Compare the best mortgage rates in Ottawa. Show off your savvy.

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Best Variable Rate
Dash Mortgage

Dash Mortgage

Term 5 Year
Type Variable Closed
Rate 2.64%
Best Fixed Rate
Dash Mortgage

Dash Mortgage

Term 5 Year
Type Fixed Closed
Rate 2.42%
CanWise Financial

CanWise Financial

Term 5 Year
Type Fixed Closed
Rate 2.44%
Hatch Online Mortgages

Hatch Online Mortgages

Term 3 Year
Type Fixed Closed
Rate 2.64%
Hatch Online Mortgages

Hatch Online Mortgages

Term 5 Year
Type Variable Closed
Rate 2.65%
Dash Mortgage

Dash Mortgage

Term 2 Year
Type Fixed Closed
Rate 2.69%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 2.87%
First National

First National

Term 5 Year
Type Fixed Closed
Rate 2.89%
CMLS

CMLS

Term 5 Year
Type Fixed Closed
Rate 3.19%

Compare mortgage rates in Ottawa.

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.

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:

$92 Per Month
$1,099 Per Year
$27,518 In a Lifetime

5-year fixed mortgage rate in Ottawa vs 5-year variable rate from LowestRates.ca

MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 20152.41%1.91%
Dec 20152.64%2.07%
Jan 20162.43%2.05%
Feb 20162.38%2.09%
Mar 20162.39%2.07%
Apr 20162.32%2.08%
May 20162.31%2.03%
June 20162.24%1.97%
July 20162.19%1.93%
Aug 20162.19%1.91%
Sept 20162.16%1.95%
Oct 20162.14%1.94%

Focus On

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).

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.

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

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.

DateHome Prices
Jan-14$355,541
Mar-14$354,984
May-14$368,235
Jul-14$361,236
Sep-14$363,585
Nov-14$359,102
Jan-15$357,892
Mar-15$360,326
May-15$369,664
Jul-15$370,413
Sep-15$370,808
Nov-15$365,819
Jan-16$367,062
Mar-16$369,645
May-16$365,612
Jul-16$370,000
Sep-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

YearPrice
2011$478,292
2012$482,586
2013$490,733
2014$514,381
2015$517,000
2016 (F)$525,000

Your Ottawa mortgage questions, answered.

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.

5-Year Fixed Rates vs. 5-Year Variable Rates in Ottawa: Who Takes What?✝

of Ottawa borrowers apply for 5-year variable mortgages
51%
of Ottawa borrowers apply for 5-year fixed mortgages
49%

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

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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