The Best Mortgage Rates in Ontario

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About Ontario

More About: Living In Ontario

Ontario is Canada's second largest province (it's over 4 times the size of the UK and almost 1/3 the size of India) and also the most populous province, with over 14 million residents. Here are some more fast facts about Ontario:

  • Ontario has more than 250,000 lakes, which contain about a third of the world's fresh water
  • Ontario offers everything from wilderness expeditions to urban excursions – the landscape is vast and varied (and so are the people!)
  • Ontario's thriving economy is supported by a variety of industries and generates approximately 37% of the national GDP
  • The capital city of Ontario is Toronto, Canada's largest city. Toronto has the largest variety of theatres and performing arts companies in Ontario, and the second largest in North America (second only to New York)

5 Things You Need To Know About Buying In Ontario

  1. The average home price in Ontario is about $430,000 – that's $30,000 more than the national average
  2. The Toronto/GTA housing market, with its soaring home prices, have skewed the provincial numbers. There are many other cities and towns in Ontario offering more affordable housing
  3. These larger Southern Ontario markets are expected to grow at a slower pace due to high home prices and inventories
  4. The Ontario housing market has continued to strengthen through 2014. The CMHC sites an improving economy and decreased out-migration to Western Canada as causes for rising home prices and a shift in demand to less expensive housing
  5. Mortgage interest rates are expected to increase, as Canadian exports, investments, job growth and incomes improve. Once the economy is back to a comfortable, healthy place, we should see mortgage rates start to rise.

Frequently Asked Question: Everyone knows Toronto is the most expensive city in Ontario, but what is the cheapest?

Windsor is arguably the cheapest place to live in Ontario. Located just across the border from Detroit, MI, Windsor has many waterfront properties valued at just a fraction of the price of a Toronto home. The average price of a single-family home is about $175,000 – that's less than half the national average.

Ontario Housing Statistics

Ontario is Canada's most populous, prosperous province and prices are reflected as such. However, with such a vast range of cities and landscapes, housing costs also vary largely within the province. 

Property Prices: High Quality of Life Index: High
Cost of Living: High Traffic Index: High

Buying Property in Ontario – Important Links

Thinking of buying a home in Ontario? Here are some important links to help you learn more about the province and get you started on your mortgage journey in Ontario:

Get Ontario regional housing statistics from the Canada Mortgage and Housing Corporation.

Ever wonder what everyday items will cost you in Ontario? You can compare the cost of living across Canada and around the world here.

Are you new to Canada? Ontario is very ethnically diverse and has a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.

Health care varies from province to province. Find out all you need to know about the Ontario health care system and how to qualify for coverage here.

Get up to speed on provincial politics – learn more about the Ontario provincial government here.

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Blog: MoneyWise

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