Toronto mortgage rates, from bank pricing to private lending.
See where fixed and variable rates sit, understand how private lending is priced differently, and request a quote built around your property and credit profile.
Bank mortgage rates across Ontario.
Bank pricing shifts daily with bond markets and Bank of Canada announcements. Private lending is quoted per file - call or text for the number that applies to your property.
| Term | Fixed rate | Variable rate |
|---|---|---|
| 1-Year Fixed | Updated daily | - |
| 2-Year Fixed | Updated daily | - |
| 3-Year Fixed | Updated daily | - |
| 4-Year Fixed | Updated daily | - |
| 5-Year Fixed | Updated daily | - |
| 5-Year Variable | - | Updated daily |
Two bank options - which fits your plan?
Fixed rate
Rate and payment are locked for the whole term, no surprises either way.
Best for
- Easy to budget around month to month
- No exposure if lenders raise prime during your term
- Makes sense when rates look likely to climb
Trade-offs
- Breaking the term early usually costs more
- You keep paying the same rate if the market drops
- Often starts a touch higher than variable pricing
Variable rate
Rate tracks your lender's prime rate, which follows Bank of Canada policy moves.
Best for
- Usually a lower rate and payment at the start
- You benefit automatically if rates hold or ease
- Cheaper, in most cases, to break or refinance
Trade-offs
- Payments can climb if the Bank of Canada hikes
- Harder to plan a fixed budget years out
- Only suits borrowers comfortable with some swing
How policy moves ripple into your rate.
The Bank of Canada's overnight rate sets the pace for lender prime rates, which drive variable mortgages and lines of credit. A rate hike aimed at inflation usually pushes variable payments up; a hold or a cut tends to ease them.
Fixed pricing follows a different signal - Government of Canada bond yields, particularly the 5-year benchmark. When bond markets price in slower growth or cooling inflation, fixed rates tend to soften. When markets expect inflation to persist, fixed rates can move up ahead of any Bank of Canada announcement.
Private lending sits outside both of those signals almost entirely - pricing is driven by loan-to-value, property type, and exit plan rather than bond markets. We track all three so you know whether the moment favours a bank term, a private bridge, or waiting a renewal cycle.
What we're tracking
- Bank of Canada rate decisions and guidance
- Government of Canada bond yield swings
- Lender and private-fund promotional pricing
- Stress test and qualifying rule updates
- GTA listing volume, price trends, and days on market
Rate questions clients ask.
- How is a private mortgage rate different from a bank rate?
- Private mortgage rates are priced mainly against property equity and risk rather than bond yields or prime rate, so they typically run higher than bank pricing but come with faster approval and fewer income conditions.
- What actually sets Ontario mortgage rates?
- Bank fixed rates track Government of Canada bond yields, while variable rates follow lender prime, which moves with the Bank of Canada's policy rate. Private lenders price separately, based mostly on loan-to-value and exit strategy.
- Should I pick fixed, variable, or a private term?
- It comes down to your timeline, risk comfort, and whether your income and credit qualify you for bank pricing at all. We run the numbers on each path so you can compare real costs, not just headline rates.
- Can I secure a rate before I close?
- Yes. A pre-approval with a rate hold protects you for up to 120 days on bank financing. If rates climb you keep the held rate; if they fall, most lenders pass along the lower one at closing.
Worth checking before you lock in
A current property value and a clear read on your business numbers can change which lenders and pricing tier you qualify for.
- Toronto home valuation serviceFree property valuations for Toronto and GTA homeowners - useful before a refinance, equity take-out, or renewal so you know the value your lender will be working from.
- Toronto commercial real estate insightsMarket coverage on GTA multi-residential, retail, office, and industrial properties - a good starting point before arranging commercial mortgage financing.
- Toronto business consulting and brokerageConsulting and brokerage support for GTA business owners buying, selling, or scaling a company - often paired with commercial and acquisition financing.