Today's mortgage rates in the GTA.
Current rate ranges for fixed and variable terms, insured and conventional. Your actual rate depends on your file — we quote you a live number against your real scenario.
Where rates sit right now.
These are indicative broker-channel ranges in Ontario — the low end reflects the best available pricing, the high end a more typical offer. The rate you actually get depends on your term, down payment, credit, property, and which lender fits your file.
| Product | Insured | Uninsured / Conventional |
|---|---|---|
| 5-year fixed | 4.04% – 4.49% | 4.34% – 4.89% |
| 3-year fixed | 3.99% – 4.59% | 4.29% – 4.89% |
| 1-year fixed | 4.69% – 5.19% | 4.74% – 5.49% |
| 5-year variable | 3.30% – 3.85% | 3.60% – 4.25% |
| HELOC | — | Prime + 0.50% |
Rates are indicative ranges shown for general information only, are subject to change without notice, and are not an offer or a guarantee of any particular rate. Actual rates depend on lender approval, your qualifications, the property, and prevailing market conditions. O.A.C. Not all applicants will qualify for the lowest rate shown.
Two ways to price a mortgage.
Fixed rate
Your rate and payment are locked for the entire term. You are protected if rates rise, and budgeting is simple. Fixed rates follow Government of Canada bond yields, so they can move day to day until you lock in.
Best for: anyone who values certainty, or expects rates to climb.
Variable rate
Your rate moves with the lender's prime rate, which tracks the Bank of Canada's overnight rate. When the Bank cuts, you save; when it hikes, you pay more. Variable rates currently sit below fixed, giving a pricing advantage today.
Best for: those comfortable with some payment movement in exchange for potential savings.
Not sure which way to go? Run the numbers with our Payment Calculator or, if you are renewing, the Renewal Shock Calculator.
Why there are two columns.
Insured mortgages carry default insurance (CMHC, Sagen, or Canada Guaranty), which lowers the lender's risk — so they price lower. You typically qualify for insured pricing with less than 20% down.
Conventional (uninsured) mortgages have 20% or more down and no default insurance. They give you more flexibility — longer amortizations, more property types, refinances — but price higher because the lender carries the full risk.
Counterintuitively, a smaller down payment can sometimes mean a lower rate. Whether that nets out cheaper after the insurance premium depends on your file — exactly the kind of trade-off we model for you.
Fixed and variable move for different reasons.
Bond yields → fixed
Fixed rates track the 5-year Government of Canada bond yield. When investors expect higher inflation or growth, yields rise and fixed rates follow — usually within days. This is why fixed rates can change between the day you apply and the day you lock.
Prime rate → variable
Variable rates move only when the Bank of Canada changes its overnight rate, which shifts each lender's prime rate. The Bank currently holds the overnight rate at 2.25%, keeping prime at 4.45%. The next decision is June 10, 2026.
A posted rate is a starting point. Not your rate.
The headline number a bank advertises is rarely the best they will do — and it is only one lender's price. We shop your file across more than 140 lenders, including monolines that only work through brokers and routinely price below the Big Six. Then we structure the file so it actually funds at that rate.
The result: you see real options side by side, you do not have to negotiate alone, and you keep the rate you were promised through to closing.
Frequently asked.
Are broker rates lower than the bank?
Often, yes. A broker shops your file across many lenders — including monoline lenders that only work through brokers and frequently price below the Big Six posted rates. You also avoid having to negotiate against a single bank that already knows you are not shopping. We compare more than 140 lenders to find the best fit for your scenario.
Why are insured rates lower than uninsured?
Insured mortgages (default insurance through CMHC, Sagen, or Canada Guaranty) carry less risk for the lender, so they price lower. You qualify for insured pricing when your down payment is under 20% — or, in some cases, when an insurable file with 20%+ down meets the criteria. Conventional (uninsured) files price higher because the lender carries more risk.
Should I choose fixed or variable?
Fixed gives you payment certainty for the whole term — your rate and payment never change. Variable moves with the prime rate, so it can save money when rates fall but costs more when they rise. As of today, variable rates sit below fixed, but the right choice depends on your risk tolerance and how long you plan to hold the mortgage. We walk you through it against your actual numbers.
How often do mortgage rates change?
Variable rates move only when the Bank of Canada changes its overnight rate (about eight scheduled decisions a year). Fixed rates can move any day — they track Government of Canada bond yields, which react to inflation and economic data. That is why a posted rate from last month may no longer be available.
Can I lock in a rate before I buy?
Yes. A pre-approval holds a rate for up to 120 days with most lenders. If rates rise during that window, you keep your held rate; if they fall, a good broker re-shops for the lower one. Starting a pre-approval is the single best way to protect yourself in a moving market.
Do these ranges include the stress test?
No — the ranges above are contract rates. To qualify, federally regulated lenders apply a stress test: you must show you could afford payments at the higher of your contract rate plus 2% or the minimum qualifying rate. We factor this into your pre-approval so there are no surprises.
Get a live rate against your file.
Start a pre-approval for a documented number, or call us for a quick quote.