Balanced Market

Mortgage Rates in Ontario

Ontario is Canada's most populous province and its largest mortgage market, with home prices ranging from under $400K in smaller cities to over $1.2M in Toronto.

Avg Home Price

$820,000

Benchmark Price

$780,000

Year-Over-Year

↓ 2.1%

Best 5-Yr Fixed

4.89%

Today's Best Rates in ON

📅 Page updated: July 8, 2026·⚡ Rate data: May 25, 2026·Methodology

Rate Type	Best Rate	Monthly Payment*	Term
5-Year Fixed	4.89%	~$2,301/mo	5 Years
5-Year Variable	5.45%	~$2,430/mo	5 Years
3-Year Fixed	4.74%	~$2,268/mo	3 Years
2-Year Fixed	5.1%	~$2,349/mo	2 Years
HELOC	6.2%	~$2,583/mo (interest only)	Revolving

*Based on $500K mortgage, 25-year amortization, Canadian semi-annual compounding. Last updated: May 25, 2026.

Bank vs. Broker Rate Comparison

See how Big 6 posted rates stack up against the best broker rates available in Ontario.

Lender	Type	5-Yr Fixed	3-Yr Fixed	5-Yr Variable	Action
National Bank	Bank	4.43%	4.44%	4.49%	Get Quote →
CIBC	Bank	4.51%	4.51%	4.12%	Get Quote →
RBC Royal Bank	Bank	4.62%	4.43%	3.98%	Get Quote →
BMO	Bank	4.76%	4.67%	4.12%	Get Quote →
TD Bank	Bank	4.96%	4.72%	4.31%	Get Quote →
Scotiabank	Bank	6.09%	6.05%	4.90%	Get Quote →
TOPTop Broker 🏆	Broker	4.89%	4.74%	5.45%	Get My Rate →

Bank rates shown are posted rates sourced from Bank of Canada. Actual rates may vary. Broker rates reflect best available insured rates from 50+ lenders. Last updated: May 25, 2026.

Land Transfer Tax in Ontario

Up to $4,000 provincial LTT rebate + up to $4,475 Toronto LTT rebate

First-Time Buyer Programs in Ontario

First Home Savings Account (FHSA)
RRSP Home Buyers Plan
CMHC Mortgage Insurance
Ontario Land Transfer Tax Rebate
Toronto Land Transfer Tax Rebate

Mortgage Rates by City in Ontario

Toronto

Avg $1,100,000

-3.2%

Mississauga

Avg $920,000

-2.8%

Brampton

Avg $820,000

-2.1%

Ottawa

Avg $650,000

-1.4%

Hamilton

Avg $720,000

-4.1%

London

Avg $590,000

-3.8%

Markham

Avg $1,050,000

-2.5%

Vaughan

Avg $1,020,000

-2.2%

Kitchener

Avg $620,000

-5.2%

Windsor

Avg $450,000

+1.2%

Frequently Asked Questions

What is the average mortgage rate in Ontario?

The best 5-year fixed mortgage rate in Ontario is currently around 4.89%, though rates vary by lender, credit score, and down payment size.

How much do I need for a down payment in Ontario?

In Ontario, you need a minimum 5% down payment for homes under $500K, 10% on the portion between $500K-$999K, and 20% for homes $1M and above.

Is there a land transfer tax in Ontario?

Yes, Ontario charges a provincial land transfer tax. Toronto buyers also pay a municipal land transfer tax. First-time buyers can receive rebates of up to $4,000 provincially and $4,475 in Toronto.

What is the mortgage stress test in Ontario?

Canadian lenders must qualify you at the higher of your contract rate plus 2%, or 5.25%. This applies to all insured and uninsured mortgages in Ontario.

Should I choose a fixed or variable rate mortgage in Ontario?

In the current rate environment, many Ontario buyers are choosing fixed rates for predictability. Variable rates may save money if the Bank of Canada cuts rates further in 2026.

What is the First Home Savings Account (FHSA)?

The FHSA lets first-time buyers save up to $40,000 tax-free for a home purchase. Contributions are tax-deductible and withdrawals for a qualifying home purchase are tax-free.

How do mortgage brokers work in Ontario?

Ontario mortgage brokers are licensed by FSRA and shop your application to multiple lenders to find the best rate. Their service is typically free to borrowers as lenders pay the broker commission.

What credit score do I need for a mortgage in Ontario?

Most lenders require a minimum credit score of 680 for the best rates. Some lenders will approve mortgages with scores as low as 600, but at higher rates.

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