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Rates Updated May 23, 2013 09:30:43
Best Closed Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
3.49%
|
||||
| 1 Year |
|
2.53%
|
|
2.80%
|
||
| 2 Years |
|
2.47%
|
||||
| 3 Years |
|
2.54%
|
|
3.10%
|
||
| 4 Years |
|
2.72%
|
||||
| 5 Years |
|
2.69%
|
|
2.70%
|
||
| 6 Years |
|
3.35%
|
||||
| 7 Years |
|
3.44%
|
||||
| 8 Years |
|
4.17%
|
||||
| 9 Years |
|
4.26%
|
||||
| 10 Years |
|
3.55%
|
||||
| 25 Years |
|
8.75%
|
||||
Best HELOC Mortgage Rates
| HELOC |
|
3.50%
|
Best Open Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
6.20%
|
||||
| 1 Year |
|
4.00%
|
||||
| 3 Years |
|
3.80%
|
||||
| 5 Years |
|
3.50%
|
||||
More About Ontario
Ontario Housing and Mortgage Overview
According to the CMHC, Ontario will experience only modest growth the in housing market during 2012 before stabilizing in 2013. Taking economic uncertainty into regard, Ontario sales will range between 184,700 to 224,500 during the forecast period. Fewer home sales at higher prices will help balance a market that grew at an above inflationary rate for the first part of the year. Housing starts will range between 58,400 to 80,100 units this year and 2013. The province's population will continue to be driven by immigration, putting further pressure on the rental market.
Despite being a leader during economic recovery, Ontario's growth will slow in comparison to the rest of Canada during 2012. Job prospects are expected to fall short of the national average, however, high commodity prices and gradually improving U.S. economy supports will strengthen the traditional goods producing sectors.
65,200 total housing starts are anticipated for 2013, an 11.5% decrease from the forecasted levels of 73,700 in 2012. The average price, however, will increase to 395,800, a 2.2% jump from 387,200 in 2012.
Source: CMHC
Ontario Key Stats
Source: Stats Canada
|
Metric |
Ontario |
Canada |
|
| Population (2011) | 13,373.0 | 34,482,800 | |
| Consumer Price Index (2011) (2002=100) |
120.1 | 119.9 | |
| Average Earnings (2011) (Per Week, $) |
$894.78 | $874.76 | |
| Unemployment Rate (2012) (SA, %) |
7.8% | 7.2% | |
| Housing Starts (2011) | 67,821 | 193,950 | |
| Average Residential Resale Price (annual % change) |
2011(A*) | $366,390 6.9 |
$339,042% 5.8% |
| 2012 (F) | $387,200 5.7% |
$348,900* 2.9% |
|
| 2013(F) | $395,800 2.2% |
$358,200* 2.7% |
|
| Mortgages Approved by Lenders, residential 2010 (thousands of dollars) | Chartered banks | $390,139 | $932,617 |
| Other | $89,015 | $291,486 | |
| Total | $479,154 | $1,224,103 | |
| 2011 A = stated by the CMHC 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 |
|||
Local Market Indicators
|
Census Metropolitan Area |
Total Housing Starts |
MLS Sales |
MLS Average Price |
|
| Barrie | 2011 | 700 | 4,228 | $287,588 |
| 2012 (F) | 686 | 4,270 | $303,030 | |
| 2013 (F) | 693 | 4,250 | $306,365 | |
| Brantford | 2011 | 428 | 1,971 | $237,283 |
| 2012 (F) | 440 | 1,980 | $239,000 | |
| 2013 (F) | 475 | 1,925 | $243,000 | |
| Guelph | 2011 | 764 | 2,982 | $305,100 |
| 2012 (F) | 760 | 3,100 | $320,000 | |
| 2013 (F) | 725 | 3,050 | $324,000 | |
| Hamilton | 2011 | 2,462 | 13,932 | $333,498 |
| 2012 (F) | 2,650 | 13,700 | $341,000 | |
| 2013 (F) | 2,790 | 13,900 | $347,500 | |
| Kingston | 2011 | 959 | 3,179 | $261,968 |
| 2012 (F) | 715 | 3,165 | $271,000 | |
| 2013 (F) | 670 | 3,150 | $276,500 | |
| Kitchener | 2011 | 2,954 | 6,406 | $312,305 |
| 2012 (F) | 3,140 | 6,500 | $323,000 | |
| 2013 (F) | 2,940 | 6,450 | $329,000 | |
| London | 2011 | 1,748 | 8,272 | $233,731 |
| 2012 (F) | 1,962 | 8,300 | $237,000 | |
| 2013 (F) | 1,862 | 8,250 | $240,000 | |
| Oshawa | 2011 | 1,859 | 9,604 | $314,450 |
| 2012 (F) | 2,002 | 10,000 | $329,000 | |
| 2013 (F) | 1,914 | 9,600 | $335,000 | |
| Ottawa | 2011 | 5,794 | 14,551 | $344,791 |
| 2012 (F) | 6,275 | 14,600 | $355,000 | |
| 2013 (F) | 6,000 | 14,570 | $363,500 | |
| Peterborough | 2011 | 351 | 2,507 | $254,605 |
| 2012 (F) | 370 | 2,500 | $258,000 | |
| 2013 (F) | 390 | 2,480 | $260,000 | |
| St Catharines-Niagara | 2011 | 1,110 | 5,798 | $223,066 |
| 2012 (F) | 1,025 | 5,580 | $227,973 | |
| 2013 (F) | 1,060 | 5,425 | $231,165 | |
| Sudbury | 2011 | 595 | 2,507 | $229,485 |
| 2012 (F) | 570 | 2,700 | $242,000 | |
| 2013 (F) | 570 | 2,800 | $248,000 | |
| Thunder Bay | 2011 | 374 | 1,373 | $168,672 |
| 2012 (F) | 355 | 1,360 | $184,000 | |
| 2013 (F) | 325 | 1,390 | $197,000 | |
| Toronto | 2011 | 39,745 | 91,760 | $466,352 |
| 2012 (F) | 44,500 | 95,000 | $500,000 | |
| 2013 (F) | 36,550 | 91,500 | $510,000 | |
| Windsor | 2011 | 719 | 4,946 | $166,008 |
| 2012 (F) | 729 | 5,150 | $173,000 | |
| 2013 (F) | 770 | 5,350 | $176,500 | |
| Sources: CMHC, Canadian Real Estate Association, Local Real Estate Boards, Statistics Canada MLS = Multiple Listings Service * Last updated July 2012 |
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Rate and product information are subject to change at any time and does not constitute financial advice. Please contact supplier for complete details.