Today’s Mortgage Rates

Toronto mortgage rates are among the most competitive in Canada. Edgehill provides stability and support for clients entering Toronto’s competitive real estate market, thanks to our list of lenders through which we offer exclusive mortgage rates. As an independent Toronto mortgage broker, we have the freedom to work with both private and institutional lenders to offer you the best mortgages rates in Toronto. Compare posted mortgage rates in Toronto to our exclusive rates below:
Terms
Posted Rate​
Our Rate*​
*Rates may vary provincially and are subject to change without notice OAC.
**High-ratio only. Conditions may apply. May be subject to additional qualifying criteria and rate premiums.

Shaving a point or two (or 10) off your mortgage rate can result in significant savings and a tremendous ROI. Contact us today to access the lowest mortgage rates in Toronto.

What are the different types of mortgages and mortgage rates?

Every mortgage is different; they are tailored to help achieve client goals of real estate ownership. You know about the varying rates, but there are unique mortgage products that may be better suited to your financial and lifestyle needs.

Open mortgages

If you’re planning to pay off your mortgage as quickly as possible, you’ll want to consider an open mortgage. Open-term mortgages can be repaid partially, or in full, at any time without the prepayment interest fees that are commonly found in other types of loans. You can even convert your open mortgage to another term without fear of prepayment interest fees. Due to the added flexibility, however, open mortgages tend to have higher interest rates relative to other types of mortgages.

Closed mortgages

Closed mortgages are perfect for buyers who plan to pay off their loan methodically over an extended period of time. Some borrowers find closed mortgages easier to manage, and take comfort in their lower interest rates. Unlike open mortgages, there are restrictions to the principal amounts you can pay towards your mortgage annually. Additional fees can be incurred from a closed mortgage if you’re refinancing, switching your mortgage to another lender or paying in excess of the allowed lump sum agreements.

Fixed mortgage rates

Over 50% of Canadians are on fixed mortgage rates. This type of rate means monthly payments remain consistent over the length of term. The key advantage of locking into a fixed mortgage rate is being unaffected by fluctuating interest rates – you set it and forget it. For borrowers seeking stability, a fixed mortgage rate is your best bet.

Variable mortgage rates

A variable mortgage rate tends to skew lower than its alternatives, but can vary over the term. The payments you make are dictated by the market, which will determine how much you’ll be paying throughout the term of your mortgage. Note that variable rates will always fluctuate alongside any changes to the prime rate, as set by individual financial institutions. Depending on market trends and forecasts, utilizing variable mortgage rates wisely can save you significant money over time.

Not sure what mortgage product is the best fit for your financial situation and a lifestyle? Contact us for a consultation.