Ontario Mortgage Refinance Rates
A refinance cannot be default-insured in Canada, so it prices off the uninsured shelf — higher than the rate advertised for a purchase. Here is what that costs in Ontario and when it still makes sense.
Who this covers
- Borrowers taking equity out for renovations, investment or debt
- Anyone breaking a term early to capture a lower rate
- Files changing amortization, or adding and removing a covenantor
What lenders look for
| 80% loan-to-value ceiling | The hard limit on a refinance in Canada. Equity above that is only reachable through a second mortgage or a private lender. |
| Uninsured pricing | Insurance is unavailable on a refinance whatever the LTV, so the rate comes off the uninsured shelf — typically 20 to 40 basis points above insured. |
| Break penalty | Leaving a fixed term early triggers the greater of three months’ interest and the interest rate differential. On a big-bank fixed the IRD is calculated off posted rates and can run to five figures. |
| Legal and appraisal | Yours to pay on a refinance, unlike a straight switch. Budget $1,100 to $2,000. |
Ontario rates for this file
Every refinance in Ontario prices on the uninsured shelf. The break-even question is whether the interest saved over the remaining term exceeds the penalty plus legal costs.
| Lender | Type | 5-year fixed |
|---|---|---|
| Strive Capital | Monoline | 4.15% |
| MCAP | Monoline | 4.16% |
| First National | Monoline | 4.17% |
| Merix Financial | Monoline | 4.18% |
| RFA Mortgage Corporation | Monoline | 4.19% |
Lowest five-year fixed on the uninsured shelf, 2026-08-21. Full board →
What a typical purchase looks like
| Typical price | $759,000 |
| Minimum down payment | $50,900 |
| Land transfer tax | $11,655 |
Averaged across 10 Ontario markets we track. Calculate yours →
Get notified 90 days before your renewal
Your lender contacts you at 30 days, when you have no time to shop. We reach you at 90 — early enough to lock a hold and personalize your offers.
Refinance mortgages across Ontario
Prices and property tax vary widely inside the province, and both feed your qualification.
| Market | Typical price | Minimum down | |
|---|---|---|---|
| Toronto | $1,058,658 | $80,866 | Affordability → |
| Mississauga | $1,014,120 | $76,412 | Affordability → |
| Brampton | $888,203 | $63,820 | Affordability → |
| Hamilton | $741,172 | $49,117 | Affordability → |
| Ottawa | $683,308 | $43,331 | Affordability → |
| London | $603,006 | $35,301 | Affordability → |
| Kitchener | $706,240 | $45,624 | Affordability → |
| Windsor | $530,000 | $28,000 | Affordability → |
| Oshawa | $693,677 | $44,368 | Affordability → |
| Barrie | $668,083 | $41,808 | Affordability → |
Questions
How much equity can I take out?
Up to 80% of the property value, less what you still owe. On a $800,000 home with a $400,000 mortgage that is $240,000 before costs.
Is it worth breaking my term?
Only if the interest saved beats the penalty. Get the exact penalty from your lender in writing before modelling anything — the estimate on their website is frequently wrong, and always in their favour.
Why is my refinance rate higher than the advertised rate?
Because the advertised rate is almost always insured pricing, which requires less than 20% down on a purchase. Refinances cannot be insured at all, so they price higher by rule, not by negotiation.
What does it cost to close in Ontario?
Ontario land transfer tax on a $759,000 purchase comes to $11,655, due in cash on closing. Full Ontario closing costs →
Refinance in Ontario?
Send us the file and a licensed broker comes back with what is realistically available — which lenders will take it, at what rate, and what they will want to see.
Send us the file