Ontario mortgage rates & land transfer tax
Mortgage rates in Ontario are the same rates offered everywhere in Canada — no lender prices a five-year fixed differently in Toronto than in Thunder Bay. What actually changes your cost of buying here is the closing: Ontario charges a provincial land transfer tax, and buying inside the City of Toronto means paying a second, matching municipal one. Below are the verified national offers, plus exactly what the Ontario tax costs at real prices.
Mortgage rates are national, not provincial
No Canadian lender quotes a different rate in Ontario than it does anywhere else in the country — a five-year fixed in Ontario is the same number it offers nationwide. So the verified offers below apply to Ontario buyers exactly as they do across Canada. What genuinely changes by province is the cost of closing — above all, the land transfer tax.
Verified national mortgage rates
Verified at the source · July 30, 2026| Lender | Product | Rate | Type | |
|---|---|---|---|---|
| Nesto | 5-yr fixed · insured | 4.09% | special | source |
| DUCA | 5-yr fixed · insured high-ratio | 4.14% | special | source |
| First National | 5-yr fixed · insured · conventional 4.84 | 4.49% | posted | source |
| Tangerine | 5-yr fixed | 4.49% | special | source |
| TD | 5-yr fixed | 4.84% | special | source |
| BMO | 5-yr fixed · Smart Fixed — no full payout for 5 yrs except sale; insured 4.74 | 4.84% | special | source |
| National Bank | 5-yr fixed · high-ratio 4.69 | 4.84% | special | source |
| RBC | 5-yr fixed · high-ratio 4.59 | 4.89% | special | source |
| CIBC | 5-yr fixed · high-ratio 4.64 | 4.94% | special | source |
| Scotiabank | 5-yr fixed · specials not published | 6.09% | posted | source |
| Nesto | 3-yr fixed · insured | 4.14% | special | source |
| DUCA | 3-yr fixed · insured high-ratio | 4.24% | special | source |
| Tangerine | 3-yr fixed | 4.44% | special | source |
| BMO | 3-yr fixed · amortization ≤25y | 4.64% | special | source |
| TD | 3-yr fixed | 4.69% | special | source |
| National Bank | 3-yr fixed | 4.69% | special | source |
| CIBC | 3-yr fixed | 4.74% | special | source |
| RBC | 3-yr fixed | 4.74% | special | source |
| First National | 3-yr fixed | 4.94% | posted | source |
| Scotiabank | 3-yr fixed | 5.95% | posted | source |
| Nesto | 5-yr variable · insured | 3.40% | special | source |
| RBC | 5-yr variable · prime − 0.50 · high-ratio 3.65 | 3.95% | special | source |
| Tangerine | 5-yr variable | 4.00% | special | source |
| BMO | 5-yr variable · amortization ≤25y | 4.10% | special | source |
| CIBC | 5-yr variable · high-ratio flex 3.95 | 4.10% | special | source |
| National Bank | 5-yr variable | 4.10% | special | source |
| First National | 5-yr variable · prime − 0.26 · insured 3.70 | 4.19% | posted | source |
| TD | 5-yr variable · TD prime − 0.36 | 4.24% | special | source |
| Scotiabank | 5-yr variable · Flex Value | 4.90% | posted | source |
These are national offers — the same rates apply to Ontario buyers. Advertised special-offer rates for standard residential mortgages, read at each lender's own page. Insured (high-ratio) pricing is typically lower than uninsured; many lenders only advertise one. Brokers and smaller lenders frequently beat every rate in this table.
Land transfer tax in Ontario
Verified · June 12, 2026Ontario’s provincial land transfer tax is graduated from 0.5% up to 2.5%, with bracket thresholds at $55,000, $250,000, $400,000 and $2 million. It applies to every residential purchase in the province and is due in cash on closing — it cannot be rolled into your mortgage.
Buying inside the City of Toronto means paying a second municipal land transfer tax that mirrors the provincial one up to $2 million, then climbs through luxury tiers reaching 8.6% above $20 million (the luxury schedule effective April 1, 2026). In practice Toronto buyers pay the tax twice — which is why the Toronto column below is roughly double the rest-of-Ontario figure.
| Purchase price | Rest of Ontario | City of Toronto |
|---|---|---|
| $500,000 | $6,475 | $12,950 |
| $800,000 | $12,475 | $24,950 |
| $1,000,000 | $16,475 | $32,950 |
These figures are computed for a regular (non-first-time) buyer and are due in cash on closing — they cannot be added to your mortgage. The Toronto column reflects paying both the provincial and the matching municipal land transfer tax. For an exact figure on your own price — including first-time-buyer relief — use the land transfer tax calculator.
First-time buyer help
Ontario gives first-time buyers a provincial land transfer tax refund of up to $4,000, which fully covers the tax on homes up to about $368,000 and reduces it on pricier ones.
First-time buyers in the City of Toronto get an additional municipal refund of up to $4,475 on top of the provincial one — so a qualifying Toronto first-timer can recover up to $8,475 in total.
Good to know
- Land transfer tax is usually the single largest closing cost in Ontario, is due in cash, and cannot be added to your mortgage.
- CMHC pegs total closing costs at roughly 1.5%–4% of the purchase price — budget land transfer tax on top of your down payment.
- The Toronto municipal land transfer tax applies only inside the City of Toronto’s boundaries; the 905 and the rest of the province pay the provincial tax only.
- The Toronto luxury tiers (climbing to 8.6% above $20M) took effect April 1, 2026.
Run the numbers for Ontario
Rates are national; your closing cost is local. Calculate exactly what you'll pay.
Frequently asked questions
Are mortgage rates different in Ontario?
No. Mortgage rates in Canada are set nationally — lenders do not quote a different five-year fixed or variable rate in Ontario than in any other province. The verified offers in the table above apply to Ontario buyers exactly as they do across the country. What is genuinely different in Ontario is the cost of closing, especially the land transfer tax.
How much is land transfer tax in Ontario?
The provincial land transfer tax is graduated from 0.5% to 2.5%, with thresholds at $55,000, $250,000, $400,000 and $2 million. On an $800,000 home that works out to $12,475 in provincial tax. If the home is inside the City of Toronto, a matching municipal land transfer tax applies on top, roughly doubling the bill. The tax is due in cash on closing and cannot be added to your mortgage.
Why do Toronto buyers pay land transfer tax twice?
The City of Toronto levies its own municipal land transfer tax that mirrors the provincial brackets up to $2 million, then climbs through luxury tiers reaching 8.6% above $20 million (effective April 1, 2026). A buyer inside the city pays both the provincial tax and the municipal tax on the same purchase. Buyers in the 905 and the rest of Ontario pay the provincial tax only.
Do first-time buyers get relief in Ontario?
Yes. First-time buyers get a provincial land transfer tax refund of up to $4,000, which eliminates the tax on homes up to about $368,000. First-time buyers in the City of Toronto get an additional municipal refund of up to $4,475 on top of that, for a combined maximum of $8,475.
Educational content, not financial advice or a rate guarantee. Mortgage rates are national; lender specials were read at each lender's own page on the stamped date and change without notice. Land transfer tax brackets, rates and rebates verified June 12, 2026 at official government sources and computed by RetireSmarter's land-transfer-tax engine — always confirm your exact figure with your lawyer or the relevant authority before closing.