%5.68%

Last Updated: February 1, 2023

Factors that affect your Orillia mortgage rate

You may have noticed a significant difference between bank and broker mortgage rates in Orillia. That’s because brokers have access to a variety of lenders whereas your bank is the only lender available. That’s just one factor that affects your mortgage rate, but there are others.

Read More

Typical mortgage amounts in Orillia

The size of your mortgage will be determined by how much you spend on a property, your down payment, and if you’re able to get today’s best mortgage rate in Orillia.

According to the Barrie & District Association of Realtors, the average price of a home sold in Orillia was $675,942 in September 2021 — a 2% increase from August.

If you’re hoping to get a conventional mortgage, your down payment would need to be at least 20% or $135,188.40 based on the average. That means you’d have a mortgage of $540,753.60.

If you can’t make a 20% down payment, you’ll need to get a high-ratio mortgage. The mortgage size will vary depending on the size of your down payment. Remember, you must also purchase mortgage default insurance and the cost of that will also be added to the mortgage.

Using LowestRates.ca’s mortgage payment calculator can give you a better idea of your potential mortgage payments. You’ll also be able to do a comparison of mortgage rates in Orillia and how it will affect your payments.

Orillia’s housing market and home prices

Although there isn’t a breakdown in how certain forms of housing are performing, Orillia’s real estate market is strong.

The average price of a home sold in Orillia reached $675,942 in September 2021, according to The Barrie & District Association of Realtors. That was a 2% increase over the previous month and a 34.2% jump from September 2020.

During the third quarter of 2021, the average price of homes sold in the city was $662,546. That’s a 37.2% increase over the same period in 2020.

Orillia closing costs and land transfer tax

There are some additional expenses (called closing costs) that potential new homeowners may not be aware of when they buy a property. Closing costs can add up to as much as 1.5% to 4% of the purchase price. You can use LowestRates.ca’s land transfer tax calculator to find out how much you’ll have to pay. The most common closing costs are:

There’s also the provincial land transfer tax that needs to be paid each time you buy a home. First-time home buyers may be eligible for a full or partial refund. The tax rate is as follows:

 

Information for first-time home buyers in Orillia

Your required down payment will be based on the purchase price. The down payment must be at least 5% for a property that costs $500,000 or less, 5% on the first $500,000 and 10% on the remaining amount for a property that costs between $500,000 and $1 million, and 20% if the property costs more than $1 million.

You’re entitled to some incentives if you’re a first-time home buyer. The first one is called the home buyers’ amount (formerly known as the First-Time Home Buyers’ Tax Credit).

The other incentive for Ontarians is the GST/HST New Housing Rebate, which allows you to recover some of the provincial and federal portions of the HST. It’s only available if you purchase a home from a builder or hire someone to build your home.

Your questions about Orillia mortgages, answered.

What’s the difference between a mortgage term and an amortization period?

A mortgage term is how long your contract lasts with your lender. Once the term is up, you can continue to use the same lender or shop around to potentially find a better rate. Terms range between six months and 10 years, but most homeowners choose five years.

An amortization period is the amount of time it’s expected you’ll pay off the entire mortgage balance. The longer your amortization period is, the more interest you’ll have to pay. An amortization period can range between 10 and 35 years, but most homeowners choose 25 years. If you have a high-ratio mortgage, the amortization must be 25 years or less.

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

Have you noticed a large difference between the most current open and closed mortgage rates in Orillia?

The main reason why is because of flexibility. An open mortgage doesn’t have many restrictions. You can make additional payments whenever and pay off the entire mortgage balance whenever you’d like without facing huge penalties. However, there’s a tradeoff and that’s in the form of a higher rate.

There isn’t a lot of flexibility with a closed mortgage. There’s a cap in terms of how many additional payments you can make a year and you’re limited in terms of how much you can pay. While there are penalties involved if you do violate any of the restrictions with this type of mortgage, you do get a much lower rate.

How much does it cost to live in Orillia?

Orillia is part of Simcoe County and prices of homes in the city are somewhat less expensive than other parts of the county. In September 2021, the average price of a home sold in Orillia was $675,942.

That’s lower than prices in Wasaga Beach ($684,876) and Collingwood ($829,903), which are both well known as getaway destinations for Torontonians. Prices in Barrie ($779,367) and Toronto ($1,136,280) are also higher than Orillia.

Car insurance premiums are something that should also be considered when you live somewhere. For instance, Ontario is known for having the second-highest car insurance premiums in Canada. The average auto insurance premiums were $1,528 in the province compared to $1,832 in British Columbia. However, rates in Ontario were much higher than Alberta ($1,316) as well as its neighbours, Manitoba ($1,140) and Quebec ($717).

How much does getting a lower interest rate matter in Orillia?

There are a few other things to consider besides getting the lowest mortgage interest rate in Orillia, such as:

Prepayment privileges: Want to make a lump-sum payment or bump up your mortgage payment? You can do so if you have prepayment privileges, but the amount of the extra payment or the payment increase is capped.

Penalties: You may face a large penalty if you pay off your mortgage in full or make a lump-sum payment that’s too high. Each lender has a different calculation. Penalties for paying off a fixed rate mortgage are typically higher than a variable rate mortgage.

Portability: Sometimes you’re allowed to keep your mortgage if you move to another property. What’s great about being able to port your mortgage is that your payments and rate will stay the same. Best of all, the fees are typically lower than the penalties you would pay if you broke your mortgage. Also, it’s more convenient because you don’t need to go through the process of qualifying for a new mortgage.

Your questions about LowestRates.ca, answered.

How are mortgage rates determined on LowestRates.ca?

LowestRates.ca works with 50+ banks and brokers to bring you competitive mortgage rates from lenders 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 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.

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