Check Latest Mortgage Rates for Toronto in May 2026
Toronto is a major metropolitan market in Ontario, Canada, with a median home price of approximately C$1,050,000. Below you'll find the latest estimated mortgage rates for Toronto, updated daily to reflect current lending conditions. Use these rates alongside our free calculators to estimate your monthly payment, compare loan types, and plan your home purchase or refinance with confidence.
Toronto Mortgage Rates
Estimated rates as of 2026-05-08
| Product | Rate | APR | Monthly / C$100K |
|---|---|---|---|
| 5-Year Fixed | 5.18% | 5.28% | C$548 |
| 3-Year Fixed | 5.48% | 5.58% | C$613 |
| Variable Rate | 5.68% | 5.80% | C$579 |
| 1-Year Fixed | 5.93% | 6.01% | C$640 |
| HELOC Prime | 6.43% | 6.48% | C$627 |
Rates shown are estimated averages based on current market conditions and may vary by lender, credit score, loan amount, and property type. Contact a licensed mortgage professional for personalized rate quotes.
Toronto Mortgage Market Overview
The Toronto housing market in Ontario represents one of the most competitive mortgage lending markets in Canada. With a median home price of C$1,050,000, buyers in Toronto have access to a range of mortgage products from both national and local lenders.
As a major metropolitan hub, Toronto benefits from intense lender competition. This high liquidity often translates to slightly more favorable mortgage rates compared to regional alternatives. High-balance loans are particularly common here due to elevated real estate valuations, and prospective buyers can frequently secure special incentives from lenders aggressively competing for market share.
When locking in mortgage rates in Toronto, remember that your finalized Annual Percentage Rate (APR) depends on several variables: your FICO or credit score, down payment size (LTV ratio), debt-to-income (DTI) ratio, and the specific property type. The rates tracked on this page reflect aggregate market-wide averages and provide a highly accurate benchmark for your negotiations.
For the most granular projection of your true housing costs in Toronto, Ontario, we recommend coupling these daily rates with our comprehensive mortgage calculators. This strategy ensures you understand not just the interest environment, but your precise amortization schedule and monthly cash flow obligations.
Frequently Asked Questions About Mortgages in Toronto
Mortgage rates in Toronto, Ontario are updated daily on this page. As of today, rates vary by loan type — for example, fixed-rate mortgages and adjustable-rate products will have different rates. Scroll up to our rate table for the most current figures. Remember that individual lender quotes may differ based on your credit profile and loan amount.
With a median home price of C$1,050,000 in Toronto, a conventional 20% down payment would be approximately C$210,000. However, many loan programs require less — FHA loans allow as little as 3.5% down (C$36,750), and VA loans often require zero down payment for eligible veterans.
The median home price in Toronto is approximately C$1,050,000. This figure includes single-family homes, condos, and townhomes across the Toronto metropolitan area. Prices can vary significantly by neighborhood — use our Mortgage Affordability Calculator to determine how much home you can comfortably afford based on your specific income and expenses.
More Mortgage Rates in Canada
35 other cities with daily rate updates
Calculate Your Monthly Payment in Toronto
Use current Toronto rates with our free mortgage calculator to see your exact monthly payment, interest costs, and amortization schedule.