Mortgage Rates
Current Toronto Mortgage Interest Rates
Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. Posted rates may be high ratio and/or quick close which can differ from conventional rates. *O.A.C. & E.O
Esi Ghassemi - Mortgage Broker at Centum Financial Services Limited Partnership - Brokerage # 13054
Top 5 Banks: Rates as of January 2025
Bank
Prime Rate (%)
5 Year Fixed (%)
5 Year Variable (%)
CIBC
5.45
4.09
4.30
RBC Royal Bank
5.45
4.12
4.40
TD Bank
5.45
4.10
4.35
Scotiabank
5.45
4.12
4.40
BMO
5.45
4.12
4.40
Top 5 Banks: Rates as of January 2025
Prime Rate
Bank
Rate (%)
CIBC
5.45
RBC Royal Bank
5.45
TD Bank
5.45
Scotiabank
5.45
BMO
5.45
5 Year Fixed (%)
Bank
Rate (%)
CIBC
4.09
RBC Royal Bank
4.12
TD Bank
4.10
Scotiabank
4.12
BMO
4.12
5 Year Variable (%)
Bank
Rate (%)
CIBC
4.30
RBC Royal Bank
4.40
TD Bank
4.35
Scotiabank
4.40
BMO
4.40
Top 5 Banks: Rates as of January 2025
Type of Property
Down Payment
For Homes Under $500,000
Minimum down payment is 5% of the purchase price.
For Homes Between $500,000 and $999,999
Minimum down payment is 5% of the first $500,000 and 10% of the portion above $500,000.
For Homes $1,000,000 and Above
Minimum down payment is 20% of the purchase price.
Investment Properties
Typically require a minimum down payment of 20%.
Mortgages with Insurance (CMHC)
For down payments less than 20%, mortgage insurance is mandatory.
Lowest Rates with Lenders
Category
Lender
Lowest Rate (%)
1 Year Fixed
Scotiabank
4.49
2 Year Fixed
RFA
4.29
3 Year Fixed
Radius Financial
4.09
4 Year Fixed
Scotiabank
4.12
5 Year Fixed
Radius Financial
4.09
High Ratio
Radius Financial
4.09
Conventional Best
Radius Financial
4.09
Rental Best
CMLS Financial
4.39
5 Year Variable
Marathon Mortgages
4.30
3 Year Variable
Equitable Bank
4.35
Lowest Rates with Lenders
1 Year Fixed
Lender
Lowest Rate (%)
4.49
2 Year Fixed
Lender
Lowest Rate (%)
4.29
3 Year Fixed
Lender
Lowest Rate (%)
4.09
4 Year Fixed
Lender
Lowest Rate (%)
4.12
5 Year Fixed
Lender
Lowest Rate (%)
4.09
High Ratio
Lender
Lowest Rate (%)
4.09
Conventional Best
Lender
Lowest Rate (%)
4.09
Rental Best
Lender
Lowest Rate (%)
4.39
5 Year Variable
Lender
Lowest Rate (%)
4.30
3 Year Variable
Lender
Lowest Rate (%)
4.35
Our Partners
125+ Five-Star Reviews (4.9 Rating)
Trusted by GTA Homeowners!
Frequently Asked Questions
What Is a Fixed Interest Rate?
A fixed interest rate refers to an unchanging rate charged on a mortgage loan. Whether this interest applies to the entire term of the mortgage loan or for just part of the term, it stays the same throughout a set period of time. Another type of fixed interest rates is referred to as Hybrid. With hybrid, the mortgage loan can have a couple of interest rate options. Meaning, one portion of the term can have a fixed rate with the remaining of the mortgage loan having a variable rate. With a fixed interest rate, the individual can be put at ease since they know what to expect for the entire term of the mortgage loan. It is a great way to avoid the risk that comes with a variable interest rate. Variable rates as the name suggest can vary throughout the term of the mortgage loan and sometimes even unexpectedly.
What are the benefits of a fixed interest rate on a mortgage loan?
There is one main reason for choosing a fixed interest rate and that is the fact that the rate does not change throughout the entire loan term. This reason is an important one for most homebuyers and helps them avoid unexpected increases and payments.
What is a variable interest rate?
The variable interest rate mortgage loan is based on the banks’ prime rate and can vary over the course of 5 years. While there is the risk of the interest rate going up, borrowers also stay optimistic that the rates might go down. This is exactly what happened in 2020 where the rates dropped significantly due to COVID-19. The fixed rate option is good for those that do not like surprises and choose not to take a risk.
What are the benefits of variable interest rate?
The variable interest rate is typically the best mortgage rate offered by the Canadian banks. The variable mortgage rate is dependent on the banks’ prime rate and it is offered by almost all banks and lenders. Examined historically, variable rates have shown to be less expensive over the entire term of the mortgage even with the risk of fluctuations. Typically, your monthly payment does not get affected when the interest rate increases but rather a bigger portion of the amount goes toward the interest than the principal. Lastly, if and when a variable interest rate ever starts climbing at an alarming rate, you will have the option of locking into a fixed interest rate for the remainder of the mortgage term at any time.