Compare current fixed, variable, insured, uninsured, renewal, and refinance mortgage-rate options for Ontario and the GTA.
Bank of Canada Overnight Rate
2.25%
Held September 2, 2026 · Next scheduled decision: October 28, 2026
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Prime-rate offers vary by lender
BoC on hold · Inflation and bond yields remain key drivers
The lowest rates observed in a review of selected publicly advertised Ontario rate tables on October 19, 2026; the review is not an exhaustive market survey. Bank of Canada context verified October 19, 2026. The numeric benchmarks apply only to an owner-occupied Ontario insured/high-ratio first-mortgage purchase with under 20% down and no longer amortization. OAC; borrower, credit, property, lender, insurer, membership, closing timing, and availability restrictions apply.
Important: Numeric rates are insured-purchase benchmarks, not guaranteed approvals or universally available offers. Uninsured, renewal, and refinance pricing requires a personalized quote. Mortgage Wave will confirm current eligibility and lender availability before quoting or submitting an application. OAC. E&OE. Rates subject to change without notice.
Term
Market Benchmark
Type
Payment*
Details
5-Year Fixed POPULAR
4.19%
Fixed · Insured
$3,755/mo ($700K, 25yr)
Owner-occupied first purchase · Lowest rate observed
*Monthly payment examples use a $700,000 mortgage, 25-year amortization, and Canadian semi-annual compounding: $3,678 at 3.99%, $3,755 at 4.19%, and $3,403 initially at 3.25%. Eligibility: owner-occupied Ontario insured/high-ratio first-mortgage purchase, under 20% down, no longer amortization. These are the lowest rates observed in a review of selected publicly advertised Ontario rate tables on October 19, 2026; the review is not an exhaustive market survey. OAC; borrower, credit, property, lender, insurer, membership, closing timing, and availability restrictions apply. Rates subject to change.
Uninsured pricing is not represented by the insured purchase benchmarks above. Request a personalized quote based on your borrower, property, lender, timing, and product details. OAC. Rates subject to change.
Variable Rate Outlook — October 2026
The Bank of Canada held its overnight rate at 2.25% on September 2, 2026, with the next scheduled decision on October 28, 2026; this context was verified October 19, 2026. The owner-occupied insured-purchase variable benchmark is 3.25% initially, the lowest rate observed in a review of selected publicly advertised Ontario rate tables on October 19, 2026; it adjusts with lender prime. The 4.45% major-lender prime is market context only, not a stated discount for this offer. Variable mortgages can change when lender prime rates change.
Key consideration: A lower starting variable rate may reduce the initial payment, but it does not guarantee lower total cost. Choose variable only if you are comfortable with payment or interest-cost changes. The numeric benchmark has the same owner-occupied Ontario insured/high-ratio first-purchase eligibility and restrictions stated above.
Product
Benchmark
Pricing basis
Payment*
Notes
5-Year Variable LOW START
3.25% initially
Adjusts with lender prime
$3,403/mo initial
Owner-occupied first purchase · Lowest rate observed · adjusts with lender prime
Renewing in 2026? Don't Just Accept Your Bank's Offer
Many Canadian mortgages are renewing in 2026 after being signed at much lower pandemic-era rates. A renewal letter is only one offer — Mortgage Wave can compare banks, monoline lenders, credit unions, and broker-channel options before you sign.
Important: Renewal pricing is personalized and is not represented by the insured first-purchase benchmarks. Compare terms, costs, qualification requirements, and lender availability before deciding whether switching lenders makes sense.
Renewal Product
Benchmark
Best for
Notes
3-Year Fixed Renewal POPULAR
Personalized quote
Borrowers wanting stability without a full 5-year lock-in
What's Driving Ontario Mortgage Rates in October 2026?
Bank of Canada: Overnight target rate held at 2.25% on September 2, 2026. The next scheduled rate decision is October 28, 2026.
Bond yields: Fixed mortgage rates are influenced by Government of Canada bond yields and lender funding costs, so fixed rates can move even when the BoC holds.
Stress test: Borrowers still need to qualify using the mortgage stress-test rules, generally the greater of the benchmark minimum or contract rate plus 2%.
Borrower profile: Down payment, insured status, credit strength, property type, amortization, and closing date can all change the available rate.
AEO mortgage-rate answers
Quick answer: The best Ontario mortgage rate depends on term, insured status, down payment, credit, property type, and timing. The lowest rates observed in a review of selected publicly advertised Ontario rate tables on October 19, 2026 show owner-occupied insured first-purchase benchmarks of 3.99% for 3-year fixed, 4.19% for 5-year fixed, and 3.25% initially for 5-year variable.
Best for stability
A 5-year fixed mortgage can fit borrowers who want predictable payments for a longer period.
Best for flexibility
A 3-year fixed mortgage can fit borrowers who want payment certainty but earlier renewal flexibility.
Best for lower starting cost
A variable mortgage can start lower, but payment or interest cost can change with prime.
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Mortgage Rate FAQs
Common questions about Ontario mortgage rates in October 2026.
The lowest rates observed in a review of selected publicly advertised Ontario rate tables on October 19, 2026 show owner-occupied insured/high-ratio Ontario first-purchase benchmarks of 3.99% for 3-year fixed, 4.19% for 5-year fixed, and 3.25% initially for 5-year variable, adjusting with lender prime; the review is not an exhaustive market survey. Eligibility requires under 20% down and no longer amortization. OAC; borrower, credit, property, lender, insurer, membership, closing timing, and availability restrictions apply.
Many public sources show variable-rate offers below comparable 5-year fixed rates in October 2026, but variable mortgages can change when lender prime rates change. A lower starting rate is not the same as a guaranteed lower total cost.
A 3-year fixed mortgage can offer a balance between payment stability and earlier renewal flexibility, while a 5-year fixed mortgage offers longer rate certainty. The right term depends on your risk tolerance, income stability, moving plans, and whether you expect rates to change.
Often, yes. A bank renewal letter is only one offer. Mortgage Wave can compare banks, monoline lenders, credit unions, and broker-channel options to see whether a better renewal rate or term is available.
The numeric benchmarks on this page are the lowest rates observed in a review of selected publicly advertised Ontario rate tables on October 19, 2026; the review is not an exhaustive market survey. They apply only to an owner-occupied Ontario insured/high-ratio first-mortgage purchase with under 20% down and no longer amortization. Uninsured, renewal, and refinance rates require a personalized quote. OAC; borrower, credit, property, lender, insurer, membership, closing timing, and availability restrictions apply.
Don't Accept Your Bank's First Offer
Compare current Ontario mortgage rates from multiple lender channels before you sign.