Compare Mortgage Rates in Ontario

As of April 2026, the Bank of Canada's prime rate sits at 4.45%, unchanged since October 2025. That prolonged hold has given many homeowners more predictable monthly payments, but if your mortgage rate still feels high, you may be leaving money on the table. Comparing rates takes minutes and could save you thousands over your term.

Rates as of April 4, 2026 4:02 am ET

Home price

Down payment

Amortization

Rate type

Term

Best available rate

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Lowest monthly payment

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at best rate

Big 6 average rate

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Potential savings over term

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best rate vs. Big 6 avg

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All lenders

Lender	Rate	Monthly payment	Interest this term	vs. Best

Disclaimer: Rates shown are representative market estimates for illustrative purposes only and do not constitute a mortgage offer. Actual rates depend on credit score, property type, and lender approval. CMHC insurance applies when down payment is below 20%. Always consult a licensed mortgage broker or financial advisor.

Variable VS Fixed

What is Variable Mortgage?

In simple words, the rate can go up and down based on the bank’s prime rate, which comes from the Bank of Canada. If the prime rate goes down, you will pay less. If the prime rate goes up, you will pay more.

What is Fixed Mortgage?

As the name suggests, the rate is locked for a period, up to 10 years. Whether the prime rate goes up or down, your rate will not change and your payment stays the same.

Comparison Table

Feature	Variable Mortgage	Fixed Mortgage
Rate changes?	Yes (up & down)	No (locked)
Based on	Prime rate	Rate locked at the start
Monthly payment	Can change	Stays the same
Risk	Higher	Lower
Flexibility	More flexible	Less flexible
Best if	Rates go down	Rates go up
Stress level	Higher	Lower

What is happening to the prime rate in recent history

2007–2010: Rate went down and became stable
2010–2016: Slight increases and stable
2017–2019: Rate went up
2019–2022: Rate went down and stayed low
2022–2024: Rate increased quickly
2024–present: Rate is moving down again

Data source: Bank of Canada

The information on this page is for general information purposes only and does not constitute financial advice or a recommendation. You should always consult a licensed mortgage broker or financial advisor before making any financial decisions. While we aim to keep the information accurate and up to date, we do not guarantee its accuracy or completeness. We are not responsible for any loss or damage resulting from the use of this information.