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 2.30%
Hatch Online Mortgages

Hatch Online Mortgages

Term 5 Year
Type Fixed Closed
Rate 2.32%
The Mortgage Centre

The Mortgage Centre

Term 5 Year
Type Fixed Closed
Rate 2.39%
Hatch Online Mortgages

Hatch Online Mortgages

Term 3 Year
Type Fixed Closed
Rate 2.54%
CanWise Financial

CanWise Financial

Term 5 Year
Type Fixed Closed
Rate 2.59%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 3.19%
Dash Mortgage

Dash Mortgage

Term 3 Year
Type Fixed Closed
Rate 2.69%
Dash Mortgage

Dash Mortgage

Term 2 Year
Type Fixed Closed
Rate 2.69%

Toronto mortgage rates

Toronto is one of the most expensive housing markets in the nation, so homeowners need to always be on the lookout for the lowest mortgage rates. That’s where comes in. With our free, no-obligation online service, we can help you make the most of record-low mortgage rates and save big money along the way.

Variable or fixed: which is lower?

Are you in the market for a fixed rate or a variable rate? We can help you decide. Over the last two years, our variable rates have been at least 0.5% lower than our fixed rates. With variable rates you pay less interest but also have less security if rates do eventually rise.

Mortgage Interest Savings in Toronto:
5-year variable vs. 5-year fixed from
MonthAverage 5-year fixed rateAverage 5-year variable rate
Nov 2015 2.37% 1.89%
Dec 2015 2.49% 1.98%
Jan 2016 2.39% 2.08%
Feb 2016 2.43% 2.09%
Mar 2016 2.34% 2.08%
Apr 2016 2.32% 2.05%
May 2016 2.32% 2.05%
June 2016 2.25% 1.99%
July 2016 2.19% 1.95%
Aug 2016 2.18% 1.95%
Sept 2016 2.19% 1.94%
Oct 2016 2.12% 1.97%
Average 5-year fixed rate Average 5-year variable rate 1.5% 2.0% 2.5%
  • 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:

Per month
Per year
Per lifetime
5-Year Fixed Rates vs. 5-Year Variable Rates in Toronto: Who Takes What?✝
of Toronto borrowers apply for 5-year variable mortgages
of Toronto borrowers apply for 5-year fixed mortgages

✝Based on borrowers in Toronto who applied for a mortgage at since 2014.

Variable or fixed: which is more popular?

Variable rates dominate Toronto’s 5-year term mortgage market. According to our data, over 60% of borrowers are picking variable rates in Toronto. We’re not too surprised though — variable rates have been substantially lower than fixed rates for the last few years.

Toronto housing

It's no secret that Toronto remains a seller's market in 2016. Prices for both condos and houses in the city have shown surprising strength over the past several years, and that trend looks set to continue.

Toronto real estate is only the second most expensive among Canada’s major cities though: the average cost of a single-detached house is $770,000 in Toronto, but about $1.3 million in Vancouver — that’s a $530,000 difference.

Single-Detached Home and Condo Prices by City
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
$0k $200k $400k $600k $800k $1,000k $1,200k $1,400k

Whether it's a condo, a semi, or a fully-detached house, if it's in Toronto, chances are it's climbing up in value. In fact, the average home price in Toronto is currently a staggering $750,000, according to the latest data from the Canada Mortgage and Housing Corporation (CMHC). Unsurprisingly, sellers are receiving multiple offers and realtors report bidding wars and sales considerably over asking.

It's clear that low mortgage rates are spurring housing demand in Canada's biggest city, even as other metro areas struggle to maintain sales and price momentum.

Average Home Prices in Toronto
Source: CMHC
$500k $600k $700k $800k Jan-14Mar-14May-14Jul-14Sep-14Nov-14Jan-15Mar-15May-15Jul-15Sep-15Nov-15Jan-16Mar-16May-16Jul-16Sep-16 $750,000

Average new home prices in Toronto have surged dramatically year over year, finally leaping to $940,000 in 2016. Developers report brisk sales, and many projects sell out in only days.

If you're looking to purchase a new home in Toronto, there’s some good news: falling mortgage rates have largely offset rising prices this year, so buyers are seeing their mortgage payments stay roughly the same size, even though they're paying more money for their homes.

New Home Prices in Toronto, Single-Detached
Source: CMHC
$0k $200k $400k $600k $800k $1,000k 2011 2012 2013 2014 2015 2016 (F)

About Toronto

A thriving metropolis of almost six million people, Toronto is very much at the centre of civic, cultural and economic life in Canada. It is home to most of the country's print and broadcast media and serves as the headquarters of nearly all its major banks, which have been named by the World Economic Forum as the safest and soundest in the world.

The city hosts a wide array of major cultural events, including the Toronto International Film Festival, the ScotiaBank Caribbean Carnival, and Luminato. It's no slouch in the sports department either, boasting an NHL, NBA and MLB team. In 2015, Toronto had the honour of hosting the Pan Am Games.

Visitors and residents can spend time in superb cultural institutions like the Art Gallery of Ontario, the Royal Ontario Museum, and the Four Seasons Centre for the Performing Arts, or enjoy the cityscape with excursions to the CN Tower or shopping in tony Yorkville.

Many choose to take day trips to destinations like Canada's Wonderland, Niagara Falls and the Stratford Festival, all only a short drive away. Toronto boasts a diverse population and is often referred to as the most multicultural city in the world. It's also a city of distinct and colourful neighborhoods, including Koreatown, Greektown, Chinatown and Little India.

More ways to find a great rate