If you're currently browsing the MLS for condo listings to purchase a brand new condo you're going to want to find out what the going mortgage rate in Toronto is. The same thing applies if you're browsing all the available Toronto homes for sale on the market.

You're not going to be able to go very far during the house hunting process if you don't have any funds backing you up. Having an idea as to what the local mortgage rates are will help you to figure out exactly how much money you're going to be spending in the grand scheme of things once you do eventually find that perfect house or condo within the city.


The thing with mortgage rates, be it in Toronto or North Vancouver, is that they do fluctuate depending on the market conditions and each mortgage lender offers different rates in order to compete with each other. For the most part though the rates don't differ all that much because if they did mortgage lenders would run each other out of business.

Another aspect of mortgage rates that you should be aware of is that they do differ based on the type of mortgage you're looking to get when purchasing properties for sale. As of now a 5 year variable closed rate mortgage in Toronto is 2.85%, a 5 year fixed closed mortgage rate in Toronto is just a over 3%, a 3 year fixed closed mortgage rate in Toronto is a shade under 3%, and a 1 year fixed closed mortgage rate in Toronto is 2.75%. As for open mortgage rates you can get a 1 year fixed open mortgage rate in Toronto at 6.30% and a 3 or 5 year variable open mortgage rate in Toronto goes for 4%.

Like we said earlier mortgage rates do change and the rates we provided you with today might not be the same tomorrow. Whatever mortgage rate you'd eventually get approved for will be based on a number of factors and things like applying for a mortgage to buy your first home or applying for a Toronto second mortgage do have an effect on the mortgage you can apply for and the rate you will get. Also, the length of the mortgage term also plays a big part so keep that in mind when talking to a mortgage lender.