Niagara Falls Mortgage Rates.

Niagara Falls at a Glance

The City of Niagara Falls is located west of the US/Canada border in the Regional Municipality of Niagara and is home to over 88K residents. The population of Niagara Falls increased by 6% from 2011 to 2016. Niagara Falls real estate market offers many different property types, including single-family detached houses, bungalows, low-rise condominiums, apartments, luxury high-rise condominiums, mansions, and townhouses. Single-family detached houses are by far the most commonly sold property type on the Niagara Falls real estate market, accounting for approximately 80% of sales volume, followed by sales of townhouses and condominiums. Demand in Niagara‘s housing market is partially driven by residents moving out of the Greater Toronto Area following the onset of the coronavirus pandemic. Niagara Falls property tax rates are the 32nd 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