Ontario Mortgage Rates
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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 0.18% 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.
Are your mortgage needs more complex? If you don't quite fit the big-bank mold, we also have the flexibility to offer you short-term mortgage solutions that save you time and stress.
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.
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Mortgage Rate Forecast (2025-2027)
Continually updated. Where rates may go now and later — and what’s driving them.
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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.
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Historical Mortgage Rates
For Ontario - Last Updated Jun 02 2025
5 Year Fixed Rate
4.14% - 5.49%
2025 (average)
4.05%
5.57%
June
4.09%
5.49%
May
4.09%
5.49%
April
3.94%
5.49%
March
3.89%
5.54%
February
4.04%
5.69%
January
4.24%
5.69%
2024 (average)
4.59%
6.31%
December
4.24%
5.69%
November
4.24%
5.69%
October
4.24%
5.69%
September
4.27%
5.77%
August
4.47%
5.79%
July
4.64%
5.79%
June
4.69%
6.89%
May
4.79%
6.89%
April
4.84%
6.89%
March
4.79%
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
4.1% - 5%
2025 (average)
4.20%
5.12%
June
4.10%
5.00%
May
4.10%
5.00%
April
4.10%
5.00%
February
4.35%
5.25%
March
4.10%
5.23%
January
4.44%
5.44%
2024 (average)
5.52%
6.75%
December
4.35%
5.50%
November
4.85%
5.95%
October
5.10%
6.20%
September
5.25%
6.45%
August
5.50%
6.70%
July
5.50%
6.70%
June
5.75%
7.05%
May
5.99%
7.30%
April
5.99%
7.30%
March
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's housing market cools — affordability still a challenge.
Ontario's housing market continues to be weighed down by the U.S. trade war, as May 2025 saw another average decline in provincial home sales of 2.4% compared to the same month last year. The main centres recording huge dips ranged from a substantial 57.1% down in Barrie to a more modest decline of 0.5% in Kitchener-Waterloo. Looking at the 10-year monthly average, sales are 23% behind.
A few more sellers listed, with new listings increasing by 13% year-over-year. Active listings were up by 22%, largely a reflection of the drastic state of last year's inventory. Listings increased in the Hamilton, GTA, Windsor, Ottawa, London, KW, Sudbury and Kingston centres from 30.3% to 0.9%. On the decline side, Barrie and St. Catharines/Niagara saw listings drop 42.8% and 5.1%, respectively.
Not too long ago, Ontario hosted a strong seller's market, replete with viral stories of intense bidding wars and over-asking sales prices. Since the U.S. trade disruption, however, activity has put the buyer in the driver's seat, characterized by a notably low 35.6% SNLR (sales-to-new-listings ratio) — a 5.7% decline compared to May 2024. Sudbury is the sole seller's market outlier, with a 65% SNLR.
Continued weaker housing demand brought a 3.8% decline in Ontario's average home price to $830,557. A few centres saw home price gains, including Sudbury with a 9.3% increase, Ottawa with 4.8%, Barrie, London and Kingston, all in the +1% range. Other Ontario centres experienced a decline in house prices, ranging from 3.9% in GTA to 1.2% in Windsor.
Despite home price declines in some areas and lower interest rates compared to 2024, house affordability in this popular province remains a challenge, particularly for first-time home buyers. Will economic uncertainty due to U.S. trade disruption continue to suppress Ontario housing markets as the summer unfolds?
Data Source: Sagen Housing Market Updates
We know a lot about rates, here's more
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Worried about your renewal?
Higher rates painting you into a budget corner? Get help to find a way out.
Complex Mortgages
Don't fit the mortgage mold? We may have the right fit to help you move on.
We're the right place to get your best rate
Ontario Mortgage Rates
Mortgage Rates are different across Canada. Rates are shown based on your location. If you're planning to purchase out-of-province, be sure to choose rates where the property will be located.
Canada Wide Mortgages
True North Mortgage can efficiently complete your mortgage anywhere you are in Canada — online, over the phone or at our store locations.
British Columbia
- Abbotsford ,
- Burnaby ,
- Chilliwack ,
- Coquitlam ,
- Courtenay ,
- Kamloops ,
- Kelowna ,
- Nanaimo ,
- New Westminster ,
- Prince George ,
- Richmond ,
- Saanich ,
- Surrey ,
- Vancouver ,
- Vernon ,
- Victoria ,
- White Rock
Alberta
- Airdrie ,
- Calgary ,
- Edmonton ,
- Fort McMurray ,
- Grande Prairie ,
- Lethbridge ,
- Lloydminster ,
- Medicine Hat ,
- Red Deer
Saskatchewan
Manitoba
Ontario
- Barrie ,
- Belleville ,
- Brampton ,
- Brantford ,
- Burlington ,
- Cornwall ,
- Guelph ,
- Hamilton ,
- Kanata ,
- Kingston ,
- Kitchener ,
- London ,
- Markham ,
- Milton ,
- Mississauga ,
- Niagara Falls ,
- North Bay ,
- Oakville ,
- Oshawa ,
- Ottawa ,
- Peterborough ,
- Sarnia ,
- Sault Ste. Marie ,
- St. Catharines ,
- Sudbury ,
- Thunder Bay ,
- Toronto ,
- Vaughan ,
- Windsor ,
- Woodstock
Quebec
Atlantic Canada
- Charlottetown ,
- Fredericton ,
- Halifax ,
- Moncton ,
- Saint John ,
- St. John's