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 July 15, 2026 · Next scheduled decision: September 2, 2026
→
Prime-rate offers vary by lender
BoC on hold · Inflation and bond yields remain key drivers
The lowest rates observed in WOWA’s August 21 Ontario rate table, researched August 24, 2026; selected underlying records updated August 21, 2026. Bank of Canada context, using official data through August 20, 2026, verified August 24, 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, property, lender, insurer, 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
3.94%
Fixed · Insured
$3,659/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: $3,641 at 3.89%, $3,659 at 3.94%, and $3,440 initially at 3.35%. Eligibility: owner-occupied Ontario insured/high-ratio first-mortgage purchase, under 20% down, no longer amortization. These are the lowest rates observed in WOWA’s Ontario rate table. OAC; borrower, property, lender, insurer, 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 — August 2026
The Bank of Canada held its overnight rate at 2.25% on July 15, 2026, with the next scheduled decision on September 2, 2026; this context, using official data through August 20, 2026, was verified August 24. The owner-occupied insured-purchase variable benchmark is Prime 4.45% − 1.10% = 3.35% initially, the lowest rate observed in WOWA’s Ontario rate table. 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
Prime Discount
Payment*
Notes
5-Year Variable LOW START
3.35% initially
Prime 4.45% − 1.10%
$3,440/mo initial
Owner-occupied first purchase · Lowest rate observed · adjusts with 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 August 2026?
Bank of Canada: Overnight target rate held at 2.25% on July 15, 2026. The next scheduled rate decision is September 2, 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 WOWA’s Ontario rate table and researched August 24 show owner-occupied insured first-purchase benchmarks of 3.89% for 3-year fixed, 3.94% for 5-year fixed, and 3.35% 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 August 2026.
The lowest rates observed in WOWA’s August 21 Ontario rate table (selected underlying records updated August 21, 2026) and researched August 24, 2026 show owner-occupied insured/high-ratio Ontario first-purchase benchmarks of 3.89% for 3-year fixed, 3.94% for 5-year fixed, and Prime 4.45% minus 1.10% = 3.35% initially for 5-year variable. Eligibility requires under 20% down and no longer amortization. OAC; borrower, property, lender, insurer, timing, and availability restrictions apply.
Many public sources show variable-rate offers below comparable 5-year fixed rates in August 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 WOWA’s Ontario rate table and 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, property, lender, insurer, 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.