Will mortgage rates go down in 2024?

Find the Best Mortgage
Rates in Markham

Today’s Mortgage

For a property located in
5-year variable* 0.00% (Prime 0.00%)
5-year fixed* 0.00%

No rates at the moment

*Insured loans. Other conditions apply. Rate in effect as of today.

Compare current mortgage rates in Markham

Explore the latest mortgage rates in Markham to find the best deal for financing or refinancing your dream home.

5-Year
Fixed Rate

3-Year Fixed Rate

5-Year
Variable Rate

3-Year
Variable Rate

Top Big
Bank Rates

The top big bank rates are all in one easy-to-view table. See their rates, then beat their rates (or get $500) with nesto’s low rate guarantee.

Are you a first-time buyer?

Province

Finding the Best Mortgage Rates in Markham

Looking for the best mortgage rates in Markham? nesto’s team of mortgage experts can guide you with a transparent approach to finding the best mortgage for your needs. Whether you’re a first-time homebuyer, refinancing, or renewing, we can help you find the best mortgage rates currently available in Markham.

Best Mortgage Rates in Markham

Frequently Asked Questions

What are today’s mortgage rates in Markham?

The average 5-year fixed mortgage rate from big banks in Markham is 5.47%*, while nesto’s lowest 5-year fixed mortgage rate in Markham is .

The average 5-year variable mortgage rate from big banks in Markham is 6.94%*, while nesto’s lowest 5-year variable mortgage rate in Markham is

The average 3-year fixed mortgage rate from big banks in Markham is 6.02%*, while nesto’s lowest 3-year fixed mortgage rate in Markham is

The average 3-year variable mortgage rate from big banks in Markham is 7.75%*, while nesto’s lowest 3-year variable mortgage rate in Markham is .

Note: The average rate is calculated based on the posted rates of the 6 biggest lenders in Canada that together make up over 70% of the retail mortgage market in the country. These 6 biggest lenders are the chartered banks: Toronto-Dominion Canada Trust (TD), Royal Bank of Canada (RBC), Bank of Montréal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC).

What are the lowest mortgage rates in Markham today?

The average 5-year fixed insurable mortgage rate in Markham is currently 5.47%, while nesto’s lowest 5-year fixed mortgage rate is

The average 5-year variable insurable mortgage rate in Markham is currently 6.94%, while nesto’s lowest 5-year variable mortgage rate is

The average 3-year fixed insurable mortgage rate in Markham is currently 6.02%, while nesto’s lowest 3-year fixed mortgage rate is

The average 3-year variable insurable mortgage rate in Markham is currently 7.75%, while nesto’s lowest 3-year variable mortgage rate is

The average 2-year fixed insurable mortgage rate in Markham is currently 6.84%, while nesto’s lowest 2-year mortgage rate is

The average 4-year fixed insurable mortgage rate in Markham is currently 5.86%, while nesto’s lowest 4-year mortgage rate is .

The average 7-year fixed insurable mortgage rate in Markham is currently 6.48%, while nesto’s lowest 7-year mortgage rate is .

The average 10-year fixed insurable mortgage rate in Markham is currently 7.17%, while nesto’s lowest 10-year mortgage rate is .

Note: The average rate is calculated based on the posted rates of the 6 biggest lenders in Canada that together make up over 70% of the retail mortgage market in the country. These 6 biggest lenders are the chartered banks: Toronto-Dominion Canada Trust (TD), Royal Bank of Canada (RBC), Bank of Montréal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC).

What is today’s prime rate in Markham?

The Bank of Canada prime rate in Markham is currently . This rate affects all lenders’ discounts on variable and adjustable mortgages.

What are the average 5-year mortgage rates in Markham?

The average 5-year fixed mortgage rate from big banks in Markham is currently 5.47%*, while nesto’s lowest 5-year fixed mortgage rate in Markham is .

The average 5-year variable mortgage rate from big banks in Markham is currently 6.94%, while nesto’s lowest 5-year variable mortgage rate in Markham is .

Note: The average rate is calculated based on the posted rates of the 6 biggest lenders in Canada that together make up over 70% of the retail mortgage market in the country. These 6 biggest lenders are the chartered banks: Toronto-Dominion Canada Trust (TD), Royal Bank of Canada (RBC), Bank of Montréal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC).

About Ontario

  • Ontario has approximately 16 million people, almost half of whom live regionally in the Greater Toronto and Hamilton Area (GTHA).  
  • Ontario’s average household before-tax income is approximately $97,856 (2016).
  • The homeownership rate in Ontario has fallen to approximately 68.4% (2023).

Mortgage Industry Insights: May 2024

Bank of Canada Rate Announcement

The latest Bank of Canada (BoC) announcement on April 10th left the policy interest rate unchanged at . The decision to hold rates came as the BoC cited that inflation remains high and risks remain a top concern. While inflation has eased, the growth in shelter costs, particularly rent and mortgage interest costs, is currently the largest contributor to inflation remaining elevated.

The Governing Council cited that they need to see evidence of sustained downward momentum in inflation. However, a rate cut is within the realm of possibility at the next announcement as long as sustained easing of inflation continues.

The next announcement will be held on June 5th and bond markets are pricing in a high probability of a 25 basis point rate cut. However, without sustained or further reductions to core inflation, the Bank may decide to leave the key rate unchanged once again.

Real Estate Market Update

The Canadian Real Estate Association (CREA) released its home sales data for April on May 15th. The data showed that home sales have declined 1.7% since March.

April’s home sales activity has brought current activity down to a bit lower than the 10-year average. However, new listings increased 2.8% month-over-month. Slower sales are attributed to boosting the number of properties on the market to the highest level since just before the onset of the pandemic.

Prices have stagnated across most markets except for Calgary, Edmonton, and Saskatoon, where prices have been on a steady climb since last year. Composite prices have declined 0.9% year-over-year, marking the first decline since last July.

CPI Inflation Update

The latest inflation data by Statistics Canada on April 16th showed the Consumer Price Index (CPI) rose 2.9% year-over-year in March, up from 2.8% in February. Gasoline prices were the highest contributor to the year-over-year increase, as fuel prices rose faster in March. Gasoline prices increased 4.5% after a 0.8% increase in February. This sharp increase in prices is attributed to higher prices at the pumps due to supply concerns, geopolitical conflict, and continued voluntary production cuts.

Shelter prices continue to be a large driver of inflation in March, with mortgage interest costs and rent contributing the most to the 6.5% increase of this component. Mortgage interest costs rose 25.4% year-over-year in March after increasing 26.3% in February. Rent prices increased 8.5% year-over-year following an 8.2% gain in February. Rental increases can be attributed partially to the higher interest rate environment creating barriers to homeownership.

Inflation is expected to remain around 3% throughout the first half of 2024, with the Bank of Canada predicting it will return to the 2% target in 2025. 

Ontario Housing Market: May 2024 Update

The latest figures from CREA show the Ontario housing market increased 59.4% in residential sales activity for April 2024 compared to 2023. Ontario is currently in a balanced market with a sales-to-new listing ratio (SNLR) of 45%. 

In April 2024, the average selling price in Ontario increased by 1.2% to $893,200 compared to the previous month. On a year-over-year basis, Ontario home prices have decreased 1.3% over the last 12 months.

Comparing the Best Mortgage Rates in Ontario

Ontario has a competitive mortgage market, with the Big 6 Banks and many other financial institutions and lenders headquartered in the financial district in Toronto. According to CMHC’s most recent Mortgage Industry Report, the Big 6 held 73.1% of all outstanding mortgages in Canada as of Q1 2023. 

When shopping for the best mortgage rates with the most transparent terms and conditions in Ontario, nesto is your one-stop shop. Our mortgage experts can help you navigate the Ontario mortgage market, providing transparent advice and the best rates upfront without the need to negotiate. 

Historical Mortgage Rates in Markham

Markham historical mortgage rates match the national historical rates across Canada, as variable rates follow the Bank of Canada policy rate, and fixed rates follow the direction of the Government of Canada bond yields. 

The graph below shows the rise and fall of mortgage rates across Canada. The peaks and troughs you see throughout the years allow you to compare where rates stand today and the direction they are projected to head based on past trends.

Historical Changes to Canada’s 5-year Fixed and Variable Rates Since 2008

What Affects My Mortgage Rate in Markham

The mortgage rate you are offered is influenced by many factors such as credit, income, capital, downpayment,  the property used as collateral, and conditions like the purpose of the loan and your loan-to-value (LTV) ratio. Mortgage rates are priced based on the risks associated with the mortgage, property, and borrower.  Some of the most important determining factors affecting your mortgage rate include:

  • Downpayment – The size of your downpayment will determine your LTV ratio and whether you will be required to purchase mortgage default insurance. Insured and insurable mortgage rates apply on properties valued at less than $1 million with amortizations up to 25 years. These mortgages will provide better rates as there is a lower risk of loss to the lender. 
  • Amortization Period – With prime lending, the amortization period cannot exceed 30 years on uninsured mortgages with downpayments of 20% or more. Uninsured mortgages typically have higher interest rates than insured and insurable mortgages to account for the added risk to the lender. On mortgages with less than 20% downpayment, the maximum allowable amortization is 25 years. 
  • Property Usage – Homes considered your primary residence, known as owner-occupied, generally have lower interest rates. Investment properties you intend to rent to others will typically have higher interest rates. Purchasing a primary residence with a second separate legally registered suite is considered an owner-occupied rental and will have access to the same rates as a primary residence. 
  • Mortgage Type – The type of mortgage will affect your mortgage rate. Open mortgages have higher rates due to the flexibility they offer. Refinances have higher rates than renewals and new mortgages. 
  • Your Credit Score – Your credit score will impact the type of lender that approves you for a mortgage. Those with good to excellent credit can typically go with prime lending and benefit from the best rates. Those with poor credit may need to look at alternative lending solutions with higher rates to offset the lender’s risks. 

What are the Different Types of Mortgages?

Many different types of mortgages are available, allowing you to customize your mortgage to your needs. 

  • Open vs Closed Mortgage – Open mortgages allow you to prepay any amount anytime without penalty. Open mortgages come with higher interest rates as the tradeoff for having the flexibility an open mortgage provides. Closed mortgages limit how much you can prepay toward your mortgage each year. Closed mortgages have lower, more attractive interest rates because they have limited flexibility. 
  • Fixed Mortgages – Fixed-rate mortgages provide predictability and stability with a mortgage payment that remains the same for the entire term and an interest rate that doesn’t change until the term ends.
  • Variable Mortgages – Variable mortgages can be either an adjustable rate (ARM) or a variable rate (VRM). ARMs have mortgage payments that adjust based on changes to the lender’s prime rate. The principal portion remains fixed, but the interest portion will either increase or decrease to reflect changes to prime rates. VRMs have fixed payments, but the proportion going toward the interest and principal will change, with more going toward interest and less to principal if your lender’s prime rate increases, with the opposite being true if it decreases.

Land Transfer Tax in Ontario

Ontario’s land transfer tax (LTT) rates are calculated based on the property’s purchase price and location. If the property is located outside the City of Toronto, only the Ontario LTT is considered. If the property is located in the City of Toronto, the LTT you pay will include an additional municipal land transfer tax (MLTT) on top of the Ontario land transfer tax. 

Markham Land Transfer Tax

Home Value or Purchase PriceMarginal LTT Rate
Up to $55,0000.5%
$55,001 – $250,0001.0%
$250,001 – $400,0001.5%
$400,001 – $2,000,0002.0%
$2,000,000+2.5%

Toronto Land Transfer Tax

Home Value or Purchase PriceMarginal MLTT Rate
Up to and including $55,000.000.5%
$55,000.01 to $250,000.001.0%
$250,000.01 to $400,000.001.5%
$400,000.01 to $2,000,000.002.0%
$2,000,000.01 to $3,000,000.002.5%
$3,000,000.01 to $4,000,000.003.5%
$4,000,000.01 to $5,000,000.004.5%
$5,000,000.01 to $10,000,000.005.5%
$10,000,000.01 to $20,000,000.006.5%
Over $20,000,000.007.5%

First-time Home Buyer Programs in Ontario

Several incentives and programs in Ontario are designed to help provide financial relief for first-time home buyers. These programs will offset some home-buying costs with programs specific to the province or municipality and others available across Canada. 

  • Ontario Land Transfer Tax Rebate: This rebate provides up to $4,000 to cover all or part of the Ontario portion of land transfer tax.
  • Toronto Municipal Land Transfer Tax Rebate – This rebate provides up to $4,475 to cover all or part of the Toronto portion of land transfer tax.
  • Downpayment Assistance Programs – Some municipalities have programs designed for locals to provide downpayment assistance and help locals achieve the goal of homeownership. 
  • First-Time Homebuyers Tax Credit (HBTC) – a federal government program that allows first-time buyers to claim up to $10,000 for a maximum $1,500 tax credit to help offset closing costs. 

How nesto works

At nesto, all of our commission-free mortgage experts hold concurrent professional designations from one or more provinces. Our clients will receive the best advice and care when they speak with specialists that exceed the industry status quo. 

Unlike the industry norm, our agents are not commissioned but salaried employees. This means you’ll get free, unbiased advice on the most suitable mortgage solution for your unique needs. Our advisors are measured on the satisfaction and quality of advice they provide to their clients. 

nesto is working hard to change how the mortgage industry functions. We start with honest and transparent advice, followed by our best rates upfront. We can offer you these low rates using the fintech industry’s best-in-class and safest technology to provide a 100% digital online experience and process to reduce overhead costs.

By working remotely across Canada, all our mortgage experts and staff spend less time commuting to work and more time with their friends and family. This makes for more dedicated employees and contributes to our success with happy and satisfied clients.

nesto is on a mission to offer a positive, empowering and transparent property financing experience, simplified from start to finish.

Reach out to our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.