Hamilton Mortgage Rates.

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.

Mortgage Prepayment Limit

Bank or Lender	Annual Prepayment Limit	Frequency (per year)
RBC	10%	Once
TD	15%	Once
Scotiabank	Varies, up to 20%	Once
CIBC	Varies, up to 20%	Once
BMO	20% (10% for BMO Smart Fixed Mortgages)	Once
HSBC	20%	Once
Equitable Bank	15% - 20%	Once
Peoples Bank	20%	Once
First National	15%	Once
motusbank	20%	Once
Tangerine	25%	Multiple
Simplii	Varies, up to 20%	Multiple
MCAP	Varies, up to 20%	Multiple
Laurentian	15%	Once
National Bank	10%	Multiple
Desjardins	15%	Multiple
CMLS	20%	Multiple
DUCA	20%	Once
Manulife	20%	Multiple
Coast Capital	20% (or 30% for “You’re the Boss” Mortgage)	Once (or multiple for “You’re the Boss” Mortgage)
Alterna Savings	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
RBC TD Scotiabank CIBC BMO HSBC Peoples Bank motusbank Simplii Laurentian Desjardins CMLS Coast Capital Equitable Bank*	Tangerine Manulife Alterna Savings First National MCAP DUCA

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
RBC TD Scotiabank BMO HSBC Equitable Bank First National motusbank Tangerine MCAP National Bank Desjardins CMLS DUCA Manulife Coast Capital Alterna Savings Laurentian*	CIBC Peoples Bank Simplii Laurentian