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.
| Niagara Falls at a Glance | | Province | Ontario |
| Settled Year | 1800 |
| Established Year | 1881 |
| Incorporated Year | 1903 |
| Population | 88,071 |
| City Area | 209.73 km 2 (80.98 sq mi) |
| Official Website | https://niagarafalls.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.
