Ottawa's Highest-Rated Mortgage Brokers

At True North Mortgage, we understand that buying a home is a major life decision. We also know that everyone’s financial situation is unique.

As the top mortgage broker in Ottawa, we can secure the best mortgage rates in town – guaranteed.

We work with a trusted network of lenders and our volume discount allows us to secure the best rates. We’re so confident that you will not find a better offer, that we guarantee to beat it or we will pay you $500.*

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

Apply for your TrueRate in minutes.

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
Rates From
Payments as low as
1 Year Fixed
$1678 /mo
2 Year Fixed
$1678 /mo
3 Year Fixed
$1678 /mo
4 Year Fixed
$1678 /mo
5 Year Fixed
$1678 /mo
5 Year Variable
$1678 /mo
$1678 /mo

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

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 with them. This 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 Genworth Financial.

Historic Mortgage Rates in Ottawa

There are two different mortgage rates to consider when buying a home: fixed rates and variable rates. A fixed-rate has an interest rate that is locked in at the time the loan is initiated, so your payments will not change. On the other hand, a variable-rate has an interest rate that will fluctuate with an underlying benchmark. Variable rates are generally lower, but there is a greater risk that the interest rate could change throughout the loan term.

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%

Overview of Ottawa’s Real Estate Market

According to the Ottawa Real Estate Board, the summer of 2019 saw record-breaking increases in new home listings and sales. Over the last ten years, there has been an increase of over 50% of the average price for residential properties. Even so, Ottawa is much more affordable than other cities in Canada, with an average home price of about $360,000. It takes an average of only 82 days for a home to sell, as Ottawa has become one of the most in-demand real estate markets in the country. It also helps that Ontario offers a first-time buyer rebate of up to $4,000 on the provincial land transfer tax. Ottawa has an unemployment rate that is generally lower than the national average, and there is a large concentration of knowledge-based jobs such as engineering and computer science. They also have one of the highest educated workforces in the country. Ottawa is a great destination for families as it is a clean, safe city with access to many museums, parks, and attractions in the nation’s capital.

Ottawa 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.