Rates & Market · Toronto & GTA
How Toronto mortgage rates work
Fixed rates follow bond yields. Variable rates follow the Bank of Canada overnight rate via lender prime. These guides explain the mechanics so you can read the market — without the rate-of-the-day gimmicks.
Fixed-rate mechanics
5-year fixed rates track the 5-year Government of Canada bond yield plus a lender spread. When yields move, fixed rates follow within days.
Variable-rate mechanics
Variable = prime minus a discount. Prime moves with the Bank of Canada overnight rate. Discounts are set at funding and held for your term.
Why posted ≠ discounted
Posted rates exist for IRD penalty math. Real client rates are discounted. Always ask for the discounted rate in writing.
Guides in Toronto Mortgage Rates & Market
Useful calculators
Toronto Mortgage Rates & Market — frequently asked
Why won't you publish a specific rate?
Rates change daily and depend on your file (insured vs uninsured, term, amortization, credit, property type). Posting one rate would mislead most readers.
Should I go fixed or variable?
Depends on your risk tolerance, term length, and break probability. Variable historically saves money over long horizons; fixed protects monthly cash flow against BoC moves.
How often does the Bank of Canada change rates?
Eight scheduled announcements per year. Variable-rate mortgages and HELOCs adjust shortly after each move.
Get today's actual rate range for your file
Rates depend on your specific situation. Answer 10 questions and we'll quote the real range you'd qualify for — no posted-rate theatre.
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