Ontario Mortgage Rates

Looking for the best mortgage rates in Ontario?

A place to grow your mortgage savings — with your very best mortgage rate? That's right here, with us. Apply online or call us today.

Last Updated: Mar 18, 2024

We guarantee your best rate

In Ontario, your best mortgage rates can save you a lot of cash.

At True North Mortgage, our lower mortgage rates save our clients over $3,000 on average — sometimes up to $15,000 or more, depending on your details.

Our salaried, highly trained True North Mortgage brokers do huge volume, and we pass along a rate discount to lower your rate, sometimes with your own bank. Our rates are proven to be 0.20% lower on average compared to the big banks and other competitors, and have been for years.

It makes sense to ask what we can do for your rate.

Whether you're a first-time home buyer, interested in a vacation or investment property, or looking to refinance or renew — we have exceptional brokers who service your area and can access the lenders and products you need for your best rate and mortgage to save thousands.

Along with the federal stress test, your rate will depend on your down payment percentage compared to the overall mortgage size, your credit score and even your purchase timeline. We can help answer all your questions and outline the details so you can make clearer decisions.

Talk to us. Save your money. We're here for you — visit us, call or apply online today.

Rates are changing, hold yours now.

Ontario rates are always on the move — we can hold your rate for up to 120 days (depending on the lender). That goes for a new home purchase, renewal or refinance, and you'll get great advice while you think about your next (mortgage) move.

Get Pre-Approved now

Want to see more Ontario mortgage rates?

Toronto Mortgage Rates
Ottawa Mortgage Rates
Barrie Mortgage Rates
London Mortgage Rates

The key to getting your best rate? Our expert brokers.

Highly trained, with access to thousands of mortgage products for your best fit, our expert brokers are real people who understand how important it is to get your mortgage done right, on time, and at your lowest rate. Think your mortgage details are complicated? We'll make the whole process simple and stress-free — right from the start.

Get exceptional 5-star service today from a broker who knows the (mortgage) deal — and a savings relationship to come back to when you need it.

Apply online, call us, or visit one of our stores. Need a broker in your preferred language? Or a Mobile Broker who can come to you? Check out our directory below.

Historical Mortgage Rates

For Ontario - Last Updated Mar 15 2024

5 Year Fixed Rate

4.79% - 6.89%

  2024 (average)

4.91%

6.89%

  February

4.92%

6.89%

  January

4.90%

6.89%

  2023 (average)

5.03%

6.33%

  December

5.12%

6.89%

  November

5.44%

6.89%

  October

5.62%

6.89%

  September

5.47%

6.89%

  August

5.37%

6.89%

  July

5.19%

6.39%

  June

4.92%

5.95%

  May

4.57%

5.84%

  April

4.84%

5.84%

  March

4.65%

5.84%

  February

4.67%

5.84%

  January

4.49%

5.84%

  2022 (average)

4.03%

4.80%

  December

4.69%

5.82%

  November

4.92%

5.74%

  October

5.01%

5.70%

  September

4.44%

5.54%

  August

4.34%

5.54%

  July

4.52%

5.54%

  June

4.37%

5.10%

  May

3.89%

4.52%

  April

3.74%

4.22%

  March

3.14%

3.64%

  February

2.74%

3.20%

  January

2.52%

3.07%

  2021 (average)

1.89%

2.42%

  December

2.39%

2.94%

  November

2.37%

2.91%

  October

2.12%

2.56%

  September

1.84%

2.39%

  August

1.79%

2.39%

  July

1.79%

2.39%

  June

1.79%

2.39%

  May

1.79%

2.39%

  April

1.89%

2.39%

  March

1.89%

2.29%

  February

1.62%

2.06%

  January

1.43%

1.99%

  2020 (average)

2.02%

2.43%

  December

1.49%

1.99%

  November

1.59%

1.99%

  October

1.62%

2.04%

  September

1.77%

2.05%

  August

1.82%

2.22%

  July

1.89%

2.39%

  June

1.99%

2.42%

  May

2.23%

2.65%

  April

2.43%

2.88%

  March

2.35%

2.68%

  February

2.48%

2.86%

  January

2.54%

3.02%

  2019 (average)

2.77%

3.09%

  December

2.58%

2.93%

  November

2.40%

2.92%

  October

2.52%

2.94%

  September

2.45%

2.85%

  August

2.49%

2.79%

  July

2.57%

2.84%

  June

2.66%

2.90%

  May

2.84%

3.09%

  April

2.92%

3.19%

  March

3.15%

3.37%

  February

3.32%

3.59%

  January

3.30%

3.69%

  2018 (average)

3.15%

3.56%

  December

3.39%

3.80%

  November

3.42%

3.71%

  October

3.22%

3.60%

  September

3.19%

3.54%

  August

3.19%

3.54%

  July

3.14%

3.55%

  June

3.14%

3.55%

  May

3.14%

3.55%

  April

3.02%

3.52%

  March

3.02%

3.52%

  February

3.02%

3.48%

  January

2.92%

3.34%

  2017 (average)

2.54%

2.86%

  December

2.87%

3.19%

  November

2.71%

3.16%

  October

2.84%

3.22%

  September

2.76%

3.16%

  August

2.59%

2.99%

  July

2.56%

2.78%

  June

2.39%

2.49%

  May

2.24%

2.54%

  April

2.30%

2.62%

  March

2.39%

2.72%

  February

2.39%

2.72%

  January

2.44%

2.74%

  2016 (average)

2.30%

2.58%

  December

2.42%

2.69%

  November

2.20%

2.47%

  October

2.11%

2.39%

  September

2.14%

2.49%

  August

2.28%

2.58%

  July

2.28%

2.58%

  June

2.28%

2.58%

  May

2.34%

2.59%

  April

2.34%

2.59%

  March

2.34%

2.69%

  February

2.39%

2.69%

  January

2.49%

2.69%

  2015 (average)

2.46%

2.67%

  December

2.46%

2.69%

  November

2.46%

2.69%

  October

2.35%

2.59%

  September

2.39%

2.59%

  August

2.39%

2.59%

  July

2.39%

2.59%

  June

2.44%

2.59%

  May

2.44%

2.59%

  April

2.44%

2.69%

  March

2.52%

2.69%

  February

2.64%

2.84%

  January

2.64%

2.84%

  2014 (average)

2.84%

3.03%

  December

2.69%

2.89%

  November

2.69%

2.89%

  October

2.69%

2.94%

  September

2.74%

2.99%

  August

2.74%

2.99%

  July

2.74%

2.99%

  June

2.82%

2.99%

  May

2.86%

2.99%

  April

2.89%

2.99%

  March

2.95%

3.11%

  February

3.07%

3.29%

  January

3.22%

3.29%

5 Year Variable Rate

5.99% - 7.3%

  2024 (average)

5.99%

7.30%

  February

5.99%

7.30%

  January

5.99%

7.30%

  2023 (average)

5.77%

6.96%

  December

5.99%

7.30%

  November

5.99%

7.30%

  October

5.99%

7.30%

  September

5.99%

7.30%

  August

5.99%

7.30%

  July

6.00%

7.19%

  June

5.75%

6.85%

  May

5.50%

6.60%

  April

5.50%

6.60%

  March

5.50%

6.60%

  February

5.50%

6.60%

  January

5.50%

6.60%

  2022 (average)

2.94%

3.76%

  December

5.25%

6.28%

  November

4.75%

5.70%

  October

4.75%

5.70%

  September

4.25%

4.95%

  August

3.50%

4.45%

  July

3.50%

4.45%

  June

2.46%

3.39%

  May

1.95%

2.75%

  April

1.78%

2.42%

  March

1.13%

1.84%

  February

0.99%

1.65%

  January

0.99%

1.55%

  2021 (average)

1.14%

1.58%

  December

0.99%

1.55%

  November

0.90%

1.55%

  October

1.09%

1.55%

  September

1.09%

1.55%

  August

1.09%

1.55%

  July

1.09%

1.55%

  June

1.19%

1.55%

  May

1.19%

1.55%

  April

1.24%

1.55%

  March

1.24%

1.55%

  February

1.24%

1.65%

  January

1.29%

1.75%

  2020 (average)

1.91%

2.24%

  December

1.38%

1.79%

  November

1.55%

1.80%

  October

1.55%

1.90%

  September

1.63%

1.88%

  August

1.67%

2.00%

  July

1.79%

2.04%

  June

1.79%

2.04%

  May

1.96%

2.23%

  April

2.01%

2.41%

  March

2.24%

2.64%

  February

2.70%

3.10%

  January

2.70%

3.10%

  2019 (average)

2.70%

3.20%

  December

2.70%

3.10%

  November

2.70%

3.10%

  October

2.70%

3.10%

  September

2.70%

3.10%

  August

2.70%

3.10%

  July

2.70%

3.10%

  June

2.70%

3.10%

  May

2.70%

3.20%

  April

2.75%

3.20%

  March

2.75%

3.40%

  February

2.70%

3.45%

  January

2.65%

3.45%

  2018 (average)

2.34%

2.89%

  December

2.65%

3.35%

  November

2.65%

3.25%

  October

2.48%

3.02%

  September

2.40%

2.80%

  August

2.40%

2.80%

  July

2.40%

2.80%

  June

2.15%

2.60%

  May

2.19%

2.55%

  April

2.21%

2.85%

  March

2.21%

2.85%

  February

2.21%

2.85%

  January

2.17%

2.94%

  2017 (average)

1.90%

2.46%

  December

1.98%

2.75%

  November

1.98%

2.75%

  October

2.05%

2.75%

  September

2.15%

2.67%

  August

1.90%

2.50%

  July

1.95%

2.50%

  June

1.75%

2.25%

  May

1.75%

2.25%

  April

1.78%

2.25%

  March

1.80%

2.30%

  February

1.80%

2.30%

  January

1.90%

2.30%

  2016 (average)

2.02%

2.30%

  December

1.90%

2.30%

  November

1.90%

2.30%

  October

1.90%

2.30%

  September

1.95%

2.30%

  August

1.95%

2.30%

  July

1.95%

2.30%

  June

2.05%

2.30%

  May

2.10%

2.30%

  April

2.10%

2.30%

  March

2.10%

2.30%

  February

2.15%

2.30%

  January

2.15%

2.30%

  2015 (average)

1.97%

2.19%

  December

2.10%

2.20%

  November

2.02%

2.16%

  October

1.90%

2.05%

  September

1.90%

2.05%

  August

1.85%

2.05%

  July

1.92%

2.25%

  June

2.05%

2.25%

  May

1.98%

2.25%

  April

1.98%

2.25%

  March

1.98%

2.25%

  February

1.98%

2.25%

  January

2.00%

2.30%

  2014 (average)

2.29%

2.48%

  December

2.20%

2.35%

  November

2.20%

2.35%

  October

2.24%

2.50%

  September

2.24%

2.50%

  August

2.24%

2.50%

  July

2.27%

2.50%

  June

2.33%

2.50%

  May

2.32%

2.50%

  April

2.32%

2.50%

  March

2.35%

2.50%

  February

2.35%

2.50%

  January

2.40%

2.50%

Ontario needs housing — and comes with a high-priced market.

It's all about finding the right home and mortgage choice in a Canadian province where many people choose to live, but housing starts are still 'challenged' by taxes (upon taxes) and government red tape.

Ontario's housing market in Q4 of 2023 saw a decrease in listings of 3.8% over last year and 7% below the 10-year average — yet demand cooled as higher interest rates made expensive home prices less palatable (read that as less affordable), especially for first-time home buyers. That saw a modest return to a balanced market in many regions. Average prices for ON still grew by 3% year-over-year, with Sudbury leading the charge with 19% average home-price growth.

Hamilton and Ottawa saw strong upward movement into seller's market conditions while London remained in a balanced market.

In 2024, will Ontario prices shoot even higher as the spring busy season approaches or interest rates start to drop? Or will sellers come out of the woodwork to help ease demand?

Data Source: Sagen Housing Market Updates

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