Barrie Mortgage Rates

True North Mortgage is Barrie's top mortgage broker.

At True North Mortgage, our expert mortgage brokers understand that buying a home is a major life decision — and we're determined to find you the best mortgage rates in town.

We work with a vast network of lenders, which gives us access to a unique volume discount that we pass along directly to our clients. We're so confident that we can beat any competitor's rate that we guarantee it - or we'll give you $500.

More than the lowest possible rates, we'll help make your mortgage experience stress-free. We can complete your entire mortgage financing online or over phone, anywhere in Barrie, in Ontario, or in Canada.

Give us a call, or apply online today to discover your best rates.

Apply for your TrueRate in minutes.

Rules have changed. Everyone's rate is unique.

Canadian regulations have changed the way mortgages work. You must now qualify for your rate. Factors like equity in your home and personal credit will impact the rate.

Get Your Best Rate
Mortgage
Size
Term
Rates From
Payments as low as
1 Year Fixed
1.79%
$1678 /mo
2 Year Fixed
1.49%
$1678 /mo
3 Year Fixed
1.49%
$1678 /mo
4 Year Fixed
1.69%
$1678 /mo
5 Year Fixed
1.89%
$1678 /mo
5 Year Variable
1.24%
$1678 /mo
HELOC Open
2.95%
$1678 /mo

*Illustration purposes only. Use our Mortgage Calculator for accurate payments.

The Barrie real estate market

Barrie, located at the heart of Simcoe County, is a great place for anyone who loves the great outdoors. It affords a quick half-hour drive to most of Ontario’s top destinations, and features numerous cultural events and festivals throughout the year.

Barrie’s real estate market has continued to surge even amidst the COVID-19 global pandemic. Receiving intensified focus from families and investors looking for more house for less price compared to larger Ontario markets, Barrie is now in a strong seller's market. Experts expect skyrocketing sales and prices to continue for a while longer, as new inventory is snapped up soon after it enters the market.

Mortgage regulation in Barrie

The FSCO, the Financial Services Commission of Ontario, is the government agency that is responsible for the regulation of mortgage brokers and lenders in Barrie. All mortgage brokers and administrators must be licensed with the FSCO according to the Mortgage Brokerages, Lenders and Administrators Act of 2006. Banks and other financial institutions are exempt from registering as they are regulated through other areas.

The Financial Service Regulatory Authority of Ontario (FSRA) also regulates the mortgage industry, including all brokers and agents in the province. They provide support and guidance for legislative and regulatory changes that will support a strong economy for homeowners and mortgage lenders. Mortgage administrators, brokers, and agents must also be licensed with the FSRA, and they must complete their educational requirements regarding updates to regulations and compliance matters.

What mortgage insurance is available?

If you are looking to purchase a home in Barrie with a down payment of less than 20% of the value of the property, you will also be required to have mortgage default insurance.

This insurance is commonly known as CMHC, for the Canada Mortgage Housing Corporation. Although CMHC is the most popular insurer, you can also purchase it from Canada Guaranty or Sagen Financial.

Mortgage insurance premiums are calculated as a percentage of the total value of the loan, and are an additional cost to the borrower. These premiums will be added to your monthly mortgage payments, so this cost must be considered when deciding on the affordability of a home.

The goal of mortgage insurance is to protect lenders from the risk of a borrower defaulting on the mortgage. Since lenders can use this insurance to mitigate that risk, they can then offer lower interest payments and less stringent down payment requirements.

Historic mortgage rates in Barrie

When shopping for mortgage rates, it's important to determine whether you should consider a fixed-rate or variable-rate, as there are benefits and drawbacks to each.

A fixed-rate mortgage has an interest rate that is locked at the time the loan is made. This means that your monthly mortgage payments will not change over the term of your mortgage, but because fixed rates are typically a bit higher, you are paying more for that added security.

Variable-rate mortgages, on the other hand, have a floating interest rate that is linked to an underlying benchmark. With a variable rate, your monthly payments will fluctuate over the life of the loan, so there is some risk that rates could go up, and your expenses may increase.

Five-Year Fixed Rate

  • 2019 - 2.83%
  • 2018 - 3.13%
  • 2017 - 2.62%
  • 2016 - 2.27%

Five-Year Variable Rate

  • 2019 - 2.71%
  • 2018 - 2.33%
  • 2017 - 1.94%
  • 2016 - 2.02%

How True North Mortgage works with our clients

Our True North Mortgage specialists can help you secure the best possible mortgage rate, so that you can save more money on your investment.

Whether you are refinancing, buying new, or renewing, your mortgage needs come first. Our brokers are salaried employees — there's no bias towards working with any one lender, which gives us the freedom to search our entire network for the best rates. We'll also stress-test your finances, so that you have a better idea of what mortgage rates to expect and what may be affordable.

We'll partner you with the right lender for the lowest rate and the highest quality service. Plus, our expert advice is free, with no obligation.

We can help find your perfect mortgage fit. Call us or apply online today.


Barrie Mortgage Rates

Mortgage Rates are different across Canada. Rates are shown based on your location. If you are planning to purchase out-of-province, be sure to choose rates where the property will be located.

Canada Wide Mortgages

True North Mortgage can complete mortgages anywhere in Canada efficiently over the phone.