5-year fixed broker floor: 4.12% · Variable broker floor: 3.60% · Qualifying income for median Ontario home (~$700K): approximately $180,350/yr.
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Canadian mortgage rates are set nationally — the benchmark is the same in Ontario as across Canada. The table below shows current estimated benchmark rates for all terms, based on Bank of Canada data. Rates assume excellent credit (750+ score) and represent the best available pricing tier.
| Term | Fixed broker floor | Fixed bank avg | Variable broker floor |
|---|---|---|---|
| 1-Year | 4.62% | 4.97% | 3.60% |
| 2-Year | 4.42% | 4.77% | 3.60% |
| 3-Year | 4.27% | 4.62% | 3.60% |
| 4-Year | 4.17% | 4.52% | 3.60% |
| 5-Year | 4.12% | 4.47% | 3.60% |
| 7-Year | 4.32% | 4.67% | 3.60% |
| 10-Year | 4.57% | 4.92% | 3.60% |
Ontario charges a provincial Land Transfer Tax (LTT). Toronto buyers also pay a Municipal Land Transfer Tax at identical rates — doubling the LTT cost.
Toronto Municipal LTT applies at the same brackets on top of provincial LTT. On a $700,000 Toronto purchase, combined LTT is approximately $22,950.
First-time buyer rebate: Ontario first-time buyers receive a provincial LTT rebate up to $4,000. Toronto adds a municipal rebate up to $4,475. Rebates apply automatically at closing through your lawyer.
| Value threshold | Tax rate / fee |
|---|---|
| Up to $55,000 | 0.5% |
| Up to $250,000 | 1.0% |
| Up to $400,000 | 1.5% |
| Up to $2,000,000 | 2.0% |
| Above prior bracket | 2.5% |
For the Ontario median purchase price of approximately $700,000 with 10% down ($70,000):
Mortgage amount: $630,000 · Stress test qualifying rate: 6.12% · Monthly P&I at qualifying rate: $4,076/month · Annual PITH: ~$57,712 · Required gross income (32% GDS): approximately $180,350/year.
Straight renewals at the same Ontario lender are exempt from stress test re-qualification. Switching lenders at renewal requires full requalification at the qualifying rate.
Mortgage brokers and lenders in Ontario are regulated by the Financial Services Regulatory Authority of Ontario (FSRA). Borrowers in Ontario can access the full range of federally regulated banks, provincially regulated credit unions, and monoline lenders through the broker channel.
Major cities in Ontario: Toronto, Ottawa, Mississauga, Brampton.
CMHC mortgage insurance applies in Ontario for eligible purchases under $1,500,000 with less than 20% down (as of December 2024).
Select your term, rate type, credit tier, and intent to see a detailed rate page for your exact borrower scenario in Ontario.
Many Ontario borrowers are renewing mortgages locked in at historically low rates between 2019 and 2023. If you locked in during this period, your renewal represents a significant payment change.
Select your original term and year to see your specific renewal shock analysis:
The current 5-year fixed mortgage broker floor in Ontario is approximately 4.12% and the bank average is 4.47%. Variable rate broker floor is approximately 3.60%. These are national benchmark rates that apply equally in all provinces.
Ontario charges a provincial Land Transfer Tax (LTT). Toronto buyers also pay a Municipal Land Transfer Tax at identical rates — doubling the LTT cost. Toronto Municipal LTT applies at the same brackets on top of provincial LTT. On a $700,000 Toronto purchase, combined LTT is approximately $22,950.
For a Ontario median home price of approximately $700,000 with 10% down, you need approximately $180,350 in gross annual income under the 2026 stress test at 6.12%. This is an estimate — your lender calculates your exact qualifying income.
Yes — Ontario first-time buyers receive a provincial LTT rebate up to $4,000. Toronto adds a municipal rebate up to $4,475. Rebates apply automatically at closing through your lawyer. The federal FHSA is also available to eligible first-time buyers in all provinces.
Mortgage brokers in Ontario are regulated by the Financial Services Regulatory Authority of Ontario (FSRA).