Mortgage rates in Ontario remain relatively stable, but fixed rates can change quickly with movements in Government of Canada bond yields.
Here is a straightforward look at current mortgage rates, what is influencing them, and which options may be worth considering.
Mortgage Market at a Glance
- Bank of Canada overnight rate: 2.25%
- Bank prime rate: 4.45%
- Next Bank of Canada announcement: July 29, 2026
- Variable rates remain competitive for borrowers who value flexibility.
- Fixed rates provide greater payment certainty but may carry higher prepayment penalties.
Featured Mortgage Rates
Rates are for owner-occupied properties and are subject to borrower and property qualifications. H.R. means high-ratio insured; Conv. means conventional. B lender and private mortgage rates are starting rates.
| Mortgage Option | Current rate (Owner-Occupied) |
|---|---|
| 5-Year High-Ratio Variable | Prime − 0.70% = 3.75% |
| 5-Year Conventional Variable | Prime − 0.5% = 3.95% |
| 5-Year Fixed H.R. / Conv. | 4.24% / 4.49% |
| 3-Year Fixed H.R. / Conv. | 4.04% / 4.29% |
| 2-Year Fixed H.R. / Conv. | 3.99% / 4.24% |
| B Lender 1-Year Fixed | 4.89% |
| B Lender 3-Year Fixed | 4.99% |
| Second Mortgage EquityLine Visa | From 6.99% |
| Private First Mortgage | From 5.80% |
| Private Second Mortgage | From 8.80% |
Rates are subject to change without notice. Conditions, fees and lender approval criteria may apply.
Not Sure Which Mortgage Option Fits Your Situation?
The lowest rate is not always the best mortgage. Book a telephone appointment with me to discuss the mortgage option that best fits your needs.
Phone: 416-618-9312 (cell / text / WhatsApp)
Web: https://MortgageMaurice.ca
email: maurice@sherwoodmortgagegroup.com
Maurice Kwok
Mortgage Broker, CPA, MBA
Sherwood Mortgage Group (FSRA Lic.#12176)
Serving the GTA since 1995.
Strategic mortgage advice for homeowners and investors.