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Mortgage Rates Toronto 2024 | Best Fixed & Variable Rates

Find the Best Mortgage Rates in Toronto

Today’s Mortgage Rates updated as of December 12, 2024 8:06 pm

For a property located in

5-year fixed*

5-year Variable*

(Prime -1.15%)

*Insured loans. Other conditions apply. Rate in effect as of today.

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Current Mortgage Rates In Toronto

Compare Citadel Mortgages’ best mortgage rates with other lenders by selecting a term or mortgage product from the dropdown menu below and then hit the check rate new button.

Finding the Best Mortgage Rates in Toronto

Securing the best mortgage rates in Toronto is essential for minimizing borrowing costs and maximizing savings. Whether you’re a first-time homebuyer, refinancing, or renewing your mortgage, understanding current trends and available options helps you make informed financial decisions.

This guide focuses on helping you navigate the Toronto mortgage market, offering insights into current rates, strategies for securing the best deal, and regional trends.

Mortgage brokers play a pivotal role in helping Canadians find tailored financing options, providing expert advice, and navigating the often complex mortgage market.

For more detailed information on mortgage types, costs, and rights, consult the Government of Canada – Financial Consumer Agency of Canada (FCAC).

Best Insured High-Ratio Mortgage Rates in Toronto

What Qualifies Someone for the Best Insured High-Ratio Mortgage Rates in Toronto?

To qualify for the best insured high-ratio mortgage rates in Toronto, you must meet specific eligibility criteria set by lenders and mortgage insurers:

Qualifications for High-Ratio Mortgage Rates:

Down Payment:
- Must be between 5% and 19.99% of the home’s purchase price.
- The minimum down payment depends on the home price:
  - 5% for homes up to $500,000.
  - 10% for the portion of the home price exceeding $500,000 up to $1,000,000. Please note as of Dec 15th 2024, this increased to $1,500,000.
Property Value:
- Home price must be under $1,000,000 to qualify for mortgage insurance. Please note as of Dec 15th 2024, this increased to $1,500,000.
- Properties above this value require a minimum 20% down payment and do not qualify for high-ratio mortgages.
Credit Score:
- A minimum credit score of 600 is required, but lenders may prefer scores above 680 for the best rates.
Debt-to-Income (DTI) Ratio:
- Gross Debt Service (GDS) ratio must be 35% or lower.
- Total Debt Service (TDS) ratio must not exceed 42%.
- If credit score is above 680, GDS can be 39% and TDS can be 44%
- 25 Year Amortization, 30 Year Amortization for new build homes from builders only.
Stable Employment and Income:
- Proof of steady income through pay stubs, T4 slips, or tax returns.
- Self-employed individuals may need to provide additional documentation, such as Notice of Assessments (NOAs).
Property Type:
- Must be owner-occupied.
- Properties with more than four units or rental-only homes do not qualify for high-ratio insurance.

Insured High-Ratio Mortgage Rates in Toronto

What Disqualifies Someone from Getting High-Ratio Mortgage Rates?

Certain factors or circumstances can make you ineligible for a high-ratio mortgage and its associated rates:

Disqualifications for High-Ratio Mortgage Rates:

Low Down Payment for Homes Over $1.5 Million:
- Homes priced above $1,500,000 are not eligible for high-ratio mortgages, as they require at least a 20% down payment.
Poor Credit History:
- Credit scores below 600 typically disqualify applicants, and even scores between 600–680 may lead to higher rates.
High Debt-to-Income Ratios:
- GDS or TDS ratios exceeding 35% and 42%, respectively, will make you ineligible.
Inadequate Proof of Income:
- Lenders require verifiable proof of income. A lack of stable or documented earnings can result in disqualification.
Non-Owner-Occupied Properties:
- Rental properties or vacation homes are not eligible for insured high-ratio mortgages.
Inconsistent Employment History:
- Gaps in employment or insufficient income stability can hinder approval.
Bad Financial Standing:
- Recent bankruptcies, consumer proposals, or significant derogatory marks on your credit report will likely disqualify you.

Key Takeaway:

Understanding what qualifies or disqualifies you for a high-ratio mortgage is essential for maximizing your chances of securing the best insured mortgage rates. Working with a mortgage broker from Citadel Mortgages can help you navigate these requirements and identify strategies to improve your eligibility. We compare mortgage rates from top lenders, including BMO mortgage rates, CIBC mortgage rates, RBC mortgage rates, TD Bank Mortgage Rates, and MCAP mortgage rates, alongside our exclusive Citadel Smart Home Plan mortgage rates. Let us simplify the process and help you secure approval quickly and stress-free!

What Qualifies Someone for the Best Insurable Mortgage Rates in Toronto?

Insurable mortgage rates in Toronto offer borrowers with a down payment of 20% or more the opportunity to secure competitive rates without the need for default insurance premiums. These rates are offered on mortgages that meet specific criteria set by lenders and align with the guidelines of Canada’s mortgage insurers, even if the insurance cost is paid by the lender.

Eligibility Criteria for the Best Insurable Mortgage Rates in Toronto

To qualify for the best insurable mortgage rates in Toronto, you must meet these key requirements:

1. Minimum Down Payment of 20%

Your mortgage must have a loan-to-value (LTV) ratio of 80% or less.
A down payment of at least 20% of the home’s purchase price is required.

2. Property Value Restrictions

The property’s purchase price must be below $1,000,000 to qualify for insurable rates. Homes priced above this threshold are ineligible for insurable mortgages. As of Dec 15th 2024 this increased to $1,500,000 for Canadians.

3. Strong Credit History

A credit score of 680 or higher is typically required for the best rates.
Borrowers with scores between 620–680 may qualify, but at slightly higher rates.

4. Stable Income and Employment

Proof of steady income is essential. Acceptable documentation includes:
- Recent pay stubs or T4 slips.
- Notice of Assessments (NOAs) for self-employed individuals.
- Confirmation of consistent employment history.

5. Debt-to-Income Ratio (DTI)

Gross Debt Service (GDS) ratio must be 35% or lower.
Total Debt Service (TDS) ratio must not exceed 42%.
If credit score is above 680, GDS can be 39% and TDS can be 44%

6. Property Type

The property must be a residential, owner-occupied home with up to four units.
Vacation properties and rental-only homes are not eligible for insurable rates.

7. Amortization Period

The mortgage must have a maximum 25-year amortization period to qualify as insurable.

Best Insurable Mortgage Rates in Toronto

What Does Not Qualify for Insurable Mortgage Rates in Toronto?

Borrowers or properties that fall outside the following parameters may not qualify for insurable rates:

1. Homes Valued Over $1 Million

Properties with a purchase price above $1,000,000 require a conventional mortgage and are not eligible for insurable rates. Please note on Dec 15th 2025 this increased to $1,500,000 for home value.

2. Low Credit Scores

Borrowers with a credit score below 620 may not qualify for insurable rates and could face higher interest rates.

3. High Debt Ratios

GDS ratios exceeding 35% or TDS ratios above 42% disqualify borrowers.

4. Non-Owner-Occupied Properties

Rental properties or vacation homes do not qualify for insurable mortgage rates.

5. Extended Amortization Periods

Mortgages with amortization periods longer than 25 years are ineligible for insurable rates.

6. Inconsistent Income or Employment

Lenders require verifiable proof of stable income. Gaps in employment or insufficient income documentation can disqualify applicants.

Benefits of Insurable Mortgage Rates in Toronto

Securing an insurable mortgage rate provides several advantages:

Lower Interest Rates: Lenders offer reduced rates compared to uninsured mortgages.
No Default Insurance Premium for Borrowers: Insurance costs are absorbed by the lender, saving borrowers money.
Access to Competitive Terms: Borrowers gain access to the same favorable terms as insured mortgages.

Learn more about how to qualify for competitive mortgage rates in Toronto.

Comparison Chart: Qualifications for Insurable Mortgage Rates in Toronto

Criteria	Qualifies for Insurable Mortgage Rates	Does Not Qualify
Down Payment	At least 20% of the home’s purchase price	Less than 20% of the home’s purchase price
Home Value	Below $1,500,000	Above $1,500,000
Credit Score	620 or higher	Below 620
Debt-to-Income Ratio (DTI)	GDS ≤ 35%, TDS ≤ 42%	GDS > 35%, TDS > 42%
Income and Employment	Stable, verifiable income	Inconsistent or unverifiable income
Property Type	Owner-occupied home (up to 4 units)	Rental-only or vacation property
Amortization Period	≤ 25 years	Over 25 years

Key Takeaway

This comparison highlights the essential qualifications for securing the best insurable mortgage rates in Toronto Meeting these criteria ensures access to competitive rates and favorable terms.

What Qualifies Someone for the Best Uninsurable and Refinance Mortgage Rates in Toronto?

Uninsurable and refinance mortgage rates cater to borrowers and scenarios that fall outside the guidelines of insured and insurable mortgages. While these rates are slightly higher due to the absence of default insurance coverage, they offer flexibility for unique circumstances, such as high-value homes, refinancing, and extended amortization periods.

Eligibility Criteria for the Best Uninsurable Mortgage Rates in Toronto

To qualify for uninsurable mortgage rates, borrowers must meet specific criteria:

1. Property Value Over $1.5 Million

Properties with a purchase price exceeding $1,500,000 are not eligible for insured or insurable mortgages and fall into the uninsurable category.

2. Extended Amortization Period

Mortgages with an amortization period of more than 25 years automatically qualify as uninsurable.

3. Loan-to-Value (LTV) Ratio Below 80%

Borrowers with a down payment of at least 20% are eligible for uninsurable rates.

4. Non-Owner-Occupied Properties

Mortgages for rental properties, second homes, or vacation properties are uninsurable.

5. Credit Score and Debt Ratios

A credit score of at least 620 is required, with better rates available for scores of 680+.
Debt ratios must align with lender guidelines, typically a GDS of ≤ 35% and TDS of ≤ 42%.

Eligibility Criteria for the Best Refinance Mortgage Rates in Toronto

Refinance mortgages allow homeowners to access equity but are categorized as uninsurable. Here’s what qualifies you for the best refinance rates:

1. Sufficient Home Equity

You must retain at least 20% equity in your home after refinancing.

2. Loan-to-Value (LTV) Ratio

Refinancing is available up to 80% of your property’s appraised value.

3. Strong Financial Profile

A credit score of 620 or higher and stable income are essential for securing competitive refinance rates.

4. Property Type

Refinance mortgages are typically available for owner-occupied and some rental properties.

5. Purpose of Refinancing

Common uses include:
- Debt Consolidation: Replacing high-interest debts with lower-rate mortgage debt.
- Home Renovations: Funding major improvements or repairs.
- Investments: Leveraging home equity for other financial goals.

Best Uninsurable and Refinance Mortgage Rates in Toronto

What Does Not Qualify for Uninsurable or Refinance Mortgage Rates in Toronto?

Certain scenarios or factors may disqualify borrowers from uninsurable or refinance mortgage rates:

1. Insufficient Home Equity

If your remaining equity after refinancing is less than 20%, you may not qualify.

2. High Debt Ratios

A GDS exceeding 35% or a TDS over 42% may disqualify you.

3. Poor Credit History

Credit scores below 620 reduce your eligibility for competitive rates.

4. Unverifiable Income

Inconsistent or undocumented income may prevent approval for refinancing or uninsurable mortgages.

5. Ineligible Property Types

Rental-only or non-residential properties may not qualify, depending on the lender.

Benefits of Uninsurable and Refinance Mortgage Rates

Flexibility: Uninsurable mortgages allow for larger home purchases, extended amortization, or rental properties.
Access to Equity: Refinance mortgages enable homeowners to unlock up to 80% of their home’s value for financial goals.
Debt Management: Consolidate high-interest debts into a lower-rate mortgage.
Property Improvements: Fund renovations to increase your home’s value.

What Qualifies Someone for the Best HELOC Rates in Toronto?

A Home Equity Line of Credit (HELOC) allows homeowners in Toronto to access a revolving line of credit secured by the equity in their home. To secure the best HELOC rates, borrowers must meet certain eligibility criteria that demonstrate financial stability and sufficient equity.

Eligibility Criteria for the Best HELOC Rates in Toronto

1. Sufficient Home Equity

Homeowners must have at least 20% equity in their property to qualify for a HELOC.
The Loan-to-Value (LTV) ratio for a HELOC cannot exceed 65%, but some lenders allow a combined LTV (including your mortgage) of up to 80%.

2. Strong Credit Score

A credit score of 680 or higher is typically required to qualify for the most competitive HELOC rates.
Borrowers with scores between 620–680 may still qualify but at slightly higher rates.

3. Stable Income and Employment

Lenders require proof of consistent income to ensure you can repay the borrowed amount.
Acceptable documentation includes:
- Pay stubs or T4 slips for salaried employees.
- Notice of Assessments (NOAs) for self-employed individuals.

4. Low Debt-to-Income (DTI) Ratios

Lenders assess your ability to manage debt, requiring:
- Gross Debt Service (GDS) ratio of ≤ 35%.
- Total Debt Service (TDS) ratio of ≤ 42%.

5. Eligible Property Type

The property must be owner-occupied or an eligible rental property.
Non-residential or vacation homes typically do not qualify.

Best HELOC Mortgage Rates in Toronto

What Disqualifies Someone from Getting the Best HELOC Rates in Toronto?

Certain financial or property factors may make you ineligible for the best HELOC rates:

1. Insufficient Home Equity

If your home equity is less than 20%, you won’t qualify for a HELOC.

2. Poor Credit History

A credit score below 620 may lead to higher interest rates or denial of a HELOC application.

3. High Debt Ratios

If your GDS exceeds 35% or your TDS exceeds 42%, lenders may deny your application.

4. Unstable Income

Gaps in employment or lack of verifiable income may prevent you from securing a HELOC.

5. Ineligible Property Types

Non-residential properties, shared ownership properties, or those with title issues are often disqualified.

Benefits of Securing the Best HELOC Rates

Flexible Access to Funds: Borrow only what you need and repay as you go.
Low-Interest Costs: HELOC rates are often lower than personal loans or credit cards.
Revolving Credit: Access funds multiple times without reapplying.
Customizable Payments: Pay interest only on the amount borrowed.
Versatile Use: Use funds for home renovations, debt consolidation, or other financial goals.

What Qualifies Someone for the Best Alternative Financing (B Lending) Mortgage Rates in Toronto?

Alternative financing, commonly referred to as B lending, is designed for borrowers who may not qualify for traditional A-lender mortgages. This includes individuals with non-traditional income sources, lower credit scores, or unique financial situations. Understanding the qualifications for the best B lending mortgage rates in Toronto is essential for accessing competitive options tailored to your needs.

Eligibility Criteria for the Best B Lending Mortgage Rates in Toronto

1. Flexible Credit Score Requirements

B lenders often accept credit scores as low as 450 but provide better rates to borrowers with scores above 600.
Borrowers with a history of bankruptcy or consumer proposals may still qualify, depending on their financial recovery.

2. Alternative Income Sources

Unlike A lenders, B lenders are more flexible with income verification. They accept:
- Self-employed income (using bank statements).
- Gig or freelance income.
- Non-standard employment contracts.

3. Higher Debt-to-Income (DTI) Ratios

B lenders accommodate borrowers with higher debt levels, often allowing:
- Gross Debt Service (GDS) ratios up to 50%.
- Total Debt Service (TDS) ratios up to 55%.

4. Loan-to-Value (LTV) Flexibility

B lenders typically offer mortgages with LTV ratios of up to 80%, making them an excellent option for borrowers with smaller down payments or those refinancing.

5. Property Types

B lenders accept a wider range of properties, including:
- Non-traditional homes (e.g., rural properties or fixer-uppers).
- Owner-occupied and rental properties.

6. Short-Term Lending Options

Many B lenders specialize in short-term mortgages (e.g., 1- or 2-year terms), allowing borrowers to improve their financial profile and eventually transition to an A lender.

Best Alternative Financing B Lending Mortgage Rates in Toronto

What Disqualifies Someone from Getting the Best B Lending Mortgage Rates in Toronto?

While B lenders offer flexibility, some factors can disqualify borrowers from accessing competitive rates:

1. Extremely Low Credit Scores

Credit scores below 450 or a lack of financial recovery after bankruptcy may result in higher rates or declined applications.

2. Insufficient Equity for Refinancing

For refinances, borrowers must retain at least 20% equity in their homes to qualify.

3. Excessive Debt Levels

Debt ratios exceeding the maximum GDS/TDS thresholds set by the lender can lead to rejection.

4. Inconsistent Income Documentation

While B lenders are flexible, they still require proof of consistent income, even if it’s non-traditional.

5. Ineligible Properties

Properties with significant structural issues or non-residential zoning may not qualify.

Benefits of Alternative Financing (B Lending) Mortgages

Flexibility with Credit Scores: Borrowers with past financial challenges can still qualify.
Income Accommodation: Ideal for self-employed individuals or those with irregular income.
Broader Property Acceptance: Options for unique or non-standard properties.
Short-Term Solutions: Use B lending as a bridge to rebuild your financial profile and transition to better rates in the future.
Access to Equity: Refinancing options to consolidate debt or fund large expenses.

What Qualifies Someone for the Best Cash Back Mortgage Rates in Toronto?

Cash back mortgages offer borrowers a percentage of their mortgage amount as a lump sum at the time of closing, providing immediate funds for various needs like closing costs, renovations, or debt repayment. To qualify for the best cash back mortgage rates in Toronto, borrowers must meet specific criteria that demonstrate financial stability and align with lender requirements.

Eligibility Criteria for the Best Cash Back Mortgage Rates in Toronto

1. Strong Credit Score

Borrowers with a credit score of 680 or higher typically qualify for the most competitive cash back mortgage rates.
Scores between 620–680 may still be eligible but may result in slightly higher rates.

2. Minimum Loan Amount

Lenders usually require a minimum mortgage amount (e.g., $100,000) to offer cash back options.

3. Stable Income and Employment

Proof of consistent income is required to demonstrate repayment ability.
Acceptable documentation includes:
- Pay stubs or T4 slips for salaried employees.
- Notice of Assessments (NOAs) or bank statements for self-employed individuals.

4. Debt-to-Income Ratios

Lenders require:
- Gross Debt Service (GDS) ratio of ≤ 35%.
- Total Debt Service (TDS) ratio of ≤ 42%.

5. Down Payment Requirements

Cash back mortgages still require a minimum down payment of 5% for insured mortgages or 20% for uninsured options.

6. Property Type

Eligible properties include owner-occupied homes and select rental properties. Non-residential or vacation homes are generally excluded.

7. Loan-to-Value (LTV) Ratio

The mortgage must have an LTV ratio of 95% or lower to qualify for a cash back option.

Best High Ratio Cash Back Mortgage Rates in Toronto

Best Low Ratio Cash Back Mortgage Rates in Toronto

Key Factors Influencing Toronto Mortgage Rates

1. Bank of Canada Overnight Rate

The Bank of Canada adjusts the overnight rate to control inflation, directly impacting variable mortgage rates and indirectly influencing fixed rates.

2. Government Bond Yields

Fixed mortgage rates are influenced by government bond yields, which are affected by economic conditions and investor sentiment.

3. Regional Housing Market

Demand in urban areas like Toronto keeps rates competitive, while rural regions may see slight variations.

4. Borrower-Specific Factors

Credit Score: Higher scores lead to better rates.
Down Payment: A larger down payment can reduce your interest rate.
Income Stability: Lenders favor borrowers with stable employment.

Toronto Mortgage Rate Trends Over Time

Year	Average Fixed Rate (%)	Average Variable Rate (%)
2019	3.49%	2.89%
2021	2.89%	2.00%
2023	5.25%	4.75%
2024	5.50% – 6.25%	5.10% – 5.75%

Key Insight: Rates have risen significantly since 2021 due to inflation control measures by the Bank of Canada.

Understanding Fixed vs. Variable Rates in Toronto

Feature	Fixed-Rate Mortgage	Variable-Rate Mortgage
Payment Stability	Stable payments for the term	Payments fluctuate with market rates
Interest Costs	Higher initially but predictable	Lower initially but may rise
Risk Tolerance	Ideal for risk-averse borrowers	Suitable for those comfortable with fluctuations

Learn more about Fixed vs. Variable Mortgage Rates here.

About Toronto: A Thriving Market for Mortgage Opportunities

Toronto, the capital of Ontario and Canada’s largest city, is renowned for its cultural diversity, economic strength, and dynamic real estate market. Anchored by a booming economy and global appeal, Toronto offers a blend of urban sophistication and opportunity, making it a prime destination for homeowners and real estate investors alike.

With high demand for housing and limited supply, navigating Toronto’s competitive market requires strategic planning. Whether you’re purchasing your first home, refinancing, or investing in property, securing the right mortgage solution is critical.

Toronto Housing Market and Mortgage Trends

Toronto’s housing market is one of the most active and high-value markets in Canada. Key statistics from recent reports:

Average Home Prices: As of October 2023, the average home price in Toronto was approximately $1.15 million, reflecting a modest year-over-year decrease of 1.5% but stabilizing in recent months.
Residential Sales: Monthly sales volumes in Toronto remain robust, with over 4,500 homes sold in October 2023, a 12% month-over-month increase.
Limited Inventory: The city continues to face a supply crunch, with active listings down by 10% year-over-year, maintaining upward pressure on prices.
Urban vs. Suburban Dynamics: While Toronto’s downtown core remains the most expensive, areas like Scarborough, North York, and Etobicoke offer relatively affordable alternatives for families and first-time buyers.

Toronto Mortgage Statistics

Toronto’s mortgage market reflects the city’s high housing demand and evolving buyer preferences. Key trends include:

Metric	Statistic	Trend
Average Home Price	$1.15 million	Stabilizing after declines
Average Mortgage Rate (5-Year Fixed)	5.25% – 6.00%	Slight increase
First-Time Buyer Share	35% of home sales	Steady
Refinancing Applications	20% of mortgage activity	Increasing
HELOC Applications	15% of homeowners	Stable

Toronto’s competitive real estate market demands careful mortgage planning. Whether you’re aiming to secure the best rates or explore refinancing options, staying informed about market trends is essential for success.

Why Choose Citadel Mortgages for the Best Toronto Rates?

Personalized mortgage options

At Citadel Mortgages, we work with Canada’s top lenders to secure competitive rates tailored to your financial goals.

What Sets Us Apart?

Wide Network of Lenders: Access exclusive rates from leading banks and private lenders.
Personalized Solutions: Get mortgage plans that align with your unique needs.
Expert Guidance: Stay updated on rate trends and market insights with our experienced advisors.
Fast Approvals: Enjoy a seamless application process and quick funding.

Transparency

Often during your mortgage journey, you will run into bank specialists and other mortgage agents or brokers that will tell you what you want to hear, so you give them the documents required to get your approval. While we understand you as a client want to hear you will get the lowest rate, please be aware that unless any mortgage broker or bank specialist has been given all the required documents and has fully underwritten your file, any rates offered are just quotes and not firm approval. Many times we find clients have been told what they want to hear because either the client has forced the mortgage broker or bank specialist to say to them the lowest rate, or they have just been told that to try and make the deal more effortless, but only to get to closing day to have the lender pull out of the deal!

Imagine you are at the lawyers to find out your deal was not approved because of something they found in your file; this happens often. This is why we ask for all the required documents upfront at Citadel Mortgages to ensure things like this do not happen at closing. We understand not all clients want to follow our award-winning process, which is OK with us; it just means we can not work together.

As an award-winning national brokerage across Canada, we have been featured in the National Post, Financial Post, Toronto Sun, Ottawa Citizen, CMP Mortgage and many more. So, what type of experience do you wish to have? One where you hear what you want only to have issues maybe later or the latter where we are honest and only provide you with the correct information once your apporved?

We ask you to trust our award-winning process and allow us to collect all the documents so we can help you in your mortgage journey!

Don’t believe us read our client reviews and read our national articles as we offer the best service and mortgage rates for your mortgage journey!

Citadel Smart Home Plan:

Citadel Mortgages has some of the lowest rates due to our transparent process and honest approach. In addition, our Citadel Smart Home Plan offers Canadians the lowest mortgage rates in Canada while not having to give up critical flexible features of your mortgage that you may want to take advantage of on your mortgage journey, unlike comparable lender mortgage products that offer low rates, yet that force you into lower prepayment privileges or a bonafide sales clause!

Our All In One Mortgage Solution

Our All In One Mortgage Solution Program allows you to tackle your debts and mortgage the right way by reducing your interest on all and becoming debt and mortgage-free sooner while financing your new home or existing home.

Contact Citadel Mortgages Today to Get Started.

FAQs: Best Mortgage Rates in Toronto

How do I choose a Fixed Rate or a Variable Rate Mortgage Rate in Toronto?

Deciding whether or not to go with a variable-mortgage rate or a fixed-rate mortgage is one of the most significant factors on how much interest you will pay. Due to the selection of Citadel Mortgages variable mortgage rates in Toronto usually being always lower than the fixed-rate mortgage rates in Toronto, the vast majority of customers working with Citadel Mortgages decide upon a variable-rate mortgage rate.

Want to find the Lowest Mortgage Rates in Toronto?

As you decide between Toronto’s lowest mortgage rates and the applicable variable or fixed mortgage rates, you can work with Citadel Mortgages to simplify the procedure.

Mortgage Rate Comparison Toronto

Citadel Mortgages enables you to eliminate each and every mortgage rates and let you complete the entire procedure in just a few clicks. Using that, you can locate the very best mortgage rates in Toronto with regards to your mortgage requirements.

Why should you Compare Mortgage Rates in Toronto?

Citadel Mortgages can help you find a mortgage broker who has the most updated, current fixed mortgage rates and variable mortgage rates in your province Toronto as well as chooses the most suitable mortgage financing alternatives for you.

Compare the best mortgage rates in Toronto today!

Finding the Lowest Mortgage Rates in Toronto

Finding the best mortgage rates in Toronto can save you thousands of dollars over the course of the term of your mortgage.

Our mortgage brokers shop other mortgage brokers, lenders, and banks in Toronto to bring you today’s lowest interest rates here in Toronto.

What are the different fixed and variable mortgage rates options available for my mortgage in Toronto?

There are many different fixed mortgage rate options available for you in Toronto. The most popular are the 5 Year Fixed mortgage rates, the 5 Year Variable mortgage rates, and the 3 Year Fixed mortgage rates; consult with your broker to learn more about which of these rates are most applicable to your home mortgage financing needs.

How do I qualify for the best mortgage rates in Toronto?

Maintain a strong credit score, reduce your debt-to-income ratio, and save for a larger down payment.

Compare Today’s Best Mortgage Rates in Toronto

Compare Citadel Mortgages’ best mortgage rates with other lenders by selecting a lender from the dropdown menu below.

Final Thoughts: Best Mortgage Rates in Toronto

Finding the best mortgage rates in Toronto is about more than just securing a low interest rate—it’s about aligning your financial goals with a solution that fits your lifestyle. Whether you’re a first-time homebuyer, renewing your mortgage, or refinancing to access equity, understanding the factors influencing rates can empower you to make confident decisions.

Toronto’s competitive housing market offers a range of options, from fixed and variable rates to tailored programs for specific needs like first-time buyers or debt consolidation. By improving your credit score, maintaining a stable income, and working with a trusted mortgage broker, you can maximize your chances of securing the best rate for your situation.

With the right professional by your side, you can unlock financial opportunities that align with your goals and lifestyle with Citadel Mortgages.

Use Our Mortgage Calculator Today!

Understanding Your Mortgage Options

Use our mortgage calculator to gain a clearer picture of what you can expect in terms of monthly payments, interest costs, and amortization schedules. Simply input your loan amount, interest rate, and amortization period to get started. This tool provides estimates to help you make informed decisions as you explore different mortgage options.

Benefits of Using Our Mortgage Calculator

Accurate Estimates: Get precise calculations on your potential second mortgage amount based on your home’s equity, current mortgage balance, and other financial factors.
Financial Planning: Understand your monthly payment obligations and how they fit into your overall budget.
Interest Rate Comparison: Compare different interest rates to see how they affect your monthly payments and total loan cost.
Loan Scenarios: Explore various loan scenarios to determine the best option for your financial needs.

Discover the average savings of current Citadel Mortgage clients when they choose Citadel Mortgages over the top banks!

While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.

$300,000
Mortgage Loan

$12,414

(5-years interest savings with Citadel Mortgages)**

$232/month

(Interest savings with Citadel Mortgages)

$500,000
Mortgage Loan

$17,090

(5-years interest savings with Citadel Mortgages)**

$290/month

(Interest savings with Citadel Mortgages)

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Disclaimer

Citadel Mortgages operates an information-based website designed to display mortgage rates from its trusted partners. While we strive to present accurate and up-to-date information, we cannot guarantee the precision of the rates or other details provided at all times. Citadel Mortgages assumes no liability for errors, inaccuracies, or damages resulting from the use of the information on this site. Terms and conditions apply, and it is essential to consult directly with a licensed mortgage broker for personalized advice and accurate details about specific products and services. Please note that the rates displayed are for informational purposes only and may differ from actual rates offered.

Citadel Mortgages is licensed to operate in the following jurisdictions:

Ontario: FSRA 12993
Saskatchewan: FCAA 509446
Nova Scotia: 2021-3000010
Alberta, PEI, Nunavut, Newfoundland: 21-07-CI083-1
New Brunswick: 210031130
British Columbia: X301267
Quebec: AMF – 3003071684

Instant Approval, Conditional Approval, Pre-Approval
All approvals are subject to credit and underwriting approval. Not all borrowers will qualify for conventional or equity financing. The receipt of an application does not constitute a financing approval or guarantee of an interest rate. Restrictions apply. The Annual Percentage Rate (APR) is subject to underwriting and approval, and fees and terms may vary. Contact us for the most current rates and further information about specific products. OAC (On Approved Credit).

We remain committed to delivering outstanding service, transparency, and ethical practices. Please note that some rates are province-specific and may change without notice. Rates may not be available in Quebec; please contact us directly to confirm availability and approval.

Esso and Price Privileges are trademarks of Imperial Oil Limited. Imperial Oil, licensee. Mobil and Speedpass+ are trademarks of Exxon Mobil Corporation or one of its subsidiaries. Imperial Oil, licensee. For terms and conditions, visit Terms