Mortgage Rates Barrie

True North Mortgage is known as Barrie's top mortgage broker. Our expert mortgage brokers understand that buying a home is a major life decision, and are determined to find the best mortgage rates in town - guaranteed.

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 are so confident that we can beat any competitor's rate that we guarantee it - or we will give you $500.

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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
2.14%
$1678 /mo
2 Year Fixed
1.89%
$1678 /mo
3 Year Fixed
1.89%
$1678 /mo
4 Year Fixed
1.99%
$1678 /mo
5 Year Fixed
1.69%
$1678 /mo
5 Year Variable
1.60%
$1678 /mo
HELOC Open
2.95%
$1678 /mo

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

The Barrie Real Estate Market

Barrie is located at the heart of Simcoe County and is a great place for anyone who loves the great outdoors. It is perfect for skiing and snowboarding, which attracts many people to the area. Most of Ontario’s top destinations are within a half-hour drive, and there are numerous events and festivals throughout the year.

Barrie’s real estate market has continued to surge even amidst the COVID-19 global pandemic. The housing market showed record numbers in June of 2020, with an impressive 42% increase from June of 2019. The benchmark price for a single-family home also rose 12.4% year-over-year, landing at just under $540,000.

According to the Barrie & District Association of REALTORS (BDAR), this record growth also extended to townhouse and condo values, which grew about 13.2% from the previous year.

Historic Mortgage Rates in Barrie

When shopping for mortgage rates it is important to understand whether you are looking at a fixed rate or variable rate. You can choose either option when buying a home, and 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, but you are paying a premium for that security. In turn, fixed rates are typically a bit higher.

Variable-rate mortgages, on the other hand, have a floating interest rate that's 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%

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 in 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 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 Genworth Financial.

The 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 to mitigate that risk, they can then offer lower interest payments and less stringent down payment requirements.

How True North Mortgage Works with Clients

The Barrie real estate market shows no signs of slowing down, so saving money by securing the best possible mortgage rate is essential.

At True North Mortgage, our clients' needs come first. Whether you are refinancing, buying new, or renewing - we will be there to ensure you partner with a lender that offers the lowest rate and the highest quality service.

We will also stress-test your finances so that you have a better idea of what mortgage rates to expect and what may be affordable, with no obligation.

Since our brokers are salaried employees, they are not biased towards working with any one lender. This gives them the freedom to search our entire network for the best rates, while also ensuring the service you receive is top-notch.

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.