Best Mortgage Rates in Toronto 2025

Compare the lowest rates from GTA lenders and find your perfect mortgage

Current Toronto Mortgage Rates

Updated daily with the best rates from Toronto-area lenders including major banks, credit unions, and online lenders.

5-Year Fixed Rate

4.19%

Starting from

5-Year Variable Rate

3.85%

Starting from

3-Year Fixed4.39%
10-Year Fixed4.54%
1-Year Fixed5.49%
Compare All Toronto Rates →

Toronto Housing Market Overview

The Greater Toronto Area (GTA) remains Canada's largest and most expensive housing market. Average home prices in Toronto hover around $1.1-1.2 million, making mortgage rates critical to affordability.

Average Home Prices (2025)

Detached Homes

$1,450,000

Semi-Detached

$1,050,000

Townhouses

$890,000

Condos

$720,000

Toronto-Specific Considerations

  • Land Transfer Tax: Toronto buyers pay both provincial and municipal LTT, effectively doubling the cost
  • First-Time Buyer Rebates: Up to $4,000 provincial plus $4,475 municipal rebate available
  • Condo Market: Toronto has extensive condo inventory with different lending considerations
  • Transit Premium: Properties near subway lines often qualify for better rates
  • Foreign Buyer Ban: Non-residents cannot purchase residential property

First-Time Home Buyers in Toronto

Toronto presents unique challenges for first-time buyers due to high prices. Here are specific strategies for Toronto buyers:

Maximize Rebates

Apply for both provincial ($4,000) and Toronto municipal ($4,475) land transfer tax rebates.

Consider the FHSA

Use the First Home Savings Account for tax-free savings up to $40,000.

Explore Co-Ownership

Many Toronto buyers purchase with family members or friends to enter the market.

Look Beyond Downtown

Suburban areas like Scarborough, Etobicoke, and North York offer better value.

Top Toronto Mortgage Lenders

Major Banks

RBC, TD, Scotiabank, BMO, CIBC

Widely available, relationship pricing, branch access

Credit Unions

Meridian, Vancity (Toronto branch)

Competitive rates, local focus, flexible terms

Monoline Lenders

MCAP, First National, CMLS

Often lowest rates, broker-only access

Online Lenders

Tangerine, EQ Bank, Motusbank

Digital-first, competitive rates, fast approval

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