Ontario Mortgage Rates: Live Bank & Broker Rates for Ontario Borrowers
Forty percent of the country’s outstanding home-loan book sits in this province, but the legal map is not a single closing. The Land Transfer Tax Act is province-wide; a City of Toronto by-law is the only municipal rider. Hamilton, Kitchener-Waterloo, London, Windsor, Niagara and Ottawa close on the provincial schedule alone. FSRA licenses brokerage. NRST at 25% follows the parcel, not the coupon. Whether the purchase still fits under the federal insurance ceiling is a price question, not an Ontario rate card.
Verified 2026-08-29
Live coupons available in OntarioLast updated 2026-10-18
| Source | 5-Year Fixed | 3-Year Fixed | 5-Year Variable |
|---|---|---|---|
Lender 1 | 4.59% | 4.54% | 3.49% |
Bank 1 | 4.84% | 4.99% | 3.85% |
Bank 3 | 4.89% | — | 3.65% |
Bank 4 | 4.99% | 5.09% | 4.05% |
Bank 2 | 5.04% | 5.19% | 3.94% |
Bank 5 | 5.19% | 4.99% | 4.12% |
Queen’s Park does not publish a coupon. What you see is the nationwide posted file. The statute that changes by municipal boundary is the Land Transfer Tax Act plus, uniquely, Toronto’s by-law. Sync stamp is on the table.
Provincial rate and closing FAQs
- Does MPAC assessment set the Ontario land transfer tax bill?
- No. The Land Transfer Tax Act keys off consideration (usually the purchase price), not the MPAC assessed value. Cottage-country files that mix the two under-wire the solicitor. Contract rates on this page are still the national posted file.
- Do Muskoka or Kingston purchases fund off a different coupon than the GTA?
- No. Planning Act consents and Conservation Authority shoreline permits delay the closing, they do not reprice the 5-year column. Tarion warranty on 705 new construction is a builder instrument, not a Queen’s Park rate card.
- Does every Ontario city charge a municipal land transfer tax?
- No. Only the City of Toronto levies MLTT. Ottawa, Hamilton, London, Kitchener-Waterloo, Windsor and the 905 pay Ontario PLTT only. Contract rates are the national sheet on this page either way.
- Is there an Ontario-only mortgage rate?
- No. The live 5-year fixed, 3-year fixed and 5-year variable are the national posted-and-discounted file. Ontario’s difference is the Land Transfer Tax Act, Toronto’s municipal rider, and NRST.
- How much is the first-time Ontario refund?
- Up to $4,000 of provincial land transfer tax. Toronto adds up to $4,475 municipal on top, only if the land is inside Toronto. Other municipalities do not match that second refund.
GTA volume vs the rest of the province
Volume concentrates in the census metropolitan area around Lake Ontario, but Kingston, Windsor, Thunder Bay and Sudbury still originate. A Windsor freehold at $400,000-class is a high-ratio, default-insured file. A Forest Hill detached is not. Same B-20 worksheet; different insurance eligibility. That mix — not a Queen’s Park coupon — is why two Ontario files drawn from this table do not fund at the same spread.
Golden Horseshoe planning (Ministerial Zoning Orders, More Homes Built Faster) is a housing-supply conversation. It has not rewritten Guideline B-20. Gross-debt-service 39% and total-debt-service 44% at the qualifying rate still bind. Uninsured renewals that keep principal, remaining amortization and payment frequency unchanged can skip the prescribed floor after 21 November 2024; a refinance that pulls equity does not.
Brokerage conduct is a FSRA file. That is licensing and disclosure, not a second Prime. A complaint about a salesperson does not reprice the 5-year column on this page.
Separate the Toronto exception from the provincial rule: only one municipality stacks a second levy. Everywhere else, including the entire 905 belt outside the old city, the solicitor remits the provincial tax and stops. That is why this page exists beside the 416 page rather than duplicating it.
Teraview electronic registration (Teranet) is how almost every solicitor records the transfer and the charge. MPAC assessed value is not the Land Transfer Tax Act consideration — the deed consideration is. Mixing the two is how cottage-country worksheets go wrong. A Muskoka or Kawartha Planning Act consent, plus a Conservation Authority permit on a shoreline lot, can delay closing by weeks without moving a basis point on this table.
Tarion new-home warranty still attaches to freehold new construction in Barrie, Peterborough, Kingston and the 705. Northern resource towns (Sault Ste. Marie, Timmins, North Bay, Thunder Bay already named) originate a mill-and-port book whose appraisals track commodity cycles. That exhibit is foreign to a downtown Toronto underwriter and is why this page is not a GTA clone.
Land Transfer Tax Act vs one city by-law
The provincial schedule is 0.5 / 1 / 1.5 / 2 / 2.5 percent across $55k, $250k, $400k and $2M steps. A first-time refund offsets up to $4,000 (full wipe near $368,000). The engine below runs that schedule on the $860,000 province-wide average with the municipal toggle off — the 416 page is where the doubled bill lives.
A solicitor in London, Kitchener or Windsor remits one levy. A solicitor on a Toronto deed remits two. That is a by-law fact, not a coupon fact. Do not copy the doubled 416 worksheet onto a Hamilton closing.
Non-resident speculation at 25% of consideration is province-wide on residential land acquired by non-citizens and non-permanent residents. It is a Ministry of Finance instrument. Work-permit holders have a path; it is not a rate concession.
A missed first-time claim can be filed within 18 months of registration. It is more paper than claiming on adjustments. The levy remains cash; it is never rolled into principal.
Provincial-average levy, municipal toggle off
- Provincial / statutory levy (not first-time): $13,675
- First-time relief on this example: $4,000
- Net after first-time relief: $9,675
Totals from Ratellow’s land-transfer-tax engine. Live contract rates are a separate dataset.
The engine is the $860,000 province-wide average, municipal rider off. That is neither a 416 detached nor a Windsor starter. If the PIN is inside Toronto, use the city page or flip the calculator switch.
Beside the levy: solicitor trust, title policy, and — on a high-ratio file — sales tax on the default-insurance premium. None of those is NRST. None of those is the Toronto rider.
The $4,000 refund is provincial; the $4,475 rider is not
Budget $4,000 of Land Transfer Tax Act relief on any first qualifying purchase in this province. Do not budget a second $4,475 unless the legal description is inside Toronto. Hamilton, Ottawa, London and the 905 do not match that rider.
Registered-plan tools (FHSA annual/lifetime caps; Home Buyers’ Plan RRSP withdrawal) fund equity, not the tax. Temporary Enhanced HST relief on new construction (APS window April 2026–March 2027) and the federal GST rebate on eligible new homes are builder instruments. A used London freehold does not collect them.
The old shared-equity co-buy with the federal government is closed. What still moves a first purchase here is the longer insured amortization option and the raised insurance ceiling on the price, not a Queen’s Park coupon.
Licensing, stacked units, insurance eligibility
Salespeople and brokerages are a FSRA conduct problem when something goes wrong. That regime does not emit a 5-year column of its own.
Stacked units anywhere in the province need a status certificate. Density is highest around the lake; the exhibit is the same in Thunder Bay.
Once consideration clears the federal insurance ceiling, the whole price is a conventional down-payment. That bites inner-GTA detached more than Windsor. The 3-year and floating columns remain; the high-ratio spread usually does not.
Electronic Land Registration System (ELRS) PIN searches and a Teranet docket are the closing mechanic outside as well as inside the GTA. A purchaser flying in from Alberta is often surprised that there is a percentage levy to wire — and then under-reserves the solicitor trust. Title insurance is sold as off-title and survey cover even on converted Land Titles parcels.