- Closing costs in Ontario: Ontario charges a provincial land transfer tax on a marginal scale from 0.
- The federal stress test and down payment rules apply in every province.
- Mortgage brokerages and agents are licensed by the Financial Services Regulatory Authority of Ontario (FSRA). Lawyers close Ontario purchases and refinances.
What are today's best mortgage rates in Ontario?
| Term | Rate | Lender type | Shelf / note | Payment on $400,000 |
|---|---|---|---|---|
| 5-year fixed | 4.04% | Credit union | uninsured | $2,113/mo |
| 5-year variable | 3.70% | Brokerage | prime − 0.75% | $2,046/mo |
| 3-year fixed | 4.19% | Monoline | uninsured | $2,145/mo |
| HELOC | 4.95% | Bank | prime + 0.50% | — |
Payments on a $400,000 mortgage, 25-year amortization, fixed rates compounded semi-annually. Prime 4.45% (Bank of Canada policy rate 2.25%), October 7, 2026.
Who lends in Ontario?
What does it cost to close in Ontario?
Ontario charges a provincial land transfer tax on a marginal scale from 0.5% to 2.5%. Homes in the City of Toronto also pay a municipal land transfer tax. First-time buyers can get up to $4,000 refunded on the provincial tax and up to $4,475 on Toronto's.
| Item | Amount |
|---|---|
| Transfer tax / registration fees (incl. mortgage fee where charged) | $14,475 |
| Effective rate | 1.61% |
Mortgage registration estimated at 80% of price where charged. Rules checked October 7, 2026.
Mortgage rules in Ontario
Mortgage brokerages and agents are licensed by the Financial Services Regulatory Authority of Ontario (FSRA). Lawyers close Ontario purchases and refinances. National rules apply everywhere: minimum down payment of 5% to 20%, the stress test (the greater of your rate + 2% or 5.25%), and insured mortgages only on homes under $1.5 million.
HELOC in Ontario
Ontario homeowners can get a HELOC up to 65% of value, or 80% combined with a mortgage. Bids show the rate as prime plus a margin. See HELOC.
First-time home buyer programs in Ontario
Ontario land transfer tax refund for first-time buyers (up to $4,000); Toronto municipal rebate (up to $4,475); federal FHSA, RRSP Home Buyers' Plan and the first-time buyer GST rebate on new homes. First-time home buyer programs in Ontario
Mortgage rates by city in Ontario
Frequently asked questions
Are mortgage rates different in Ontario?
Most national lenders price provinces similarly; differences come from which lenders serve the area, property type and local closing costs.
Do I need a mortgage broker in Ontario?
Not to get bids. Licensed brokerages bid alongside lenders on MortgageBids.ca.
Can I renew with a different lender in Ontario?
Yes, at maturity with no prepayment penalty.
Related
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