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When you find the best quote, secure your Ottawa mortgage rate by talking to a licensed broker or agent.
Compare mortgage rates in Owen Sound.
Nestled between the Pottawatomi and Sydenham rivers and Georgian Bay, Owen Sound is one of Ontario’s hidden gems. The city is known to draw tourists who come to visit the region’s famous waterfalls, four of which are located within 10 kilometers of Owen Sound’s downtown.
The city has a lot going for it, culturally, as well. It hosts the Summerfolk Music and Crafts Festival every August and the Festival of Northern Lights each winter. It’s also home to many galleries and museums and even has a large theatre for the performing arts, which puts on professional shows and concerts.
If you’re someone who enjoys the outdoors, but also likes small city amenities, Owen Sound may be the perfect place to live. If you’re shopping around for a mortgage, LowestRates.ca allows you to compare mortgage rates from 75+ banks and brokers across Canada. Just tell us whether you’re buying a home, renewing or refinancing and click the “Get Started” button above.
Read on for everything you need to know about mortgage rates in Owen Sound, whether you’re in search of broker mortgage rates in Owen Sound or prefer to deal with your existing financial institution, and are interested in bank mortgage rates in Owen Sound.
As low as
As low as
Cha-ching! Our rates are always lower than the posted bank rates.
Current lowest posted bank rate
Conventional vs. high-ratio mortgages: which is cheaper?
Mortgage companies in Owen Sound offer many mortgage options, including both conventional and high-ratio mortgages. Let’s take a look at both to help determine which might be right for you. The good news is the average mortgage rate in Owen Sound is historically low for both types of mortgages.
Conventional mortgage: Buyers with a down payment of at least 20% can qualify for a conventional mortgage. The benefit of a conventional mortgage is that they allow homebuyers to borrow a smaller amount toward their home, thus lowering their monthly mortgage costs.
High-ratio mortgage: A high-ratio mortgage, meanwhile, is the perfect option for a borrower who doesn’t have the 20% down payment required to obtain a conventional mortgage. In Canada, high-ratio mortgages can be had with as little as 5% down. Many lenders offer lower rates for their high-ratio mortgages, but that’s because high-ratio borrowers are required to get mortgage default insurance, which is rolled into their mortgage payments and paid off over their amortization period.
The type of mortgage you’d like is one of the first things to consider when researching a mortgage loan in Owen Sound.
Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Ontario
Average Conventional Rate
Average High Ratio Rate
Last Updated: May 1, 2022
Fixed rate vs. variable rate mortgages: which is cheaper?
The best mortgage lenders in Owen Sound offer options for fixed and variable rate mortgages. The one you choose will depend on a few factors.
Fixed rate: A fixed rate mortgage is one where the contracted rate remains the same over the entire mortgage term. Fixed rates are good for those who want to know exactly what their payments will be over the term, as well as how much of each payment goes toward principal and how much goes toward interest.
Variable rate: Variable rates fluctuate over the course of the term. Variable rates are based on a lender’s prime rate, which might rise or fall based on various economic factors. Because of this, a borrower’s rate may change over the course of their term; payment amounts may change, or the percentage of each payment that goes toward interest may change.
A mortgage broker can help you decide whether fixed mortgage rates in Owen Sound might be the best choice for you, or if you should look into variable mortgage rates in Owen Sound.
5-year fixed vs. 5-year variable mortgage rates in Ontario
Last Updated: May 1, 2022
Factors that affect your Owen Sound mortgage rate
Below are some factors to take into consideration during your search for house mortgage rates in Owen Sound. These factors will determine whether or not you qualify for the lowest mortgage interest rate in Owen Sound.
Down payment: The size of your down payment may impact the mortgage rate you can expect to get. It will also determine the size of a mortgage you can qualify to purchase and, therefore, the price of the home you can afford. The minimum down payment in Canada is 5%, but the minimum increases with the cost of the home being purchased.
Homes that cost $500,000 or less require at least 5% down
Homes that cost between $500,000 and $999,999 require a down payment of 5% on the first $500,000 and 10% for the portion that exceeds $500,000
Homes that cost $1 million or more require a minimum down payment of 20%
If a borrower has less than 20% down, you will be required to get mortgage default insurance.
Debt service ratios: In addition to your down payment, Ottawa lenders look at a number of other factors when calculating your mortgage rates. These are known as debt ratios and can be grouped into two categories:
Debt service ratios: Lenders use two kinds of debt service ratios to determine whether or not a borrower can qualify for a mortgage. The debt service ratio is determined by two different ratios: a borrower’s gross debt service ratio and total debt service ratio.
Gross debt service ratio (GDS): GDS measures how much of your income goes toward housing. GDS is determined by adding a borrower’s monthly mortgage payments, property taxes, and 50% of condo fees (if applicable) and divided by a household’s monthly gross (before tax) income. Lenders typically require a borrower’s GDS to not exceed 39%.
Total debt service ratio (TDS): TDS is determined by adding a borrower’s total monthly debt payments, monthly mortgage payments, property taxes, and 50% of condo fees (if applicable) and dividing that by a household’s gross income. Lenders typically require a borrower’s TDS to not exceed 44%.
Credit score: Your credit score is another factor to consider when searching for home mortgage rates in Owen Sound. Lenders offer their best rates to borrowers who have high credit scores. Credit scores in Canada range from 300-900. A credit score between 660 and 724 is considered good by Equifax Canada, a score between 725 and 759 is considered very good, and a score between 760 and 900 is considered excellent.
Employment and income: Finally, lenders will want to verify a borrower’s employment and income. The higher a borrower’s earnings, the more mortgage they will be offered. Lenders will ask for various documents, including tax documents and bank statements, as a way to verify a borrower’s employment and income. A mortgage broker can guide you along the process and will collect the documents from you.
Typical mortgage amounts in Owen Sound
Your mortgage amount depends on a number of factors, including your down payment amount, your interest rate, and the price of the home. Did you know Lowestrates.ca has a mortgage payment calculator to help you estimate your mortgage costs? Play around with the mortgage payment calculator to help you calculate a mortgage in Owen Sound.
We’ll use the calculator to crunch some numbers and get a sense of the typical mortgage amount in Owen Sound.
For this example, we’ll assume a home price of $523,900 (the benchmark sale price in the Owen Sound region in September 2021), a mortgage rate of 2% and an amortization period of 25 years.
We’ll also assume a down payment of 5.23% ($27,400).
Based on those assumptions, a buyer can expect to pay $2,171 per month. Keep in mind that mortgage default insurance is also included in that cost, since it’s required for all mortgages that have less than 20% down.
Now, if you were to raise your down payment to 20.32% ($106,456), the monthly payment would drop to $1,768 per month.
Owen Sound’s housing market and home prices
Owen Sound’s housing market has been heating up over the past year.
The benchmark price was $523,900 in September, an increase of 35.1% year-over-year, according to the Canadian Real Estate Association (CREA). Single-family homes, condos, and townhomes all saw significant price increases over the past 12 months.
The average price of homes sold in September 2021 set a record of $703,934, which was an increase of 40.2% year-over-year.
With home prices on the rise, it’s more important than ever to find the cheapest mortgage rates in Owen Sound.
Owen Sound closing costs and land transfer tax
Each home purchase requires closing costs, which must be paid prior to closing or just after, depending on the particular closing cost. Closing costs vary, but typically range from 1.5% to 5% of the home’s purchase price. Make sure to earmark enough funds so that your closing goes smoothly. Below are some examples of common closing costs.
Sales tax on mortgage default insurance (if applicable)
Property valuation fees
Home inspection fees
Estoppel certificate if buying a condo
Good and services tax (GST) or harmonized sales tax (HST) if you’re buying a brand new home or condo
Land transfer tax
Land transfer tax is a particularly important closing cost to keep in mind. You can use LowestRates.ca’s land transfer tax calculator to estimate your property taxes, based on the price of the home you plan on buying.
Ontario’s land transfer tax is charged at a marginal rate, which means an increasing percentage of tax is applied to different portions of the home’s price. Here’s a breakdown of how it works:
0.5% on amounts up to and including $55,000
1% on amounts exceeding $55,000, up to and including $250,000
1.5% on amounts exceeding $250,000, up to and including $400,000
2% on amounts exceeding $400,000
2.5% on amounts exceeding $2,000,000, where the land contains one or two single-family residences
Information for first-time home buyers in Owen Sound
If you’re a first-time homebuyer in search of mortgage interest rates in Owen Sound, here’s some additional information you might find useful.
Down payment: The size of your down payment will be determined by the price of your home and the type of mortgage you choose. The minimum down payment required in Canada is 5% but, as mentioned, minimum requirements increase along with the price of the home. If you want a conventional mortgage, you’ll need at least 20% down.
Home Buyers’ Amount (formerly the First Time Home Buyers’ Tax Credit): First-time home buyers qualify to claim the Home Buyers’ Amount, which is a federal credit that can be used to claim up to $750 within the tax year of the home purchase. To qualify, buyers must meet both of the following requirements:
You or your spouse or common-law partner acquired a qualifying home
You did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer)
Qualifying homes include; single-family houses, semi-detached houses, townhouses, mobile homes, condo units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings.
GST/HST New Housing Rebate: Buyers of a new or substantially renovated home may qualify for tax rebates on homes purchased as their primary residence. This rebate allows them to recoup some of the tax costs.
Ontario Land Transfer Tax Refunds for First-Time Homebuyers: First-time buyers in Ontario can get a land transfer tax refund, which is typically handled by the buyer’s lawyer. The maximum amount of the refund is $4,000.
Federal Home Accessibility Tax Credit (HATC) for Seniors and Persons with Disabilities: If you’re a senior or person with a disability, you might qualify for a tax credit that allows you to recoup expenses for retrofitting your new home to make it more accessible.
Grey County Home Ownership Program: First-time buyers in Owen Sound might qualify for this program, which provides up to 5% of the purchase price toward a home. To be eligible, buyers must not have a household income above $74,100 and assets above $30,000 and must be purchasing a home that does not exceed $224,976.
Your questions about Owen Sound mortgages, answered.
What’s the difference between a mortgage term and an amortization period?
When researching today’s mortgage rates in Owen Sound, it’s important to consider the mortgage term and amortization period. They’re both important factors.
Mortgage term: The mortgage term is the amount of time a borrower agrees to pay a certain rate and abide by certain mortgage conditions, which are laid out in a contract. Mortgage terms typically run from one to 10 years in Canada, with five years being the most common term.
Amortization period: The amortization period is the entire length of the mortgage. Amortization periods typically run from 25 to 30 years and it may be determined by the type of mortgage a borrower chooses. For example, high-ratio mortgages can have a maximum amortization period of 25 years; conventional mortgages can have longer amortization periods. Within the amortization period, buyers will have several terms.
What’s the difference between an open mortgage vs. a closed mortgage?
The best mortgage rates Owen Sound Canada can be either open or closed. It’s important to understand the difference, since they both have their benefits and drawbacks.
Open mortgage: An open mortgage allows the borrower to make additional payments, without penalty. Every borrower has a set payment schedule, but they may want to make additional payments to pay the mortgage off quicker. Open mortgages are more flexible than closed mortgages.
Closed mortgage: Closed mortgages limit the amount of extra payments a borrower can make. In some cases, closed mortgages may prohibit any additional payments. While open mortgages may be more flexible, lenders typically offer lower rates for closed mortgages.
Consider what you’d prefer when you compare mortgage rates in Owen Sound.
How much does it cost to live in Owen Sound?
Whether you choose to purchase a home or rent a home in Owen Sound, your mortgage or rent will be just one thing to factor into the cost of living. With owning a home, you’ll also have to pay for utilities such as hydro and heat, municipal water (unless your home is on a well), property taxes, home insurance, and maintenance costs, among others. Living in Owen Sound will also likely necessitate owning a car, so factor in any car payments. With a vehicle, you’ll also pay for gas, maintenance, and auto insurance.
Unfortunately, Ontario has some of the highest auto insurance rates in Canada, second only to British Columbia. The average cost of auto insurance in Ontario is $1,528, according to the Insurance Bureau of Canada.
While searching for the lowest mortgage rates in Owen Sound, you might also want to consider the other costs of living that you’ll have to cover as well. It’s a good idea to make a budget to determine whether or not the move is affordable.
How much does getting a lower interest rate matter in Owen Sound?
Finding the best mortgage rates Owen in Sound isn’t just about getting the lowest rate. While a low rate will make your home more affordable, there are some other factors you should keep in mind when doing a mortgage rates comparison in Owen Sound. You should also consider prepayment privileges, penalties and portability.
Prepayment privileges: Prepayments are additional payments a borrower might want to make toward their mortgage, in addition to their regular monthly payments. Some mortgages allow these payments, which allow borrowers to pay their mortgages off sooner.
Penalties: Take a look at the mortgage contract to determine what, if any, penalties you might incur during the mortgage term. Some mortgages charge penalties for prepayment or for breaking the mortgage early (in the event you want to sell your home before the mortgage term is up).
Portability: Finally, portability is another thing to look for in a mortgage. A portable mortgage is one that allows you to transfer it from one property to another. So, if you think you might want to move homes before the end of the mortgage term, you might want to consider a portable mortgage.
Your questions about LowestRates.ca, answered.
How are mortgage rates determined on LowestRates.ca?
LowestRates.ca works with 75+ banks and brokers to bring you competitive mortgage rates from lenders in 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.
In a new suburb, builders will often have a model home on site to showcase the soon-to-be-built-homes. Fully furnished and beautifully decorated, this home is meant to entice you to buy one in the new neighbourhood.
If you have a sneaking suspicion that everything is more expensive these days, you’re right. Canada’s inflation rate hit an 18-year high in October of last year, sending consumer prices soaring. So much so that the cost of living has increased by nearly 5%, according to Statistics Canada.