Ontario Mortgage Rates
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Meridian 3.44%5 yearvariable $3,855monthly payment Other rates from Meridian4.44% 3 year fixed $4,281 per month 4.59% 5 year fixed $4,347 per month |
 Lender highlights Some mortgage features.Good monthly pre-payment.Skip a payment.Good annual pre-payment. Best rate from Manulife Financial 3.50%5 yearvariable $3,880monthly payment Other rates from Manulife Financial4.24% 3 year fixed $4,194 per month 4.39% 5 year fixed $4,259 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Marathon Mortgage 3.50%5 yearvariable $3,880monthly payment Other rates from Marathon Mortgage4.69% 5 year fixed $4,392 per month 4.79% 3 year fixed $4,436 per month 5.19% 4 year fixed $4,617 per month 5.64% 2 year fixed $4,824 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip a payment.Very good annual pre-payment. Best rate from Bank Of Montreal 3.60%5 yearvariable $3,922monthly payment Other rates from Bank Of Montreal4.50% 4 year fixed $4,308 per month 4.58% 3 year fixed $4,343 per month 4.73% 2 year fixed $4,409 per month 4.95% 5 year fixed $4,508 per month 5.33% 1 year fixed $4,681 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Neo Financial 3.60%5 yearvariable $3,922monthly payment Other rates from Neo Financial4.69% 5 year fixed $4,392 per month 4.79% 3 year fixed $4,436 per month 4.94% 4 year fixed $4,504 per month 5.84% 2 year fixed $4,918 per month 5.94% 1 year fixed $4,965 per month |
Bank mortgage rates available in Ontario
3-Year Fixed | 3-Year Variable | 5-Year Fixed | 5-Year Variable | |
|---|---|---|---|---|
4.77% | 7.78% (open) | 4.96% (insured) 4.86% (uninsured) | 4.12% | |
4.76% | 4.07% | 4.81% (insured) 5.16% (uninsured) | 4.12% | |
4.99% | -- | 4.73% (insured) 5.08% (uninsured) | 4.14% | |
4.83% | -- | 4.77% (insured) 5.04% (uninsured) | 3.68% (insured) 3.98% (uninsured) | |
6.05% | 5.95% | 6.19% | 4.90% | |
5.174% | -- | 5.361% (insured) 5.361% (uninsured) | 4.261% |
Rates in bold are discounted, annual percentage rates (APR), which include additional fees.
Ontario mortgage rate update: October 2026
October could be a miserable month for mortgages in Ontario.
Fixed rates spent the last two weeks of September rising in response to spiking government bond yields. While home buyers may have been able to find a fixed rate for around 3.9% last month, they’ll be lucky to find one for under 4.2% in October.
Expect those higher fixed rates to throw a bucket of cold water on the Ontario housing market this fall.
Variable rates will continue providing an affordable alternative, but the gap between fixed and variable rates may shrink as soon as October 28, when the Bank of Canada will hand down its next overnight rate decision.
Analysts are split on whether the Bank might finally raise the overnight rate after more than a year. If it does, variable rates will increase by the same amount as the Bank’s rate hike.
NerdWallet’s take is that the Bank will continue holding, as a rate increase could weaken economic growth. But the prospect of future rate hikes might be too much risk for some home buyers.
Read more about the Bank of Canada's latest rate announcement.
The BoC makes policy interest rate announcements eight times a year. Find out how its latest decision might impact Canada's housing market.
2026 mortgage rate forecast
Variable rates
Variable mortgage rates weren't forecasted to move in 2026, but the war in Iran has changed the game.
By driving up oil prices and inflation expectations, the Bank of Canada has warned that higher rates may be needed to keep inflation near its 2% target.
If the Bank increases its overnight rate, variable mortgage rates will follow suit. That could happen as early as this summer.
If the Canadian economy falters, the Bank may be compelled to deliver a rate cut at some point. But it's hard to picture a rate cut coming just as inflation's about to spike.
Fixed rates
As of October 2026, fixed mortgage rates are higher than they've been in almost a year thanks to rapid increases in government bond yields, which lenders use to price their fixed rates. Yields skyrocketed after the war in Iran caused oil prices to spike, and they rose higher in September after the Bank of Canada called out rising inflation and reduced economic growth as threats facing the Canadian economy.
Predicting where fixed rates head in the coming months depends heavily on the war in Iran. If it wraps up without further damage to oil and food supplies, bond yields should recede and take fixed mortgage rates with them. If the war escalates and worsens the global financial outlook, yields and fixed rates could increase even further.
Ontario housing market update
The Ontario market seems to have reversed course. In August 2026, residential home sales fell 3.1% from July and were down 6.0% from August 2025. Year-to-date, home sales were 2.4% behind the first eight months of 2025.
Home values were mixed across the province. Greater Toronto's benchmark price slipped 0.1% monthly to $931,200, 4.5% lower than it was a year ago. Ottawa's benchmark price, $635,200, was up 1.0% monthly and 0.9% year-over-year, making it one of the few Ontario markets showing annual price growth.
State of the market: Soft and headed for trouble. Donald Trump's threats of auto tariffs, set to kick in on January 1, 2027, could have a chilling effect on demand.
Ontario home buyer resources
Ontario first-time home buyer programs
Areas including Waterloo, the County of Simcoe, Kingston and Chatham-Kent have home buyer assistance programs that can keep costs down.
Land transfer tax refund
When buying your first home in Ontario, you can claim a refund up to $4,000 of land transfer taxes. If you’re a first-time home buyer in Toronto, you may qualify for a $4,475 refund on your municipal land transfer tax.
Ontario land transfer taxes
In Ontario, you'll pay a land transfer tax based on your home's value. The rate tops out at at 2.5% for values more than $2 million.
- 0.5% of the first $55,000 of the home's value.
- 1.0% of any additional value between $55,000 and $250,000.
- 1.5% of any additional value between $250,000 and $400,000.
- 2.0% of any additional value between $400,000 and $2 million.
- 2.5% of any additional value that's more than $2,000,000 if the land contains no more than two single-family residences.
Where to get a mortgage in Ontario
Being Canada's most populous housing market, Ontario is flooded with options when it comes to getting a mortgage.
In addition to Canada’s biggest banks, you can also find mortgages at:
Credit unions.
Monoline lenders, which only provide mortgages.
Alternative lenders, which often service borrowers with lower credit scores.
Private lenders, which can range from individuals to large nationwide companies.
Here are some examples of different mortgage providers in Ontario:
Banks | Credit Unions |
|---|---|
RBC | Meridian Credit Union |
BMO | Alterna Savings |
CIBC | DUCA Financial Services |
Scotiabank | FirstOntario Credit Union |
TD Canada Trust | Libro Credit Union |
Mortgage Brokerages | Direct Lenders |
Butler Mortgage | MCAP |
Dominion Lending Centres | First National Financial |
Matrix Mortgage Global | Equitable Bank |
Fair Mortgage Solutions | nesto |
TMG The Mortgage Group | Home Trust Company |
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Connect with Homewise to get a renewal rate quote that's personalized to you.Frequently asked questions
Will Ontario mortgage rates go down in 2026?
Probably not. Fixed mortgage rates have already risen due to the war in Iran and are likely to stay elevated. Variable rates will increase when the Bank of Canada raises its overnight rate, which may happen as early as October or December.
How do Ontario lenders determine mortgage rates?
Rates can be influenced by government bond yields (fixed rates) and the Bank of Canada (variable rates). The rate you're offered will be based on your personal finances and the location of your property.
How do I qualify for a lower mortgage rate in Ontario?
You'll often be offered a better mortgage rate if you can pay down your debt, increase your down payment or purchase a home in a more densely populated community.
What's a good mortgage rate in Ontario right now?
As of October 2026, some mortgage brokers in Ontario are offering fixed rates for around 4.2%, though they're much higher at most banks. The lowest variable rates are around 3.4%.
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Clay Jarvis
Clay Jarvis