Average Mortgage Rates of 14 Ontario Lenders

This Page's Content Was Last Updated: March 13, 2023
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Fixed Mortgage Rates

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Variable Mortgage Rates

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Ontario Average Mortgage Rates

When it comes to mortgages, Ontario borrowers have a wide range of mortgage options to choose from. This means that the average mortgage rate in Ontario depends on what type of mortgage you're looking at. Currently, Ontario's average mortgage rate ranges between Infinity% and -Infinity%. Generally, the 5-year fixed mortgage would have the lowest rate in Ontario among fixed-rate mortgages.

While location can affect your mortgage rate, there are other factors that can impact your mortgage rate as well. This might include the size of your down payment, credit score, debt levels, income, and the type of property being financed. The actual mortgage rate that you might get from an Ontario mortgage lender might be higher or lower than the average mortgage rate in Ontario.

Average Mortgage Rate Ontario Calculation

To calculate the average mortgage rate in Ontario, we’ve taken current mortgage rates from 14 Ontario mortgage lenders. This includes the Big 6 banks, B-lenders, and Ontario credit unions.

The Big 6 Banks Average is the average mortgage rate Ontario between RBC, TD, Scotiabank, BMO, CIBC, and National Bank’s advertised mortgage rates.

Other lenders may offer different or better terms on their mortgages. These average rates should only be used as a starting point when researching rates, as it can help provide an overview of the market while giving insight into which banks and lenders are offering more competitive rates than others, but these rates might not apply to you.

Keep an Eye on Ontario Mortgage Rates

When shopping for a mortgage in Ontario, it's important to keep an eye on the average mortgage rate. This can be helpful when trying to negotiate a better deal with lenders or when trying to figure out if a rate being offered is a good rate. There are online tools available that will allow you to monitor mortgage rates, such as the historical average Ontario mortgage rates shown on this page, that makes it easy to compare current and historical mortgage rates.

Changes in Ontario's Average Mortgage Rates

Mortgage rates in Ontario have been on the rise as the Bank of Canada conducted significant rate hikes throughout 2022. Looking at more recent months, the average 5-year fixed mortgage rate in Ontario has decreased by 0.00% over the past month. Meanwhile, the average 5-year variable mortgage rate has decreased by 0.00% over the past month.

5-Year Fixed
1-Month Change
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5-Year Variable
1-Month Change
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As of September 27, 2023, the lowest fixed mortgage rate being offered is the -year fixed mortgage offered by .

The lowest variable mortgage rate being offered is the -year variable mortgage offered by .

Determining Ontario Mortgage Rates

Mortgage rates in Ontario, similar to elsewhere in Canada, are impacted by factors such as the Bank of Canada interest rate and Canadian prime rates, as well as government bond yields. When looking at what causes mortgage rates to go up, fixed mortgage rates follow bond yields more closely, while variable mortgage rates follow prime rates, which are impacted by changes in the Bank of Canada interest rate. This means that Bank of Canada rate decisions, government policies, and economic trends all play an important role in determining mortgage rates in Ontario.

The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.