Current Mortgage Rates in Ontario

Ontario Mortgage Rates – Current Promotions

  • 3.94% 5 Year Fixed – Switch, Refinance or Purchase – Uninsurable
  • 3.59% 5 Year Fixed – Insurable Purchase

Rates are subject to change and may not be available to all clients or on all properties  

Apply Now online or call (705) 717-5598 or (416) 912-6200

* All rates are subject to approval and may be dependent on the Loan to Value.
** Private first and second mortgage rates may be higher depending on credit, location and property type.

Mortgage Rates effective as of November 7th. 2018 for qualified residential properties. Rates are subject to credit approval and can change without notice. Actual APR (annual percentage rate) for these rates will be higher (approx 0.05% – 0.10%) and dependant on the associated costs involved in borrowing (legal, appraisal, title insurance, etc.)

Update October 24th 2018: The Bank of Canada has raised the overnight lending rate to 1 3/4% so current mortgage rates will be affected.

Benchmark rate upon which most mortgage borrowers must qualify 5.34%.

This is just a sampling of the products and rates we offer. Please call for more information call :

Michael Curry
Mortgage Agent (M1200155)
Certified Reverse Mortgage Specialist
VERICO The Mortgage Wellness Group
35 Worsley Street (Head Office)
Barrie, ON
L4N 1L7

The Mortgage Wellness Group – Your Mortgage Broker in Ontario


Mortgage rates are for single-family residential mortgages in Ontario, Canada. Mortgage rates are subject to change. Rates shown are examples and my no longer be available.

Government of Canada bond yields settled down late last week and we narrowly avoided an increase in five-year mortgage rates. That said, the five-year bond yield has been on an upward trend for the past month and if this continues, five-year fixed rates will move higher in the near future.

Latest Bank of Canada news release:

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

Inflation in Canada is evolving broadly as expected. Total CPI inflation remains near the bottom of the Bank’s target range as the disinflationary effects of economic slack and low consumer energy prices are only partially offset by the inflationary impact of the lower Canadian dollar on the prices of imported goods. As all of these factors dissipate, the Bank expects inflation will rise to about 2 per cent by early 2017. Measures of core inflation should remain close to 2 per cent.

The dynamics of the global economy are broadly as anticipated in the Bank’s October Monetary Policy Report (MPR), with diverging economic prospects and shifting terms of trade. China continues its transition to a more sustainable growth path and the expansion in the United States is on track, despite temporary weakness in the fourth quarter of 2015. The U.S. Federal Reserve has begun to gradually withdraw its exceptional monetary stimulus. While risks to the world outlook remain and have been reflected in sharp price movements in a range of asset classes, global growth is expected to trend upwards beginning in 2016.

Prices for oil and other commodities have declined further and this represents a setback for the Canadian economy. GDP growth likely stalled in the fourth quarter of 2015, pulled down by temporary softness in the U.S. economy, weaker business investment and several other temporary factors. The Bank now expects the economy’s return to above-potential growth to be delayed until the second quarter of 2016. The protracted process of reorientation towards non-resource activity is underway, helped by stronger U.S. demand, the lower Canadian dollar, and accommodative monetary and financial conditions. National employment remains resilient despite job losses in the resource sector and household spending continues to expand.

The Bank projects Canada’s economy will grow by about 1 1/2 per cent in 2016 and 2 1/2 per cent in 2017. The complex nature of the ongoing structural adjustment makes the outlook for demand and potential output highly uncertain. The Bank’s current base case projection shows the output gap closing later than was anticipated in October, around the end of 2017. However, the Bank has not yet incorporated the positive impact of fiscal measures expected in the next federal budget.

All things considered, therefore, the risks to the profile for inflation are roughly balanced. Meanwhile, financial vulnerabilities continue to edge higher, as expected. The Bank’s Governing Council judges that the current stance of monetary policy is appropriate, and the target for the overnight rate remains at 1/2 per cent.

Information note:

The next scheduled date for announcing the overnight rate target is 9 March 2016. The next full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR on 13 April 2016.

Recent Press Conference by Stephen Poloz.