Mortgage Rates!! This is a reat time to buy!

 

 


 

Rates Updated:  January 10, 2013 10:32 AM

Bank of Canada Rates

Prime rate      3.00% Qualifying rate      5.24%

Closed mortgage rates - Ontario

       
TermLowest Fixed
Mortgage Rates
Lowest Variable
Mortgage Rates
1-Year True North Mortgage
True North Mortgage
2.49% See All  
2-Year True North Mortgage
True North Mortgage
2.59% See All  
3-Year True North Mortgage
True North Mortgage
2.67% See All True North Mortgage
True North Mortgage
2.65%
Prime - 0.35
See All
4-Year Dominion Lending Centres
Dominion Lending Centres
2.88% See All  
5-Year True North Mortgage
True North Mortgage
2.89% See All Durhammortgage.com Ltd.
Durhammortgage.com Ltd.
2.65%
Prime - 0.35
See All
6-Year Safebridge
Safebridge
3.69% See All  
7-Year True North Mortgage
True North Mortgage
3.39% See All  
8-Year Safebridge
Safebridge
3.99% See All  
9-Year Safebridge
Safebridge
3.99% See All  
10-Year True North Mortgage
True North Mortgage
3.74% See All  

HELOC Rates - Ontario

       
HELOC      The Mortgage Emporium Corporation
The Mortgage Emporium Corporation
3.50%
Prime + 0.50
See All
All-in-One      Manulife One
Manulife One
3.50%
Prime + 0.50
See All

Cash back mortgage - Ontario

       
5-Year Durhammortgage.com Ltd.
Durhammortgage.com Ltd.
4.84%
5% Cash Back
See All
6-Year TD Bank
TD Bank
6.16%
5% Cash Back
See All
7-Year PC Financial
PC Financial
5.34%
5% Cash Back
See All
10-Year PC Financial
PC Financial
5.64%
5% Cash Back
See All

Open mortgage rates - Ontario

       
TermLowest Fixed
Mortgage Rates
Lowest Variable
Mortgage Rates
1-Year Safebridge
Safebridge
4.99% See All  
3-Year   Bank of Montreal
Bank of Montreal
4.00%
Prime + 1.00
See All
5-Year   Safebridge
Safebridge
3.50%
Prime + 0.50
See All

Bank Mortgage Rates - Ontario

       
TermLowest Fixed
Mortgage Rates
Lowest Variable
Mortgage Rates
1-Year CIBC
CIBC
3.00% See All  
2-Year ING Direct
ING Direct
3.00% See All  
3-Year ING Direct
ING Direct
2.79% See All Laurentian
Laurentian
3.20%
Prime + 0.20
See All
4-Year ING Direct
ING Direct
3.25% See All  
5-Year ING Direct
ING Direct
3.08% See All ING Direct
ING Direct
3.00%
Prime - 0.00
See All
10-Year ING Direct
ING Direct
3.89% See All  

Ontario Mortgage Rates


Find the Lowest Mortgage Rates in Ontario

Find the best mortgage deals in Ontario in the comparison charts above. If you are looking for a home loan and are interested in more than just cheap rates – be sure to also pay attention to the mortgage terms and conditions. Find answers on open vs. closed mortgages, fixed vs. variable mortgages, and prepayment options in the frequently asked questions section below. Visit our Education Centre to learn even more about mortgages through the use of our home buying tools.

Should I get an open or closed mortgage in Ontario?

Closed mortgages are more prevalent than open mortgages because they typically have lower interest rates. These mortgage vary in their prepayment options. Closed mortgage rates can be either fixed or variable. The amount by which a prepayment is available is restricted, and interest penalties are enforced on any overpayment.

In an open mortgage you have the ability to pay down as much principal as you decide to in any given year. Open mortgages are commonly chosen when the borrower is planning to move,  or expects to receive a lump sum of money in the near future.

What is the difference between variable vs. fixed mortgage rates?

Historically, fixed rate mortgages are the most common choice for mortgage financing. Fixed mortgages have set interest rates that stay consistent for the term of the mortgage. This results in a steady mortgage payment for the mortgage term, and allows homeowners the benefit of exact budgeting and planning.

Variable mortgages generally have lower interest rates. These variable rates are tied to the market prime rate and thus vary over the term of the mortgage. To learn more about fixed vs. variable rate mortgages check out the fixed vs. variable mortgage section.

What are prepayment options?


Prepayment options grant you the right to increase the size of your monthly payments or make a lump sum payment directly towards the principal on your mortgage. The lender sets out the terms of prepayment which allows borrowers to increase payments based on a percentage of your current payment, thereby reducing your amortization period. Conversely, you may wish to make a lump sum payment towards the principal on your mortgage. The percentage by which you are allowed to make this lump sum repayment is based upon your initial principal value.

What is a mortgage ratehold?


A ratehold allows you to hold today’s current mortgage interest rate for a certain period of time. If today’s mortgage rates are favourable, you may want to find a mortgage with a ratehold up until your renewal or closing date. The renewal date is the date on which the term of mortgage expires, not to be confused with the amortization period.

Ontario Housing Market Forecasts1


The beginning of the year 2010 saw historical record highs for the Ontario housing market. Ontario’s resale home sales and housing starts decreased during the rest of 2010 from this high start. They will continue to decline until late 2011 and early 2012, at which point they will begin to increase in sales volume. In 2012 there will be decreased demand from first-time homebuyers. However, the housing market will pick up momentum as a result of higher immigration levels, a stronger economy and strong labour markets.

 

Metropolitan Area

Year

Housing 

 Starts

MLS Total

Sales

 MLS Average

Sale Price 

Thunder Bay

2010

2011(*)

2012(*)

222

270

275

1434

1400

1450

$155,060  

$159,000  

$164,000

Sudbury

2010

2011(*)

2012(*)

575

540

560

2244

2350

2500

$221,699  

$228,000  

$235,000

Windsor

2010

2011(*)

2012(*)

617

613

704

4893

4600

4850

$159,347  

$164,000  

$168,000

London 

2010

2011(*)

2012(*)

2079

1890

1940

8389

8100

8400

$228,114  

$237,000  

$242,000

Kitchener 

2010

2011(*)

2012(*)

2815

2550

2675

6772

6570

6900

$289,041  

$295,000  

$302,000

St. Catharines-Niagara

2010

2011(*)

2012(*)

1086

990

1050

6024

5900

6100

$217,938  

$219,000  

$223,000

Hamilton 

2010

2011(*)

2012(*)

3562

3000

3250

12934

12300

12900

$311,683  

$317,000  

$323,000

Toronto 

2010

2011(*)

2012(*)

29195

29550

31200

88214

83500

87000

$432,264  

$441,000  

$451,000

Barrie

2010

2011(*)

2012(*)

682

620

600

4105

4000

4150

$281,966  

$284,000  

$287,500

Peterborough 

2010

2011(*)

2012(*)

404

380

420

2537

2300

2400

$249,763  

$254,500

$259,000

Brantford 

2010

2011(*)

2012(*)

504

385

440

2086

1950

2050

$229,678  

$234,000  

$238,000

Guelph 

2010

2011(*)

2012(*)

1021

900

940

2834

2800

2900

$295,207  

$299,000  

$306,000

Durham 

2010

2011(*)

2012(*)

1888

1740

2020

9476

9150

9510

$299,952  

$305,000  

$311,000

Kingston 

2010

2011(*)

2012(*)

653

590

630

3209

3100

3300

$249,509  

$252,000  

$256,000

Ottawa 

2010

2011(*)

2012(*)

6446

5950

6250

14586

13850

14350

$328,439  

$336,500  

$350,000

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Jeremy Moore

Jeremy Moore

Sales Representative
CENTURY 21 United Realty Inc., Brokerage*
Contact Me

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