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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: May 22, 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.

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.

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.

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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 May 16 2024

5 Year Fixed Rate

4.79% - 6.89%

  2024 (average)

4.86%

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

5.99% - 7.3%

  2024 (average)

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 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 where housing starts are still 'challenged' by taxes (upon taxes) and government red tape.

Ontario's housing market in Q1 of 2024 saw a 10.0% increase in sales over last year and 7.0% lower than the beginning of the year. This muted activity is despite an over 23% increase in listings compared to last year (closer to the 10-year average of inventory), resulting in a return to balanced markets in most regions (except Sudbury's seller's market) as many buyers held back waiting for lower interest rates.

Expensive home prices in Ontario make it less palatable compared to most of the nation (read that as less affordable), especially for first-time home buyers. The provincial average home price still grew by 1% year-over-year to $834,632, with Windsor leading the charge at 10% average home price growth.

Will Ontario home prices shoot even higher as interest rate drops approach? Or will sellers continue to emerge to help keep markets balanced and prices stable?

Data Source: Sagen Housing Market Updates

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