Ottawa Mortgage Rates

The best Mortgage Brokers in Ottawa

At True North Mortgage, we understand that buying a home is a major life decision, and every situation is unique.

As the top mortgage broker in Ottawa, we can secure the best mortgage rates. We work with a trusted network of lenders and our volume discount provides access to even lower rates (that you qualify for), often from your own bank. We’re confident that you won't find a better offer, so we guarantee to beat it or we'll pay you $500.

Our highly-trained mortgage brokers offer 5-star customer service and work hard to create a tailored solution for your individual mortgage needs. We will be there every step of the way to create a stress-free experience, regardless if you are purchasing a new home, refinancing, or renewing.

Call us or apply online today.

Overview of Ottawa’s real estate market

Already an in-demand city, Ottawa's housing market isn't slowing down, despite the current global pandemic challenges. After initial uncertainty caused by shutdowns and restrictions, a seller's market is now in full-bloom, with bidding wars and price hikes. Experts hope to see pricing and inventory stabilize, but feel that a growing market is here to stay for a few more months, at least.

In a heated housing rush, knowing what to spend and having access to the best rates for your mortgage are even more important. Our True North Mortgage brokers can help you determine your limits and set your rate expectations before looking for a new home, income property or vacation investment.

Historic mortgage rates in Ottawa

There are two different mortgage rates to consider when buying a home: fixed rates and variable rates. A fixed interest rate is locked in at the time the loan is initiated, so your payments will not change over the term. By contrast, a variable-rate, while often lower than fixed-rates, will fluctuate with the underlying benchmark. A variable rate carries a greater risk that the interest rate and payments could change throughout the term of your loan.

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 are mortgages regulated in Ottawa?

Mortgages in Ottawa are regulated by the Financial Services Commission of Ontario (FSCO). This organization is responsible for overseeing the mortgage industry in Ontario.

The Mortgage Brokerages, Lenders, and Administrators Act of 2006 requires individuals in the industry to be registered. This requirement includes any business that is involved with mortgages or other financial products in real estate, as well as individuals acting as agents or mortgage brokers. Banks are exempt from this registration requirement.

What type of mortgage insurance is available in Ottawa?

When purchasing a home in Ottawa, it’s necessary to consider how much of a down payment you can provide. If you buy a home with a down payment of less than 20%, you are required to purchase mortgage default insurance.

This insurance protects the lender from borrowers defaulting on the mortgage and allows them to offer lower interest rates to borrowers. Mortgage insurance is available from the CMHC (Canada Mortgage and Housing Corporation), Canada Guaranty or Sagen Financial.

How we work with clients and lenders

If you're looking for a home, income property or need a mortgage renewal in Ottawa, our True North Mortgage brokers can deal with the banks and lenders for you, and pass along our volume discount to get your rate as low as possible.

Our friendly, expert brokers are here for you, to make sure your mortgage experience is stress-free and convenient. It's free and no obligation — contact us today to get started, or apply online now!

Ottawa 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.