Find The Best Mortgage Rates in Ontario, Canada
5-year Fixed Rate
as of 04/12/2025
3.94%
High Ratio Mortgage
5-year Variable Rate
as of 04/12/2025
4.10%
Most Banks Current Prime Rate 4.95%
Get daily updated Canada mortgage lending rates from top lenders in Ontario, Canada.
Speak with licensed mortgage brokers to secure the best mortgage rates and lowest mortgage rates in Ontario Canada on your terms.
Not Just the Best Mortgage Rate
With over 20 years of experience in the mortgage industry, we’ve been dedicated to helping Canadians save on their mortgage borrowing costs. We’ve seen it all and know what it takes to secure the best deals for you!
Your financial situation is unique—it’s your shelter, your home. That’s why we work tirelessly, negotiating with dozens of lenders across Canada to find you the best mortgage rates tailored to your specific needs.
Our team of experienced mortgage brokers is specially trained to identify opportunities within your income, credit, and assets. We build a strong case to present to our network of trusted lenders, ensuring you get the most competitive home loan rates in Canada.
Whether you’re looking for mortgage brokering services, broker mortgage loans, or simply the best mortgage rates in Canada, we’re here to guide you every step of the way. Let us help you make the most of your mortgage journey!
A Mortgage Solution, for Every Situation
Banks, Credit unions and branchless mortgage lenders compete with your bank's business.
Canadian Mortgage Lenders look for consistent volume business from RateShop brokers . As a Volume Brokerage, we get priority access to Rate Promotions, faster underwriting & approvals, lender exceptions and dedicated personnel are assigned to us to get you a better deal!
The Only Difference - You Save Thousands!
Mortgage Calculator
Easy to use home loan mortgage calculator
Access to Canada's Mortgage Lenders
When you work with RateShop Mortgage, you can access lower mortgage rates than what your bank offers, all while enjoying the same great features like a home equity line of credit or flexible options such as pre-payment privileges.
Our well-connected network of lenders allows us to monitor Canada mortgage lending rates regularly. But we go above and beyond—scouring the internet and collaborating with our lenders to secure better-than-average industry rates. This means deeper discounts and more savings for you.
At RateShop, Canadians gain unfiltered access to the best mortgage rates and home loan rates in Canada. With connections to over 65 mortgage lenders across all provinces, we ensure you get the most competitive mortgage brokering services and broker mortgage loans tailored to your needs.
Whether you’re working with a mortgage broker, exploring mortgage brokerage options, or seeking the expertise of mortgage brokers, RateShop is here to help you find the perfect solution for your home financing goals.
Our Mortgage Brokers in Alberta
RateShop Mortgage Brokers specialize in delivering tailored mortgage solutions designed to help clients secure the best mortgage rates in Canada. With a deep understanding of local real estate trends, particularly in Alberta, we leverage our expertise in Alberta mortgage rates to provide the lowest mortgage rates for a variety of property types and financial situations. Whether you’re purchasing, refinancing, renewing, or exploring a home equity line of credit, we work closely with you to compare mortgage rates and lock in the most advantageous deals. Our in-depth knowledge of local lending programs and incentives ensures you maximize your financial benefits.
By tapping into a vast network of lenders, RateShop mortgage brokers help you save on mortgage costs, often securing better deals than major banks like TD, RBC, BMO, and CIBC. We compare Canada mortgage lending rates from over 65 lenders, including banks, credit unions, and monoline lenders, to find low mortgage rates and the best mortgage deals in Canada. This approach allows us to match your unique financial needs with the most competitive home loan rates in Canada, saving you thousands over the life of your mortgage.
Whether you’re working with a mortgage broker, exploring mortgage brokering services, or seeking brokered mortgage loans, RateShop is committed to helping you achieve your home financing goals. From best mortgage rates Alberta Canada to Canada low mortgage rates, we’re here to guide you every step of the way.
With 1600+ Mortgages Funded, We are Trusted by Canadians
Get Pre-Approved with a mortgage rate hold for 180 days*
Before you Renew with Your Bank, Get a Rate Quote on your Mortgage
#1 Voted Mortgage Calculators in Canada
Finding the Right Mortgage
Don't lock in just because your neighbor did! Mortgage terms vary from 6 months all the way up to 10 years and you can choose based on your family financial needs. Are you selling soon? Or maybe you want to invest in 2 years. Maybe you want some flexibility, the choice is yours but make it an educated one when you talk to our commission-free mortgage advisors to help you decide on what offers the best mortgage rate and highest savings.
| Fixed Rates | Mortgage Expert Insights |
|---|---|
| 1 Year Fixed Rate |
Great solution for a short-term mortgage needs, renewals can be competitive but rates can go up at maturity without notice. Perfect for new builds to sell after a year or refinance for equity. |
| 2 Years Fixed Rate |
More flexible, a longer duration to support a family need for a couple of years or planning an exit from an existing mortgage without penalties. |
| 3 Years Variable Rate |
3 Year terms can sometimes deliver the best savings, but are typically suggested in a low rate environment, consider a variable too since upon maturity you may get stuck with a higher renewal. |
| 4 Years Fixed Rate |
Banks use this to gain your business, but if you are saving atleast 20-30bps, definitely consider a 4 year term mortgage, compare your savings on a 5 year mortgage term. |
| 5 Years Fixed Rate |
On average, households will upgrade or alter their mortgage about every 5 years, avoiding penalties upon maturity and best rate savings. |
| 5 Years Variable Rate |
Usually recommended in lower rate environments, beat the bank on mortgage penalties and optimize your savings compared to a fixed mortgage offer for the same term. |
Where is the Mortgage Market heading?
History can teach us a lot, check out Canada's mortgage rates history over the past 48 years. Bank of Canada tracks conventional mortgage rates for 3 year and 5 year terms. We can help with understanding the pros & cons to a fixed mortgage rate vs. a variable mortgage rate.
Explore Our Mortgage Options
With recent mortgage rate increases, Canadians are increasingly focused on finding flexible mortgage options that align with their financial goals.
At RateShop, we work closely with our clients to uncover mortgage savings by exploring a variety of offers from multiple lenders. While securing the best mortgage rates in Canada is important, it’s not the only factor in achieving long-term financial stability.
Our experienced mortgage brokers take the time to assess your unique needs, qualifications, and long-term financial goals. Whether you’re looking for home loan rates in Canada, broker mortgage loans, or the best mortgage deals in Canada, we’ll guide you toward the right solution.
By leveraging our expertise in mortgage brokering and access to Canada low mortgage rates, we ensure you get a mortgage that works for you—today and in the future. Let us help you navigate the complexities of mortgage rates and Canada to find the perfect fit for your financial journey!
Learn how to create a monthly income by investing in mortgages
Learn how to create a monthly income by investing in mortgages
Best Mortgage Rates in Ontario Canada | Current Rates & Refinancing Options
🏡 Looking for the best mortgage rates in Ontario, Canada? Whether you're a first-time homebuyer, refinancing, or exploring a home equity line of credit (HELOC), RateShop.ca helps you compare the lowest mortgage rates in Ontario from top lenders.
✅ Current Mortgage Rates in Ontario
5-Year Fixed Mortgage Rates: 5-YR Fixed (Lowest in Canada!)
Variable Mortgage Rates: 5-YR Variable (Flexible & Competitive)
Home Equity Line of Credit (HELOC): Prime + 0.50%%
Refinance Rates: As low as 4.44%%
About Ontario's Mortgage Market
Ontario’s mortgage market is one of the largest in Canada, driven by high housing demand in cities like Toronto, Ottawa, and the Greater Toronto Area (GTA). As home to diverse real estate options, the province offers a wide variety of mortgage products, catering to different buyer profiles and needs. With RateShop, clients can compare mortgage rates across multiple lenders to find the lowest mortgage rates in Ontario.
We simplify the mortgage approval process by guiding you through each step, from gathering documentation to finding the best mortgage deals that fit your financial profile. Our goal is to help clients in Ontario secure mortgage interest rates that align with their long-term goals while ensuring they understand the terms, rates, and repayment options available.
Through RateShop’s mortgage rate comparison services, we assist Ontario residents in navigating the province’s fast-moving real estate market. By focusing on competitive rates, favorable terms, and client satisfaction, we make the mortgage approval process smooth, helping you secure the best mortgage rates in Canada.
Ontario's Residential & Commercial Real Estate Landscape
Ontario’s housing market has seen significant growth over the past five years, particularly in cities like Toronto, Ottawa, and Hamilton. Property values have increased steadily, benefiting homeowners with substantial equity growth. Despite rising home prices, Ontario’s market offers many opportunities for investors and homebuyers, particularly in regions like southwestern Ontario and the Waterloo Region, which continue to experience strong demand and price appreciation.
Looking forward, property values in Ontario are expected to grow more moderately, ensuring a more balanced and sustainable housing market. With RateShop, clients can stay ahead of market trends by comparing mortgage rates and finding the best mortgage deals that align with their investment strategies.
For homebuyers and investors, Ontario’s real estate landscape remains favorable, with opportunities for long-term growth. RateShop helps you navigate this dynamic market by securing competitive mortgage rates, ensuring you make informed decisions about your property investments.
Property Use in Ontario
Ontario’s mortgage lenders offer financing for a wide range of properties, from urban condominiums to rural estates. In cities like Toronto, Ottawa, and Hamilton, lenders typically finance single-family homes, townhouses, and multi-unit residential properties with loan-to-value (LTV) ratios up to 95%, allowing buyers to finance a significant portion of their home’s value with a lower down payment.
In rural Ontario, lenders extend mortgages for farms, acreages, and recreational properties, offering LTV ratios up to 80%, reflecting market fluctuations and liquidity. RateShop helps clients secure the best mortgage rates for both urban and rural properties by comparing mortgage options tailored to their specific property and financial goals.
Best Mortgage Banks, Lenders in Ontario
Ontario is home to many top mortgage lenders , including major banks like RBC Royal Bank, Scotiabank, TD Canada Trust, and CIBC. Additionally, credit unions such as Meridian Credit Union, DUCA Financial Services Credit Union, and Alterna Savings Credit Union are known for their personalized service and competitive mortgage rates.
RateShop works with these top lenders to compare mortgage rates and secure the lowest mortgage rates for our clients. By leveraging our relationships with these financial institutions, we negotiate favorable terms and provide customized mortgage solutions that align with your financial needs.
With RateShop, you can confidently compare mortgage rates and secure the best mortgage deals available in Ontario.
Mortgage Programs Offered in Ontario Cities Near You
Lenders in Ontario offer various mortgage programs with different amortization periods, including 25- and 30-year options. Insured mortgages through providers like CMHC, Genworth Canada, and Canada Guaranty are ideal for buyers with down payments under 20%. These programs come with lower interest rates and greater flexibility.
For those with larger down payments, uninsured and insurable mortgages offer competitive interest rates without the need for mortgage insurance. RateShop helps clients compare mortgage rates from top Ontario lenders, ensuring you find the mortgage deal that best suits your financial situation.
Purchase, Refinance & Renewal Closing Costs in Ontario
Closing costs vary depending on whether you're purchasing, refinancing, or renewing your mortgage. For home purchases, typical closing costs include legal fees, appraisal fees, and land transfer taxes. RateShop helps clients find the best mortgage rates to minimize these expenses and save on mortgage costs.
When refinancing, borrowers face similar costs, including appraisal fees and prepayment penalties. RateShop assists clients in comparing refinancing offers from various lenders, helping you secure favorable terms while minimizing overall closing costs.
Renewing a mortgage often incurs lower fees, particularly if renewing with the same lender. RateShop helps you evaluate mortgage renewal offers to ensure you're getting the best mortgage rates and terms available, minimizing closing costs while optimizing long-term savings.
Secure Your Dream Home in Ontario: Find the Best Mortgage Rates and Expert Guidance with RateShop
Impact on My Home Buyers in Ontario, Canada
For home buyers in Ontario, the interest rate for Canada and Canada mortgage lending rates are critical factors that directly influence affordability. Ontario’s housing market, particularly in cities like Toronto, Ottawa, and Hamilton, is highly competitive, and even small changes in home loan rates Canada can have a significant impact on purchasing power.
When mortgage rates and Canada trends are low, buyers can secure larger mortgages or enjoy lower monthly payments, making homeownership more accessible. However, when rates rise, even a modest increase can strain budgets, especially for first-time buyers. For example, a 0.5% increase in the lowest Canadian mortgage rate could reduce a buyer’s budget by tens of thousands of dollars in high-priced markets like Toronto.
Working with a mortgage broker can help buyers navigate these challenges. Brokers have access to brokered mortgage loans and can find the best mortgage rates in Canada, ensuring buyers get the most value for their investment. Additionally, buyers exploring options like a homeowner line of credit or refinancing a mortgage can benefit from a broker’s expertise.
How It Affects Fixed and Variable Rates
The choice between fixed and variable mortgage rates is a key decision for Ontario home buyers. Fixed rates offer stability, as they remain constant throughout the term, making budgeting easier. Variable rates, on the other hand, fluctuate with the interest rate for Canada, which is influenced by the Bank of Canada’s policies.
In a low-rate environment, such as when Canada low mortgage rates are available, variable rates can save borrowers money over time. However, in a rising rate environment, fixed rates may be more appealing to lock in lower payments. For instance, the best mortgage rates Canada 5-year fixed might be ideal for buyers who prefer predictable payments over the long term.
A mortgage brokerage can provide insights into current trends and help buyers decide which option aligns with their financial goals and risk tolerance. For example, if you’re considering a variable rate, a broker can explain how the posted rate Canada works and how it might affect your payments over time.
Qualification Process
Qualifying for a mortgage in Ontario involves several steps. Lenders assess your credit score, income, debt-to-income ratio, and down payment amount. Getting preapproved for a mortgage is a smart first step, as it gives you a clear idea of your budget and shows sellers you’re a serious buyer.
A mortgage broker can simplify the qualification process by connecting you with pre-approved mortgage lenders who offer competitive mortgage rates best rates. They can also help you understand the posted rate Canada and negotiate better terms. For those with existing homes, refinancing a mortgage loan or accessing a home equity line of credit may be options to consider.
For example, if you’re a first-time buyer, a broker can guide you through the pre-approval for home loan process, ensuring you’re well-prepared to make an offer on your dream home. If you’re an existing homeowner, they can help you explore options like refinancing a house loan or securing a Canada home equity line of credit rates.
Considerations in Finding the Best Mortgage Rate
Finding the best mortgage rates in Canada requires careful research and comparison. Here are key considerations for Ontario home buyers:
Shop Around: Compare mortgage rates and Canada offerings from banks, credit unions, and mortgage brokers. Brokers often have access to brokered mortgage loans with lower rates.
Understand Rate Types: Decide between fixed, variable, or hybrid rates. For example, the best Canadian 5-year mortgage rates might suit long-term planners, while variable rates could benefit those comfortable with risk.
Use Tools: A home mortgage rate calculator can help estimate monthly payments and total interest costs.
Consider Additional Costs: Look beyond the interest rate. Factor in fees, penalties, and features like prepayment options.
Work with a Broker: A mortgage broker can negotiate best mortgage deals in Canada on your behalf, saving you time and money. They can also guide you through refinancing a mortgage or securing a homeowner line of credit.
For example, if you’re looking for the best mortgage rates Ontario Canada or exploring best mortgage rates in BC Canada, a broker can help you find the lowest Canadian mortgage rate available. They can also assist with mortgage preapprovals and pre-approval for home loan applications, ensuring you’re well-prepared to make an offer on your dream home.
Frequently Asked Questions about Mortgages in Ontario
Mortgage Rates and Their Role in Ontario’s Real Estate Market
When mortgage rates rise, monthly payments become higher, making homes less affordable for buyers in Nova Scotia. RateShop Mortgage Brokers provide expert advice and customized mortgage options to help buyers manage affordability, ensuring they secure competitive rates and flexible terms to buy their first home.
Lower Mortgage Rates and Increased Homebuyer Competition
Falling mortgage rates often lead to a surge in demand for homes, increasing competition and driving up property prices. RateShop Mortgage Brokers help clients in Nova Scotia secure mortgage pre-approvals, ensuring they are ready to act quickly in a competitive market and lock in favorable rates.
Impact of Mortgage Rates on Investment Property Returns
Mortgage rates directly affect the profitability of real estate investments. RateShop Mortgage Brokers assist investors in Nova Scotia by offering financing solutions that maximize returns, whether for rental properties, vacation homes, or multi-family units, helping build long-term wealth.
Choosing Between Fixed and Variable Rates in Nova Scotia
Fixed and variable mortgage rates impact monthly payments differently. RateShop Mortgage Brokers guide customers through these options, helping them select the best mortgage structure based on Nova Scotia's market conditions and their financial situation to optimize affordability and security.
Mortgage Rates and Housing Supply Dynamics
Rising rates can lead to reduced housing inventory as sellers hesitate to list their homes. RateShop Mortgage Brokers keep clients informed about market conditions in Nova Scotia, helping them navigate supply shortages and find opportunities to secure their ideal home.
First-Time Homebuyer Incentives and Mortgage Rates
Nova Scotia offers various incentives for first-time homebuyers, which can be crucial when mortgage rates fluctuate. RateShop Mortgage Brokers help first-time buyers access these programs and structure financing to reduce upfront costs, making homeownership more achievable even in a high-rate environment.
Refinancing Opportunities Amid Changing Rates
Mortgage rate fluctuations present opportunities to refinance existing loans for better terms or lower payments. RateShop Mortgage Brokers assist Nova Scotia homeowners in identifying the right time to refinance, helping them unlock equity, reduce debt, or invest in additional real estate assets.
New Construction Trends and Mortgage Rate Sensitivity
Higher borrowing costs can impact new housing development in Nova Scotia. RateShop Mortgage Brokers offer financing solutions for pre-construction and new-build homes, ensuring buyers can lock in favorable rates early and secure their investment before rates rise further.
Long-Term Wealth Building Through Smart Mortgage Strategies
Strategic real estate financing can lead to significant wealth generation in Nova Scotia. RateShop Mortgage Brokers work closely with clients to create customized mortgage plans that optimize home equity, manage affordability, and facilitate investments in real estate assets for sustained financial growth.
Everything You Need to Know About Mortgages, Refinancing, and Finding the Best Rates
Portable or Transferable Mortgages
A portable mortgage allows you to transfer your existing mortgage from your current home to a new property while retaining the same terms and interest rates for Canada. This can save you from penalties and help you secure the best mortgage rates in Canada without reapplying.
Standard vs. Collateral Mortgages
Understanding the difference between a standard mortgage and a collateral mortgage is crucial. A standard mortgage uses the purchased property as collateral, while a collateral mortgage includes additional properties, offering flexibility to access more funds. However, collateral mortgages may have higher penalties and are harder to transfer to new lenders.
Steps in a Mortgage Closing
Pre-Qualification: Assess your financial situation to determine how much you can borrow.
Approval: Receive a mortgage offer outlining the terms, including Canada mortgage lending rates.
Conditions & Appraisals: Complete lender conditions and property appraisals.
Solicitor Instructions: Your solicitor receives instructions from the lender.
Signing: Review and sign the mortgage agreement and other legal documents.
Funding: The loan is funded, and the property purchase is complete.
Qualification Criteria
To qualify for a mortgage in Canada, lenders evaluate your income, credit score, and ability to pass the stress test.
Income
Lenders assess your gross debt service (GDS) and total debt service (TDS) ratios, which should not exceed 39% and 44%, respectively. Stable income from salaried jobs is preferred, but self-employed individuals can still qualify with the help of a mortgage broker.
Credit
Your credit score, provided by Equifax or TransUnion, reflects your financial reliability. A higher score can secure you the best mortgage loan rates in Canada.
Stress Test
The mortgage stress test ensures you can afford payments if interest rates for Canada rise. You must qualify at a rate 2% higher than your contract rate or the Bank of Canada’s benchmark rate.
Pitfalls of a Bad Mortgage
Avoid these common pitfalls:
Hidden Fees: Always read the fine print.
High Interest Rates: Compare mortgage rates and Canada to find the best deal.
Prepayment Penalties: Understand the costs of breaking your mortgage early.
Hefty Penalties
Breaking your mortgage early can result in significant penalties, including:
Prepayment Penalties: Charged for paying off your mortgage early.
Discharge Fees: Fees to release your mortgage from the property.
Refinance Restrictions
Refinancing in Canada comes with restrictions:
Maximum LTV: You can borrow up to 80% of your home’s appraised value.
Credit Score: A minimum score of 620 is required.
Income Verification: Lenders will reassess your income.
Appraisal Costs: You’ll need to pay for a property appraisal.
As Seen And heard on
Quick Links
Calculators
Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
Copyright 2025. RateShop Canada. All Rights Reserved.