Hamilton at a Glance
The City of Hamilton is located west of Lake Ontario in the Regional Municipality of Hamilton-Wentworth and is home to over 536K residents. Hamilton real estate prices have increased by 20% from November 2019 to November 2020 and the average price of a house in Hamilton is $676K. Single-family detached houses are by far the most commonly sold property type on the Hamilton real estate market, accounting for approximately 75% of the sales volume, followed by sales of townhouses and condominiums. Real estate inventory in Hamilton has decreased by 37% from December 2019 to December 2020, due to sales of homes outpacing new listings. From the long-term perspective, Hamilton real estate prices have increased significantly over time, with single-family detached house prices increasing 108% over a 10 year period, from October 2010 to October 2020. Hamilton property tax rates are the 34th lowest property tax rates in Ontario for municipalities with a population greater than 10K.
| Hamilton at a Glance | | Province | Ontario |
| Settled Year | 1778 |
| Established Year | 1816 |
| Incorporated Year | 1846 |
| Population | 536,917 |
| City Area | 1,138.11 km 2 (439.43 sq mi) |
| Official Website | https://www.hamilton.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.
