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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 4.64% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 4.99% | 4.99% | ||
Insured 3.99% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.44% | 4.53% | ||
Insured 3.69% | 80% LTV 3.79% | 65% LTV 3.79% | Uninsured 3.9% | 4.39% | ||
Insured 3.84% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.39% | 4.44% | ||
Insured 3.69% | 80% LTV 3.55% | 65% LTV 3.55% | Uninsured 3.69% | 4.19% | ||
Insured 4.19% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 4.89% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.24% | 6.09% | ||
Insured 3.9% | 80% LTV 3.95% | 65% LTV 3.9% | Uninsured 3.9% | 5.95% | ||
Insured 3.45% | 80% LTV 3.45% | 65% LTV 3.45% | Uninsured 3.5% | 4.24% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.45% | 80% LTV 5.45% | 65% LTV 5.45% | Uninsured 5.5% | N/A |
There are three main drivers behind mortgage rates in Toronto and Canada at large:
The Bank of Canada influences mortgage rates through its policy rate. The Bank’s objective is to keep inflation in the target range of 1% to 3% and preserve the value of the Canadian dollar. It achieves this by setting the target overnight rate, also known as the policy rate.
As of today, the policy rate is 2.25%. The central bank uses the target rate to influence how the banks set their own rates and acts as a barometer for the rate at which banks borrow and lend among themselves.
The higher the inflation, particularly if it’s above 3%, the higher the likelihood of a rate hike. Though inflation does not directly affect mortgage rates, the Bank tends to raise rates to cool down economic activity and force homebuyers to retreat from the market. It’s worth noting that government bond yields, which influence fixed rates, are affected by inflation as well, in addition to factors like oil prices, geopolitical tensions and broader economic conditions (which currently remain uncertain).
Banks, credit unions, monoline lenders and other financial institutions compete to attract borrowers across Toronto and beyond. During competitive market conditions, lenders may offer better rates. Shopping around and comparing multiple lenders — including local Ontario credit unions like Meridian Credit Union and Alterna Savings — can often result in a better mortgage rate.
Before you start searching for your dream home or condo, it’s a good idea to sit down and take a good look at your financial situation. There are a number of factors that mortgage companies in Toronto consider before approving your application. Understanding what lenders look at to calculate your Toronto mortgage rate can help you secure the lowest possible interest rate.
1. Down payment
If you’re looking to buy a home or condo in Toronto, chances are you already know that you need a down payment. A down payment is the amount of money you pay right off the bat toward the price of your home. This is one of the most important factors, because it determines the size of your mortgage. In Canada, the federal government requires a minimum down payment, depending on the price of the home.
2. Debt service ratios
It’s your lender’s responsibility to assess your finances to determine if you’re a good candidate for a mortgage — and if you can afford the property. To measure the amount of debt you have relative to your income, they use two debt ratios:
3. Credit score
Your credit score is one way for lenders to know whether or not you’re a responsible borrower because it gives a glimpse into how you’ve historically handled paying off your debts. If you have bad credit, that may be used against you and you may not be approved for a mortgage. In general, a score of 650 is considered “good credit.”
4. Employment and income
Your employment status is an indicator of whether or not you’ll be able to come up with the funds to pay your mortgage. To secure a mortgage loan in Toronto, you’ll have to prove that you have the financial stability to make payments ongoingly. Lenders will look at whether you’re employed full time, part time, temporarily, seasonally or on contract. A lender will want to know your total income from all sources (a salaried job, investments or rental income) to make sure that the size of your mortgage will be manageable.
5. Self employment
If you work for yourself, you’ll need to provide supporting documents to prove your income and cash flow. For self-employed people applying for a mortgage, you’ll need to provide at least three years’ worth of tax returns and other documents such as bank statements that show income and expenses, articles of incorporation, business or GST licence for your business and your personal and business credit score.
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How do these mortgage types differ? Conventional (low-ratio) mortgage requires a down payment of 20% or more, with no mandatory insurance, while a high-ratio mortgage requires a down payment of below 20%, plus mandatory insurance.
Which mortgage type offers cheaper rates? As of August 2026, the average conventional 5-year fixed rate is 4.47%. That’s 33 bps above the average high-ratio 5-year fixed rate, which stands at 4.14%.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 09/25 | 4.50% | 4.42% |
| 10/25 | 4.46% | 4.36% |
| 11/25 | 4.35% | 4.31% |
| 12/25 | 4.44% | 4.32% |
| 01/26 | 4.49% | 4.49% |
| 02/26 | 4.47% | 4.43% |
| 03/26 | 4.27% | 4.20% |
| 04/26 | 4.24% | 4.23% |
| 05/26 | 4.38% | 4.22% |
| 06/26 | 4.48% | 4.24% |
| 07/26 | 4.47% | 4.14% |
| 08/26 | 4.49% | 4.09% |
Last Updated: September 1, 2026
How do these mortgage rates differ? A fixed rate mortgage is a rate fixed over a period of time. Interest rates and the mortgage payments remain the same (and consistent) over that mortgage term. A variable rate mortgage is different. While the mortgage payment remains constant, the interest rate payments fluctuate with the prime interest rate.
Which rate is cheaper? As of August 2026, the 5-year fixed rate is 4.34%. That’s 41 bps abow the 5-year variable rate, which stands at 3.93%.
| Month | Fixed | Variable |
|---|---|---|
| 09/25 | 4.60% | 4.64% |
| 10/25 | 4.62% | 4.51% |
| 11/25 | 4.64% | 4.40% |
| 12/25 | 4.64% | 4.41% |
| 01/26 | 4.71% | 4.44% |
| 02/26 | 4.64% | 4.43% |
| 03/26 | 4.33% | 4.38% |
| 04/26 | 4.38% | 4.06% |
| 05/26 | 4.41% | 4.05% |
| 06/26 | 4.45% | 4.01% |
| 07/26 | 4.34% | 3.93% |
| 08/26 | 4.30% | 3.89% |
Last Updated: September 1, 2026
New mortgage loan values have been trending upward throughout 2025, reaching the average of $521,496 in Toronto and $360,597 in Canada by the end of Q4 2025.
Here are all the average new mortgages loan values in Toronto from 2022 to 2025:
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Canada | $368,936 | $371,063 | $363,654 | $325,612 | $320,298 | $314,540 | $338,522 | $327,899 | $323,537 | $332,825 | $349,364 | $343,271 | $356,831 | $350,281 | $360,986 | $360,597 |
| Toronto | $569,934 | $577,403 | $567,446 | $504,490 | $482,979 | $480,732 | $520,537 | $513,682 | $497,860 | $506,591 | $525,799 | $516,489 | $514,133 | $517,422 | $525,161 | $521,496 |
Scheduled monthly payments have been trending downward throughout 2025, reaching the average of $2,817 in Toronto by the end of Q4 2025.
| Q1 – 2022 | Q2 – 2022 | Q3 – 2022 | Q4 – 2022 | Q1 – 2023 | Q2 – 2023 | Q3 – 2023 | Q4 – 2023 | Q1 – 2024 | Q2 – 2024 | Q3 – 2024 | Q4 – 2024 | Q1 – 2025 | Q2 – 2025 | Q3 – 2025 | Q4 – 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $2,322 | $2,548 | $2,895 | $2,937 | $2,962 | $2,890 | $3,166 | $3,366 | $3,272 | $3,121 | $3,171 | $3,006 | $2,968 | $2,904 | $2,903 | $2,817 |
Closing costs are the one-time fees buyers pay upon purchasing property in Toronto. Generally, closing costs include:
Land transfer tax calculations for a $500,000 property in Toronto without a rebate are:
Comparing rates from different banks and mortgage lenders is the best way to find the lowest mortgage rates available in the market. Lowestrates.ca helps you compare mortgage rates from top lenders across Canada and you can make the decision of choosing the mortgage type and rate based on your financial situation.
For first-time buyers, the terms and definitions around buying your house or condo can be a little confusing. One of the most misunderstood concepts is the mortgage term vs. the amortization period.
When securing a mortgage, one of the many decisions you’ll have to make is whether you want an open mortgage or a closed one. How do they differ?
Getting the best mortgage rates is one great way to save money on your mortgage, but it’s one of many things you can do to increase the overall affordability of your mortgage. Some of these features might include prepayment privileges and portability.
LowestRates.ca works with top banks and brokers across the country to bring you the best rates for homes in Toronto. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates for Toronto. 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.
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 not only in Toronto, but across the country.
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.
Taras Trofimov
About the Author
Taras is the Content Manager for LowestRates.ca. He has produced thought leadership content for organizations like Constellation Software, Facebook and Yellow Pages as well as outlets like The Globe and Mail, Autoblog and MSN Autos.
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