Mortgage Rates in Toronto

Live national rates, plus Toronto’s double land transfer tax and GTA first-time / renewal notes.

By Andrew · Last reviewed October 14, 2026Sources: national posted rates from the lenders we track, plus the provincial or municipal tax rules described on this page. Confirm any rate with the lender.

Current mortgage rates for Toronto shoppers

These are live national postings from lenders we track (updated Oct 14, 2026)—not a made-up “average Toronto rate.” Lenders generally price the product and the borrower, not the city. Closing costs in Toronto still follow Ontario tax rules below.

Best 5-year fixed we track

4.29%

RFA Bank · uninsured

Best 5-year variable we track

3.25%

Butler Mortgage · insured

Compare all live rates →5-year fixed hub

Buying or renewing in Toronto

Toronto is Canada’s largest housing market and the only major city that layers a municipal land transfer tax on top of Ontario’s provincial tax. Lenders still post national mortgage rates—what is local is cash-to-close, condo vs freehold lending, and how much payment a given rate produces on a large principal.

Condo status certificates, parking/locker exclusive-use, and special assessments matter to underwriters in Toronto more often than in smaller markets. They do not change the posted rate; they can change approval.
The federal prohibition on non-resident purchases of residential property (where it applies) is separate from LTT and from Toronto’s municipal NRST. Residents should still flag any non-resident co-buyer to their lawyer.
We do not quote a Toronto benchmark listing figure here. Use a local realtor CMA and then stress-test the mortgage on this site.

Ontario LTT plus Toronto municipal LTT

A purchase inside the City of Toronto pays Ontario land transfer tax and the City’s municipal land transfer tax (MLTT). Eligible first-time buyers can claim a provincial refund of up to $4,000 and a City of Toronto MLTT rebate of up to $4,475 (up to $8,475 combined). Your lawyer typically claims both at registration; you otherwise have 18 months to apply. Toronto also adopted a municipal non-resident speculation tax (10% as of 1 January 2025) on certain foreign purchases—separate from LTT. Mississauga, Brampton, Vaughan, and other GTA municipalities do not charge Toronto’s MLTT. Use the land transfer tax calculator with the Toronto option enabled.

Tax rules change. Confirm the figures with your lawyer or notary before you waive conditions. Amounts on this page follow the provincial and municipal programs described here. They are not a Toronto average sale price.

Ontario land transfer tax calculator →

First-time buyers in Toronto

Toronto first-time buyers often still owe net transfer tax after rebates because typical purchase prices sit well above the $368,000 provincial full-offset level. Stack FHSA, HBP, and both rebates, and compare nearby GTA cities that do not charge MLTT.

Two rebates, two statutes

Ontario’s refund (max $4,000) and Toronto’s MLTT rebate (max $4,475) have similar first-time tests (age, occupancy within nine months, no prior home worldwide, spouse rules, citizenship/PR). Toronto allows a post-closing PR/citizenship path within 18 months for the municipal rebate—confirm with the City and your lawyer.

GTA vs City of Toronto

Buying in Mississauga, Brampton, or Vaughan avoids Toronto MLTT but you still pay Ontario LTT. That single municipal line is the usual closing-cost gap, not a different mortgage rate.

FHSA

The First Home Savings Account lets eligible first-time buyers contribute up to $8,000 a year (lifetime $40,000). Contributions are tax-deductible and qualifying withdrawals for a first home are tax-free.

Home Buyers’ Plan

The RRSP Home Buyers’ Plan lets eligible first-time buyers withdraw up to $60,000 per person (couples can combine) to buy or build a home, then repay it over 15 years.

Stress test

Federally regulated lenders must qualify you at the greater of your contract rate plus 2% or the Bank of Canada’s qualifying rate. Run the numbers before you shop listings.

Renewing a mortgage in Toronto

Toronto renewals are a national rate shop on a often-large remaining balance. A quarter-point on a bigger principal is real money—compare the live 5-year fixed and variable hubs before you sign the renewal letter.

Shop before the lender’s offer

Your current lender’s renewal letter is a starting point, not a ceiling. Compare it with today’s posted 5-year fixed and variable rates on this site, then ask them to match.

Know the break cost

If you refinance or switch before maturity, the penalty can wipe out the rate savings. Estimate it with the penalty calculator before you sign a new term.

Lenders Toronto buyers often compare

Meridian Credit Union
Ontario credit union with a large mortgage book.
Alterna
Ontario-focused alternative and credit-union lending.

Toronto mortgage FAQs

What are current mortgage rates in Toronto?

Use the live rate snapshot on this page. Those figures come from the same national lender feed as the homepage—not a Toronto-only sheet. There is no official “average Toronto mortgage rate.”

Why is Toronto land transfer tax so high?

You pay Ontario’s provincial tax and Toronto’s municipal tax on the same purchase. First-time rebates cap at $4,000 provincial and $4,475 municipal. Neighbouring GTA cities do not add MLTT.

Do I pay Toronto MLTT if I buy in Mississauga or Markham?

No. MLTT applies to conveyances in the City of Toronto. Other Ontario municipalities charge Ontario LTT only (plus local property tax after you own the home).

Which lenders should Toronto buyers compare?

Big 6 banks, monolines (First National, CMLS, Equitable, and others we track), Ontario credit unions such as Meridian, and digital lenders. Rank them by today’s posted rate on this site, then confirm hold periods and prepayment rules.

Does a Toronto condo get a different rate than a house?

Product rates are the same. Some lenders cap condo size, storey, or rental-use. That is an eligibility issue, not a published city rate.

How do I estimate Toronto closing costs?

Run the land transfer tax calculator with Toronto selected, then add legal fees, title insurance, and inspection on the closing-costs tool. Rebates apply only if you meet first-time tests.