Best Variable Rate
Dash Mortgage

Dash Mortgage

Term 5 Year
Type Variable Closed
Rate 2.58%
Best Fixed Rate
Sigma Mortgage

Sigma Mortgage

Term 5 Year
Type Fixed Closed
Rate 3.33%
Hatch Online Mortgages

Hatch Online Mortgages

Term 5 Year
Type Variable Closed
Rate 2.60%
Sigma Mortgage

Sigma Mortgage

Term 5 Year
Type Variable Closed
Rate 2.64%
True North Mortgage

True North Mortgage

Term 5 Year
Type Variable Closed
Rate 2.65%
CanWise Financial

CanWise Financial

Term 5 Year
Type Variable Closed
Rate 2.65%
Hatch Online Mortgages

Hatch Online Mortgages

Term 5 Year
Type Fixed Closed
Rate 3.34%
CanWise Financial

CanWise Financial

Term 5 Year
Type Fixed Closed
Rate 3.39%
The Mortgage Leaders

The Mortgage Leaders

Term 5 Year
Type Fixed Closed
Rate 3.39%

Ottawa mortgage rates

As an Ottawa homeowner or buyer, you know that today’s low rates won’t last forever. That’s why you’ve come to LowestRates.ca. We offer a free, no-obligation service that lets you quickly search for the most competitive rates in the city. With a little help from us, you’ll never miss out on a rate that could save you thousands of dollars per year.

Variable or fixed: which is lower?

We tracked our 5-year variable rates and our 5-year fixed rates in Ottawa over the past two years to get you an answer. Here it is: our variable rates have consistently been at least 0.5% lower than our fixed rates. Although it may not seem like much, on a $400,000 mortgage, variable borrowers in Ottawa would see savings of over $1,000 per year.

Mortgage Interest Savings in Ottawa:
5-year variable vs. 5-year fixed from LR.ca
MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 2015 2.41% 1.91%
Dec 2015 2.64% 2.07%
Jan 2016 2.43% 2.05%
Feb 2016 2.38% 2.09%
Mar 2016 2.39% 2.07%
Apr 2016 2.32% 2.08%
May 2016 2.31% 2.03%
June 2016 2.24% 1.97%
July 2016 2.19% 1.93%
Aug 2016 2.19% 1.91%
Sept 2016 2.16% 1.95%
Oct 2016 2.14% 1.94%
Average LR.ca 5-year fixed rate Average LR.ca 5-year variable rate 1.5% 2.0% 2.5% 3.0%
  • Nov 2015
  • Dec 2015
  • Jan 2016
  • Feb 2016
  • Mar 2016
  • Apr 2016
  • May 2016
  • June 2016
  • July 2016
  • Aug 2016
  • Sept 2016
  • Oct 2016
Our variable rates are almost half a percent lower than our fixed rates.

On a $400,000 mortgage, that's an average savings of:

$92
Per month
$1,099
Per year
$27,518
Per lifetime
5-Year Fixed Rates vs. 5-Year Variable Rates in Ottawa: Who Takes What?✝
51%
of Ottawa borrowers apply for 5-year variable mortgages
49%
of Ottawa borrowers apply for 5-year fixed mortgages

✝Based on borrowers in Ottawa who applied for a mortgage at LowestRates.ca since 2014.

Variable or fixed: which is more popular?

We have a nearly even split –– our latest data reveals that 51% of Ottawa borrowers are taking variable rates.

Ottawa housing

It's a good time to buy a home in the nation's capital. Sales have been slow over the past year and prices have remained relatively flat –– a sharp contrast to a few other notable Canadian cities (here’s looking at you, Vancouver and Toronto).

Add in a meaningful decline in mortgage rates over the past year and Ottawa homes are as affordable as they have been in some time. Condos and single-detached homes in Ottawa remain a bargain compared to many other major metro areas in the country, as illustrated by the graph below:

Single-Detached Home and Condo Prices by City
CitySingle-DetachedCondo
Canada $523,900 $358,900
Vancouver $1,380,300 $493,100
Calgary $513,900 $307,000
Edmonton $418,500 $247,400
Toronto $768,500 $371,800
Ottawa $402,000 $300,600
Montreal $355,800 $286,200
Single-Detached
Condo
$0k $200k $400k $600k $800k $1,000k $1,200k $1,400k
Canada
Vancouver
Calgary
Edmonton
Toronto
Ottawa
Montreal

Compared to the wild price swings seen in some other, more highly-publicized Canadian housing markets, Ottawa home prices have been relatively stable. Rate cuts from the Bank of Canada in 2015 look to have given Ottawa home prices a boost over the year.

Average Home Prices in Ottawa
Source: CMHC
$300k $400k Jan-14Mar-14May-14Jul-14Sep-14Nov-14Jan-15Mar-15May-15Jul-15Sep-15Nov-15Jan-16Mar-16May-16Jul-16Sep-16 $363,000

Prices for new detached homes in Ottawa have edged up only slightly over the last few years, with the average new build commanding $525,000. New home prices could move slightly higher in 2017 as fewer developments come on stream and buyers rush to get into the market before rates go up.

New Home Prices in Ottawa, Single-Detached
Source: CMHC
$0k $200k $400k $600k 2011 2012 2013 2014 2015 2016 (F)

About Ottawa

Canada's capital, Ottawa, is the country's fourth largest city by population and also one of its prettiest. The imposing gothic buildings of Parliament Hill can be seen for miles around and stand opposite the town’s bustling commercial core. Residents and visitors alike can enjoy the shops and restaurants of the picturesque ByWard Market or take a walk along the gently flowing Rideau Canal. They can also take advantage of first-class cultural institutions like the National Gallery of Canada.

It's for all these reasons and more that MoneySense Magazine named Ottawa Canada's fourth best place to live in 2014. Whether you are looking to enjoy an evening at the RBC Royal Bank Bluesfest or to spend precious family time sliding away on state-of-the-art water rides at Calypso Waterpark, Ottawa is a great place to live.

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