Guelph at a Glance
The City of Guelph is located south of Guelph Lake in the Region of Wellington, Dufferin, and Guelph and is home to over 131K residents. The population of Guelph increased by 8% from 2011 to 2016. Based on data from the Canadian Real Estate Association, Guelph real estate prices have increased by 17% from August 2019 to August 2020 and the average price of a home in Guelph is $731K. While new listings in Guelph peaked in the summer of 2020, sales outpaced new listings, which has resulted in decreased available inventory of housing and has pushed prices up. Single-family detached houses are by far the most commonly sold property type on the Guelph real estate market, accounting for approximately 50% of sales volume, followed by townhouses and condominiums. Guelph property tax rates are the 28th lowest property tax rates in Ontario for municipalities with a population greater than 10K.
| Guelph at a Glance | | Province | Ontario |
| Settled Year | 1820s |
| Established Year | 1827 |
| Incorporated Year | 1879 |
| Population | 131,794 |
| City Area | 87.22 km 2 (33.68 sq mi) |
| Official Website | https://guelph.ca/ |
Mortgage Prepayment Limit
| Bank or Lender | Annual Prepayment Limit | Frequency (per year) |
|---|
| 10% | Once |
| 15% | Once |
| Varies, up to 20% | Once |
| Varies, up to 20% | Once |
| 20% (10% for BMO Smart Fixed Mortgages) | Once |
| 20% | Once |
| 15% - 20% | Once |
| 20% | Once |
| 15% | Once |
| 20% | Once |
| 25% | Multiple |
| Varies, up to 20% | Multiple |
| Varies, up to 20% | Multiple |
| 15% | Once |
| 10% | Multiple |
| 15% | Multiple |
| 20% | Multiple |
| 20% | Once |
| 20% | Multiple |
| 20% (or 30% for “You’re the Boss” Mortgage) | Once (or multiple for “You’re the Boss” Mortgage) |
| 20% | Once |
Mortgage Prepayment Penalties
Fixed Rate Mortgage Penalty Interest Rate
For fixed-rate mortgages, lenders usually use the greater of three months of interest or an interest rate differential (IRD). Each lender has their own IRD calculation. The interest rate that they use for their IRD is usually based on either their current advertised mortgage rates or their posted rates, which can often be much higher.
| Advertised Rate IRD | Posted Rate IRD |
|---|
| |
* Equitable Bank’s IRD depends on your mortgage product
Variable Rate Mortgage Penalty Interest Rate
Most lenders determine the mortgage break penalty for a variable rate mortgage by calculating three months of interest. The interest rate that they use can depend from lender to lender, but is usually either your current mortgage interest rate or the lender's prime rate.
| Based On Your Mortgage Rate | Based On the Lender's Prime Rate |
|---|
| |
* Laurentian’s 3 Months’ Interest is based on the greater of your mortgage rate or the current prime rate.
Calculate your mortgage break or prepayment penaltyWhile we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.
