Best mortgage rates - Ontario

RateSupermarket.ca, provides mortgage shoppers in Ontario with a simple, search tool that allows you to easily compare the best mortgage rates in Ontario, and is the only Canadian site to compare rates from Ontario's mortgage brokers, banks, credit unions, trusts and mortgage companies.

Home buyers searching for property anywhere in the province from within the GTA (Markham, Brampton, Toronto or Mississauga) to Hamilton or Ottawa in the east and Thunder Bay in the north can use RateSupermarket.ca to find the latest up to date mortgage rates from the top lenders.

Best mortgage rates

You'll find the best mortgage rates on RateSupermarket.ca listed below by Rate type. Click on the "Get details" button to find out more, or you can compare mortgage rates now to find the best rate in your area.

Best variable closed mortgage rates

Rate type	Rate term	Mortgage rate	Company	Offers & details	Get details
Variable closed Search all	1 Year	2.35%		60 day rate hold. 20%/20% prepayment privileges.
	3 Years	1.95%
	5 Years	2.00%		Full Feature Mortgage. 25%/25% Pre Payments.

mortgage rates updated: September 2, 2010 09:30:34

Best variable open mortgage rates

Rate type	Rate term	Mortgage rate	Company	Offers & details	Get details
Variable open Search all	3 Years	3.50%
	5 Years	3.25%		Plus $750 cash back

Mortgage rates updated: September 2, 2010 09:30:34

Best fixed closed mortgage rates

Rate type	Rate term	Mortgage rate	Company	Offers & details	Get details
Fixed closed Search all	6 month	3.75%
	1 Year	2.28%		Plus $750 cashback
	2 years	2.99%		Plus $750 cash
	3 years	2.90%		Purchase, Refinance and Renewals with 20% prepayment privilege at any time. No pre-approvals for this rate.
	4 years	3.54%		Must close within 45 days. 20% prepayment. Purchase, Refinance and Switches
	5 years	3.64%		25% annual pre-payment
	6 years	4.50%
	7 years	4.85%
	8 years	5.13%
	9 years	5.22%
	10 years	5.19%
	15 years	9.55%
	25 years	8.35%

Mortgage rates updated: September 2, 2010 09:30:34

Best fixed open mortgage rates

Rate type	Rate term	Mortgage rate	Company	Offers & details	Get details
Fixed open Search all	6 month	4.40%
	1 Year	6.30%
	3 years	6.30%

Mortgage rates updated: September 2, 2010 09:30:34

Ontario housing and mortgage overview

Ontario's stable economic outlook will keep housing demand high

The CMHC has reported that a stable Ontario economic outlook will help sustain a high level of housing demand. New home building will reach 69,150 and 67,150 starts in 2008 and 2009 respectively.

Ontarios existing home market is forecasted by the CMHC to have a near record year as high new detached home prices, more choice in the resale market and residential land constraints will drive activity in the existing home market.

Growth in Ontarios economy will lag behind the Canadian average. Ontario economic growth will drop to 1.8 per cent this year before rising to 2.4 per cent in 2009. Growth will be down from a ten year annual average of 3.5 per cent. Ontarios goods sector, particularly auto assembly, auto parts and forestry, will continue to weigh on growth through the first half of 2008 due largely to slower U.S. economic growth and a high Canadian dollar.

The goods sector will continue to downsize its workforce, however, some of these workers will be taken in by stronger consumer driven services. Low interest rates, healthy consumer confidence and rising incomes will support consumer spending, domestic demand and growth across the province. The economic growth gap between the west and Central Canada will narrow. Ontarios population growth will be largely driven by international migration, even though Ontarios share of international migration has dropped recently relative to the rest of Canada.

Ontario existing house sales forecast to reach 208,000 in 2008

After record sales activity in 2007, Ontario existing home sales will move slightly lower to 208,000 in 2008 and 201,500 unit sales 2009 . While rising mortgage carrying costs will dampen home sales, more choice across broader price ranges will keep resale volumes well above historical norms.

MLS price in Ontario set to rise by 6.2% in 2008

The average MLS price in Ontario will rise by 6.2 per cent and 2.9 per cent in 2008 and 2009 respectively. Price growth will be running above inflation in the immediate term thanks to tighter resale market conditions, and lower Toronto mortgage rates. However, a more balanced resale market resulting from higher listings points to weakening price pressures longer term.

Ontario key stats

Source: Stats Canada, CMHC
2007 E = estimated by the CMHC
* Canada calculation excludes Yukon and Northwest Territories
Data based on application received date
Mortgage approval data are gross and may not fully capture lending activities of credit unions, caisses populaires, other smaller institutions and privately-insured loans in some areas
Quebec data is understated due to low response rate to the surveys in that province.
*Conventional Lending data only

Local Market Indicators

Sources: CMHC, Canadian Real Estate Association, Local Real Estate Boards, Statistics Canada

MLS = Multiple Listings Service
*MLS numbers reflect all of Durham Region