Ontario Rate Hub
Mortgage Rates in Ontario
The best rates available today across our panel of more than 60 Canadian lenders, for purchases, refinances, renewals and rentals anywhere in Ontario. Reviewed against live lender sheets and updated regularly.
Last updated
- Best insured 5 year fixed
- 4.09%
- Prime rate
- 4.95%
- Next Bank of Canada decision
- September 9, 2026
Insured rates
Less than 20% down, purchase price under $1.5M, default insurance in place.
| Term | Type | Our best | Typical bank | Trend |
|---|---|---|---|---|
| 3 YearPopular with buyers expecting lower rates at renewal. | Fixed | 4.19% | 4.79% | down |
| 5 YearThe default Ontario term. Lowest qualifying payment on most files. | Fixed | 4.09% | 4.89% | down |
| 5 YearPrime minus a discount. Moves with Bank of Canada decisions. | Variable | 4.45% | 5.15% | flat |
| 2 YearShort hold for anyone planning to sell or refinance soon. | Fixed | 4.54% | 5.24% | flat |
Conventional and refinance rates
20% or more equity, refinances, and purchases above the insurable limit.
| Term | Type | Our best | Typical bank | Trend |
|---|---|---|---|---|
| 3 Year20% or more down, or a refinance. | Fixed | 4.49% | 5.09% | down |
| 5 YearStandard conventional pricing across our panel. | Fixed | 4.39% | 5.19% | down |
| 5 YearBest fit if you may break the term early. | Variable | 4.75% | 5.45% | flat |
| 1 YearBridge pricing while you wait out the cycle. | Fixed | 5.14% | 5.89% | up |
Rental and investment rates
Non owner occupied Ontario rental properties, 1 to 4 units.
| Term | Type | Our best | Typical bank | Trend |
|---|---|---|---|---|
| 3 YearNon owner occupied rental, 20% down minimum. | Fixed | 4.84% | 5.44% | flat |
| 5 YearRental premium over an equivalent owner occupied file. | Fixed | 4.74% | 5.34% | down |
Rates shown are the best available on our lender panel as of August 3, 2026 and are subject to change without notice. The rate you receive depends on your down payment, credit profile, income documentation, property type and location. Nothing on this page is an offer of credit or a rate guarantee. O.A.C.
What is actually moving Ontario rates
Fixed rates in Ontario take their direction from Government of Canada bond yields, not from the Bank of Canada overnight rate. When the five year bond moves, fixed rate sheets follow within days, which is why a rate hold taken early in a purchase is worth real money.
Variable rates move only when the Bank of Canada changes the policy rate, which it reviews eight times a year. A variable holder pays for that flexibility today in exchange for a lower penalty if the mortgage is broken mid term, and Ontario borrowers break their mortgages far more often than they expect to.
The gap between the best available rate and the rate a branch offers an existing client is the single largest avoidable cost in a Canadian mortgage. On a $700,000 balance, half a percentage point is roughly $185 a month.
Renewing in the next 12 months?
A very large share of Ontario mortgages written during the low rate years are coming up for renewal now, and most of those households will see a payment increase. The renewal letter your lender mails you is priced on the assumption you will sign it without shopping. It is an opening offer, not a verdict.
Start 120 days before your maturity date. That is when lenders begin holding rates, so you lock in protection against increases while keeping the ability to take a lower rate if the market moves down before closing. On a straight switch, meaning the same balance and amortization, you no longer need to requalify under the stress test with the new lender, and most incoming lenders cover the legal and appraisal costs.
- ◆Compare your renewal offer against the table above before signing anything
- ◆Model the payment at the new rate in the calculator, then decide on term length
- ◆Check whether restructuring the amortization softens the payment shock
- ◆Ask whether rolling higher interest debt in at renewal costs nothing in penalty
Full detail on the process is on our Ontario mortgage renewal page.
Turn a rate into a payment
A rate on its own tells you very little. What matters is the monthly payment, the total interest over the term, and how much home the payment supports. Run the numbers above through our calculator in both directions: what a given purchase price costs per month, and what monthly budget you can comfortably carry.
Rate Questions
What are the best mortgage rates in Ontario right now?
As of 2026-08-03, the lowest insured five year fixed rate on our lender panel is 4.09%, with conventional five year fixed at 4.39%. Rates change constantly and the rate you qualify for depends on your down payment, credit, property type and income, so treat these as a starting point and ask for a quote on your actual file.
Why are insured mortgage rates lower than conventional rates?
Because the lender's risk is covered by default insurance. A borrower putting less than 20% down pays an insurance premium, and in exchange the lender takes on almost no loss risk and prices the mortgage lower. It is counter intuitive but a smaller down payment often carries a lower rate.
Should I choose fixed or variable in Ontario today?
It depends less on forecasting and more on your plans. If there is a real chance you sell, refinance or move within the term, variable typically carries a far cheaper break penalty, usually three months interest instead of an interest rate differential. If a stable payment matters more than flexibility, fixed is the right answer.
How long can I hold a rate for?
Most Ontario lenders hold a rate for 90 to 120 days. If rates fall before your closing or renewal date, we resubmit for the lower rate, so a hold protects you against increases without costing you the decrease.
How often are these rates updated?
This page is reviewed against our lender rate sheets regularly and was last updated on 2026-08-03. Rates can move between updates, so the number we quote you on a live application is always the one that counts.
Want the rate you actually qualify for?
Blackwood Mortgage Partners shops your file across more than 60 lenders from our Toronto office, anywhere in Ontario. Call 416-990-3790 or book a time that suits you.