Best Rates in Ontario

Updated: May 18, 2026. Compare top lenders in Ontario to find your perfect match.

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Current Mortgage Rates in Ontario

Live as of: May 18, 2026 | Ontario
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%
Yrs
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True North Mortgage Inc
2.49%
Interest Rate
6 Months • Fixed
6 Month Fixed Mortgage
Payment & Cost
Est. Monthly Payment $1,277
Interest (5yr) $32,860
Interest (6 Months) $3,527
Inquire
We guarantee your best rate or we will give you $500! Save thousands with our volume-discounted... Show more
Nesto
3.40%
Interest Rate
5 Years • Variable
5 Year Variable Mortgage
Payment & Cost
Est. Monthly Payment $1,412
Interest (5yr) $45,248
Inquire
Commission-free mortgage experts providing honest advice and competitive rates through a 100% d... Show more
True North Mortgage Inc
3.49%
Interest Rate
5 Years • Variable
5 Year Variable Mortgage
Payment & Cost
Est. Monthly Payment $1,425
Interest (5yr) $46,483
Inquire
We guarantee your best rate or we will give you $500! Save thousands with our volume-discounted... Show more
Nesto
3.57%
Interest Rate
5 Years • Variable
5 Year Variable Mortgage (150 Day Lock)
Payment & Cost
Est. Monthly Payment $1,437
Interest (5yr) $47,581
Inquire
nesto provides you with the best available locking period in the mortgage industry (150 Days).
EQ Bank
3.60%
Interest Rate
5 Years • Variable
5 Year Adjustable Mortgage - Evolution Suite
Payment & Cost
Est. Monthly Payment $1,442
Interest (5yr) $47,994
Inquire
Equitable Bank offers flexible mortgage solutions with competitive rates, designed to help you ... Show more
Updating rates...
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Market Dynamics

Understanding Rates in Ontario

Mortgage rates in Ontario are driven by two main forces: Bond Yields (Fixed) and Central Bank Policy (Variable).

Variable: Floating
Fixed: Bond Driven

Bank of Canada Impact

Variable rates in Ontario are directly linked to the Prime Rate. If the economy slows, rates often drop to stimulate growth—saving you money immediately.

The "Spread" Strategy

Smart borrowers in Ontario watch the gap between Fixed and Variable. When fixed rates dip lower than variable, it is often a signal to lock in stability.

Hidden Costs of Buying in Ontario

Beyond the mortgage rate, ensure you budget for these closing items.

Land Transfer Tax

Ontario charges a provincial tax based on the property value. First-time buyers may get a rebate.

Legal Fees

Expect to pay between $800 and $1,500 for a lawyer in Ontario to handle the title transfer and mortgage registration.

Appraisal

Lenders in Ontario may require a professional appraisal ($300-$500) to confirm the home's value matches the loan.

Ontario Mortgage Hack

Maximize Your Pre-Payment Privileges

Did you know? Most lenders in Ontario allow you to pay down 10-20% of your mortgage annually without penalty.

Reduce Interest Costs
Shorten Amortization
Build Equity Faster
Calculate Savings

Best Rates by Province

Compare regional lending criteria and exclusive local offers.

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Ontario Mortgage Insights

Expert answers to common questions from borrowers in your area.

No. Investment properties (that you don't live in) strictly require a minimum 20% down payment across Canada.

For Variable rates, it is usually just 3 months' interest. For Fixed rates, it is the greater of 3 months' interest or the 'Interest Rate Differential' (IRD), which can be significantly higher.

It is the official document from the lender approving your mortgage. Do not waive your financing conditions until you have signed this!

If you are in a Fixed term, you are locked in. If you are in a Variable term, your rate (or payment) will decrease automatically when the Prime rate falls.

Rates change daily based on bond yields. Currently, competitive insured rates in Ontario are hovering around market lows. Use the comparison tool above to see live offers.

Absolutely. Brokers in Ontario have access to multiple lenders (banks, credit unions, monolines) and can often negotiate better rates than you'd get going direct.