Mortgage Rates in Toronto, ON
Compare live mortgage rates from 50+ lenders serving Toronto. Free quotes from licensed ON mortgage brokers — no credit check required.
Current Best Rate
4.89%
5-Year Fixed
Avg Home Price
$1,100,000
Market
Balanced MarketGet Toronto Mortgage Quotes
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Current Toronto Mortgage Rates
| Rate Type | Best Rate |
|---|---|
| 5-Year Fixed | 4.89% |
| 5-Year Variable | 5.45% |
| 3-Year Fixed | 4.74% |
| 2-Year Fixed | 5.10% |
| 1-Year Fixed | 5.65% |
| HELOC | 6.20% |
*Based on $1,100,000 home price, 20% down ($880,000 mortgage), 25-year amortization, Canadian semi-annual compounding. Last updated: May 25, 2026. Best rates available to qualified borrowers with 20%+ down payment.
The Toronto Mortgage Market
Toronto's mortgage market remains Canada's most complex and expensive, with average home prices of $1.1M requiring careful financial planning and often creative down payment strategies. At current 5-year fixed rates of 4.89%, a Toronto buyer purchasing the average $1.1M home with 20% down needs a household income of approximately $185,000 to qualify under the federal stress test.
Toronto buyers face a double land transfer tax — both Ontario's provincial LTT and Toronto's municipal LTT — totalling approximately $32,950 on a $1M purchase, though first-time buyers receive combined rebates up to $8,475. The Toronto market has shifted to balanced conditions after significant corrections from 2022 peaks, creating opportunities for well-qualified buyers who were previously priced out.
Condos represent the most accessible entry point with average prices around $700,000, while detached homes in desirable neighbourhoods like Leslieville, Bloor West Village, and East York average $1.3M–$1.6M.
Working with an experienced Toronto mortgage broker is especially important given the complexity of qualifying at these price points — brokers can access lender exceptions and high-ratio financing options that branch advisors often cannot.