Hamilton Mortgage Rates
| Term | |||||||
|---|---|---|---|---|---|---|---|
| September 2024 | Hamilton Housing Market |
|---|---|
| Average Home Price | - |
| Monthly Change | - |
| Yearly Change | - |
| Average Home Price | Monthly Change | Yearly Change |
|---|---|---|
| - | - | - |
Lenders | Insured Rates | Fixed | Variable | # of Branches | Main Branches |
|---|---|---|---|---|---|
What are the best mortgage rates in Hamilton?
As of November 4, 2024,
- The best 1-year fixed insured mortgage rate is 5.74%, which is offered by Butler Mortgage
- The best 2-year fixed insured mortgage rate is 4.99%, which is offered by Butler Mortgage
- The best 3-year fixed insured mortgage rate is 4.09%, which is offered by Butler Mortgage
- The best 4-year fixed insured mortgage rate is 4.20%, which is offered by SBI Canada Bank
- The best 5-year fixed insured mortgage rate is 4.09%, which is offered by nesto
- The best 5-year variable insured mortgage rate is 4.75%, which is offered by Butler Mortgage
About Hamilton
With a population of over 536,000 people, Hamilton is one of the largest cities in Ontario.
The economy of Hamilton has shifted over the past 20 years, from being a very industrial city to a more diversified economy. The city has seen investments over the last few years from the likes of large companies across industries, including Amazon, Maple Leaf, IBM, and Nokia. As companies continue to invest in the region and create new jobs across sectors, this will bring in people from all over, and the housing demand in the city will only continue to grow.
Land Transfer Tax in Hamilton
Hamilton home buyers can expect to pay a marginal land transfer tax rate depending on the price of their home. The higher the purchase price is, the higher the land transfer tax rate will be. When determining how large of a mortgage amount to get, buyers should include land transfer costs to get a true representation of a home's price. Below shows a breakdown of these rates depending on your purchase price:
| Purchase Price | Land Transfer Tax Marginal Rate |
|---|---|
| First $55,000 | 0.5% |
| $55,000 to $250,000 | 1% |
| $250,000 to $400,000 | 1.5% |
| $400,000 to $2,000,000 | 2% |
| Over $2,000,000 | 2.5% |
First time home buyers in Hamilton are eligible for a rebate of up to $4000, which can help to reduce the transfer taxes owed while leaving you with more room in your budget to spend on a home.
Cost of Living in Hamilton
Hamilton has a reasonable cost of living that is similar to cities in the Greater Toronto Area (GTA), such as Brampton, Mississauga, and Markham.
| City | Cost of Living Per Month - Family of 3 |
|---|---|
| Hamilton | $3841 |
| Brampton | $4082 |
| Mississauga | $4192 |
| Markham | $4391 |
For young families, Hamilton has some of the lowest preschool rates among major cities in Ontario, with an average rate of $825 per month. This compares to $955 in Brampton, $1042 in Mississauga, and $1180 in Markham. Having cheaper childcare will make having both parents working more worthwhile, which can help home buyers save faster for a down payment and afford a larger mortgage.
Home prices in Hamilton
Property Tax in Hamilton
In 2020, Hamilton’s property tax rate was 1.189% of the assessed value of a home. Usually, your property tax bill will be paid through your lender if you have a mortgage. This means that for a home assessed at $500,000, property taxes will be $5945. Compared to similarly sized cities, the property tax rate in Hamilton is slightly higher than the average:
| City | Property Tax Rate (2020) | Property Tax Owed on a $500,000 Assessed Home |
|---|---|---|
| London | 1.3483% | $6741 |
| Hamilton | 1.189% | $5945 |
| Brampton | 0.9533% | $4767 |
| Ottawa | 1.0088% | $5044 |
| Average | 1.1248% | $5624 |
Lender Information
| Lender | Number of Locations | Mortgage Inquiry Phone # |
|---|---|---|
| Alterna Savings | Alterna Savings has no branches in Hamilton. | 1-877-560-0100 |
| BMO | BMO has 11 branches in Hamilton. | General Inquiries- 1-844-837-9228 |
| Caisse Alliance | Caisse Alliance has no branches in Hamilton | No Direct Number |
| Canada Life | Canada Life has no branches in Hamilton. | No Direct Number |
| Canadian Western | Canadian Western Bank has no branches in Hamilton. | No Direct Number |
| CIBC | CIBC has 17 branches in Hamilton. | 1-866-525-8622 |
| CMLS | CMLS Financial has no branches in Hamilton. | 1-888-995-2657 |
| Desjardins | Desjardins has no branches in Hamilton. | 1-844-626-2476 |
| Dominion Lending | N/A | |
| DUCA | DUCA Credit Union has no branches in Hamilton. | 1-866-900-3822 |
| DUCA | DUCA Credit Union has no branches in Hamilton. | 1-866-900-3822 |
| Equitable | Equitable Bank is a digital bank and has no branches in Hamilton. | 1-888-334-3313 |
| First National | First National has no branches in Hamilton. | No inquiry number |
| First Ontario | First Ontario Credit Union has 6 branches in Hamilton. | General Inquiries: 1-800-616-8878 |
| HSBC | HSBC has 1 branch in Hamilton. | General Inquiries: 1-888-310-4722 |
| ICICI | ICICI Bank has no branches in Hamilton. | No Direct Number |
| Investors Group | Investors Group has 2 branches in Hamilton. | No Direct Number |
| Kawartha Credit Union | Kawartha Credit Union has no branches in Hamilton. | Contact Centre: 1-855-670-0510 |
| Laurentian | Laurentian Bank has no branches in Hamilton. | 1-866-522-4655 |
| Manulife | Manulife Bank has no branches in Hamilton. | 1-877-765-2265 |
| MCAP | MCAP has no branches in Hamilton. | 1-800-265-2624 |
| Meridian | Meridian has 3 branches in Hamilton. | 1-866-592-2226 |
| Mortgage Alliance | N/A | |
| motusbank | MotusBank is a digital bank and has no branches in Hamilton. | 1-833-696-6887 |
| National Bank | The National Bank has 2 branches in Hamilton. | 1-855-755-9533 (Option 4) |
| Northern Birch | Northern Birch Credit Union has 1 branch in Hamilton | No Direct Number |
| Pathwise Credit Union | Pathwise Credit Union has no branches in Hamilton. | |
| QuestMortgage | N/A | |
| Rapport | Rapport Credit Union has 1 branch in Hamilton | No Direct Number |
| RateHub/Canwise | N/A | |
| RBC | RBC has 15 branches in Hamilton. | 1-800-769-2511 |
| SBI Canada Bank | SBI Bank Canada has no branches in Hamilton. | No Direct Number |
| Scotiabank | Scotiabank has 13 branches in Hamilton. | 1-877-303-8879 |
| Simplii Financial | Simplii Financial is a digital bank and has no branches in Hamilton. | 1-888-866-0866 |
| Tangerine | Tangerine Bank has no branches in Hamilton. | 1-888-826-4374 |
| TD | TD Bank has over 15 branches in Hamilton. | 1-800-722-3098 |
| YNCU | YNCU has no branches in Hamilton | No Direct Number |
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.