Ontario Mortgage Rates & Home Buying Guide
Ontario is Canada's largest and most competitive housing market. Whether you're buying in the Greater Toronto Area or a more affordable city like Ottawa or London, understanding land transfer tax and the mortgage stress test is essential.
Last updated: May 2026
Provincial average; Toronto (GTA) runs well above $1M.
- Toronto
- Ottawa
- Mississauga
- Hamilton
- London
Provincial Land Transfer Tax on a sliding scale (0.5%–2.5%). Properties in Toronto pay a matching municipal LTT, effectively doubling the tax.
Up to $4,000 provincial LTT rebate, plus up to $4,475 municipal rebate in Toronto, on top of federal FHSA, RRSP HBP, and the $1,500 Home Buyers' Tax Credit.
What to Know About Buying in Ontario
Highest average home prices in Canada outside of BC.
Toronto buyers face double land transfer tax — budget carefully.
Strong job market and immigration keep demand high.
Mortgage rates in Ontario are set nationally by Canada's major banks and lenders, then adjusted for your down payment, credit, and whether your mortgage is insured. The Bank of Canada's policy rate drives variable rates, while fixed rates track government bond yields.
To get the best rate in Ontario, compare offers from multiple lenders, consider both fixed and variable options, and remember that insured (high-ratio) mortgages often carry lower rates because they're CMHC-backed.
See live rates from RBC, TD, BMO, Scotiabank, CIBC and more on our Canadian bank rates page, updated with the latest Bank of Canada prime rate.
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Calculate Your Ontario Mortgage
Model your monthly payment and estimate your land transfer tax for Ontario.