Best 5-Year Fixed
4.49%
Mortgage rates in Ontario
Updated June 25, 2026.
Ontario has the highest LTT in Canada outside of Vancouver — and Toronto buyers pay it twice. Provincial first-time buyer rebate of $4,000 is mostly eaten by Toronto's MLTT in the city. Meridian and Alterna are the dominant provincial credit unions.
Rates shown are updated daily and are not an offer of credit. Actual rates require lender approval and may differ. Discounted rates are the bank's own published special-offer rates; a mortgage broker can often secure a lower rate than what's shown. See our methodology.
Best 3-Year Fixed
4.44%
Best Variable
3.95%
All lenders available in Ontario
Includes national lenders plus provincial credit unions and lenders operating in Ontario.
| Lender | 3-Year Fixed | 5-Year Fixed | Variable |
|---|---|---|---|
 Tangerine | 4.44% | 4.49% | 4.00% |
 Alterna Savings Local | 4.59% | 4.64% | 4.15% |
 TD Bank | 4.69% | 4.84% | 4.24% |
 BMO Bank of Montreal | 4.64% | 4.84% | 4.10% |
 CIBC | 4.64% | 4.84% | 3.95% |
 National Bank of Canada | 4.74% | 4.84% | 4.45% |
 RBC Royal Bank | 4.74% | 4.89% | 3.95% |
 Scotiabank | 6.05% | 4.90% | 5.95% |
Provincial credit unions and lenders
These lenders operate primarily in Ontario and don't appear in the national-only "All Canada" view on the home page. Provincially regulated credit unions are not bound by the federal stress test (B-20) at the same threshold, which can be an opening if you're close to the federal qualifying ceiling.
Land transfer tax in Ontario
Ontario LTT: 0.5% on first $55,000; 1.0% on $55,000–$250,000; 1.5% on $250,000–$400,000; 2.0% on $400,000–$2,000,000; 2.5% on any portion above $2,000,000. On a $1,000,000 home that's $16,475.
Toronto
Toronto charges an additional Municipal Land Transfer Tax (MLTT) at the same rates as the provincial LTT — effectively doubling LTT inside city limits. On a $1,000,000 Toronto home that's $32,950 total LTT.
First-time buyer rebate
First-time buyers receive up to $4,000 off provincial LTT (full exemption on homes up to $368,000; partial above). Toronto MLTT first-time rebate: up to $4,475. Total rebate maxes at $8,475 in Toronto, $4,000 elsewhere.
First-time home buyer programs
Federal programs apply everywhere — the FHSA, RRSP Home Buyers' Plan, and federal Home Buyers' Tax Credit. The programs below are specific to Ontario.
- Land Transfer Tax Refund for First-Time Homebuyers
Up to $4,000 refund on provincial LTT for eligible first-time buyers. Eligibility: 18+, never owned anywhere in the world, owner-occupied within 9 months. Spouse must also have never owned during your marriage.
- Toronto MLTT First-Time Buyer Rebate
Up to $4,475 refund on Toronto MLTT (separate from provincial). Same eligibility as the provincial rebate. Stackable — first-time Toronto buyers can claim both.
Local notes
- Toronto and Ottawa account for the majority of Ontario's mortgage market by dollar volume. Big 6 banks compete hardest in these markets — but brokers consistently beat them.
- Meridian (largest Ontario credit union by membership) and Alterna Savings are provincially regulated and often more flexible on qualifying, useful for borderline approvals.
- National Bank has limited branch presence in Ontario — it's a meaningful Big 6 lender via brokers, but if you walk into a branch you'll be choosing among RBC / TD / Scotia / BMO / CIBC.
- The Non-Resident Speculation Tax (NRST) is 25% on foreign buyer purchases province-wide — separate from the federal foreign buyer ban.