Find the Best Mortgage
Rates in Pickering
Today’s Mortgage
For a property located in
5-year variable*
4.00%
(Prime -0.95%)
5-year fixed*
3.91%
No rates at the moment
*Insured loans. Other conditions apply. Rate in effect as of today.
Compare Mortgage Rates in Pickering
Ontario borrowers have access to one of the most competitive lending markets in Canada. With so many banks, brokers, and digital lenders to choose from, it pays to shop around. Use the comparison tool below to explore current rates for fixed and variable mortgage options across insured, insurable, and uninsured tiers.
5-Year
Fixed Rate
3-Year Fixed Rate
5-Year
Variable Rate
3-Year
Variable Rate
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Province
Current Mortgage Rates in Ontario
Compare today’s best mortgage rates in Ontario and see how much you could save. Whether you’re buying, renewing, or refinancing, locking in the lowest rate can mean thousands in savings over your mortgage term. Rates can vary significantly depending on your downpayment, mortgage type, and lender, which is why it’s so important to compare and shop around for the best mortgage rate before you sign.
- Best 5-year fixed mortgage rate (insured):
- Best 5-year variable mortgage rate (insured):
- Average Ontario home price (May 2025): $814,300
- Monthly payment on a $500,000 mortgage: $2,686.55 fixed at
and $2,735.26 at variable
What is the average mortgage rate in Pickering today?
As of Saturday, June 28, 2025, the best conventional mortgage rates available to borrowers with a down payment of 20% or more tend to be slightly higher than high-ratio insured rates but offer greater flexibility and eliminate default insurance premiums.
Below are the current average conventional mortgage rates available across the province, including in Pickering:
- 2-year fixed conventional mortgage rate:
5.09% - 3-year fixed conventional mortgage rate:
4.69% - 3-year variable conventional mortgage rate:
5.50% - 4-year fixed conventional mortgage rate:
5.22% - 5-year fixed conventional mortgage rate:
4.58% - 5-year variable conventional mortgage rate:
4.67% - 7-year fixed conventional mortgage rate:
5.76% - 10-year fixed conventional mortgage rate:
6.78%
What is today’s prime rate in Pickering?
The Bank of Canada policy rate in Pickering is currently 4.95%. The prime rate affects all lenders’ discounts on variable and adjustable mortgages.
What is the lowest mortgage rate in Pickering today?
As of Saturday, June 28, 2025, the best high-ratio mortgage rates available to borrowers with a down payment of less than 20% are typically the lowest offered rates in Canada.
Below are the high-ratio insured mortgage rates available across the province, including in Pickering:
- 2-year fixed insured mortgage rate:
- 3-year fixed insured mortgage rate:
- 3-year variable insured mortgage rate:
- 4-year fixed insured mortgage rate:
- 5-year variable insured mortgage rate:
- 5-year variable insured mortgage rate:
- 7-year fixed insured mortgage rate:
- 10-year fixed insured mortgage rate:
How Much Can a Lower Rate Save You in Pickering?
Saving even a small amount on your mortgage rate can make a significant impact, especially in Ontario, where home prices are higher than the national average. Use the nesto mortgage calculator to estimate your monthly payments and see how different rates or down payments affect your borrowing costs.
Here’s how much a difference of 0.10% to 0.50% could save you over a 5-year fixed term on nesto’s lowest insured rates:
Mortgage Amount Monthly Payment 0.10% Reduction 0.25% Reduction 0.50% Reduction
$100,000 $537.31 $531.77 $523.50 $509.87
$200,000 $1,074.62 $1,063.53 $1,046.99 $1,019.73
$300,000 $1,611.93 $1,595.29 $1,570.48 $1,529.59
$400,000 $2,149.24 $2,127.05 $2,093.98 $2,039.45
$500,000 $2,686.55 $2,658.81 $2,617.47 $2,549.32
$600,000 $3,223.86 $3,190.57 $3,140.96 $3,059.18
$700,000 $3,761.16 $3,722.33 $3,664.45 $3,569.04
$800,000 $4,298.47 $4,254.09 $4,187.95 $4,078.90
$900,000 $4,835.78 $4,785.85 $4,711.44 $4,588.76
$1,000,000 $5,373.09 $5,317.61 $5,234.93 $5,098.63
And over a 5-year variable term:
Mortgage Amount Monthly Payment 0.10% Reduction 0.25% Reduction 0.50% Reduction
$100,000 $547.06 $541.36 $532.88 $518.92
$200,000 $1,094.11 $1,082.72 $1,065.76 $1,037.83
$300,000 $1,641.16 $1,624.08 $1,598.64 $1,556.74
$400,000 $2,188.21 $2,165.43 $2,131.52 $2,075.65
$500,000 $2,735.26 $2,706.79 $2,664.40 $2,594.56
$600,000 $3,282.31 $3,248.15 $3,197.28 $3,113.48
$700,000 $3,829.36 $3,789.51 $3,730.16 $3,632.39
$800,000 $4,376.41 $4,330.86 $4,263.04 $4,151.30
$900,000 $4,923.46 $4,872.22 $4,795.92 $4,670.21
$1,000,000 $5,470.51 $5,413.58 $5,328.80 $5,189.12
Ontario Mortgage Rate Trends
Keeping up with the mortgage rates forecast can help you time your application and pick the most suitable mortgage term. In June 2025, the Bank of Canada held its overnight rate at 2.75%. Fixed rates have eased slightly due to lower bond yields, but remain well above pandemic levels.
Over the long term, bond yields are expected to rise as the US debt-to-GDP ratio and the costs of servicing that debt continue to increase. Typically, the Government of Canada bond yields rise and fall in tandem with the US Treasury yields.
Variable mortgage rates have stabilized, though they remain sensitive to the Bank’s next moves. Most borrowers are opting for short-term fixed rates in anticipation of further rate cuts later in 2025 or early 2026. Unlike the US Federal Reserve, which has a dual mandate to control inflation and unemployment, the Bank of Canada may not be able to cut rates further if inflation rises due to US tariffs and the federal government’s increase in spending.
Real Estate Market Snapshot – Ontario
The Ontario housing market has cooled but remains active. More listings and moderating prices are giving buyers more power at the negotiating table. Many regional markets are seeing stronger price corrections, creating new opportunities for qualified buyers.
Here’s a snapshot of the market in May 2025, according to CREA:
- Average home price: $814,300
- Total home sales: 17,242 (decreased 3.5% YoY)
- New listings: 50,098 (increased 15.3% YoY)
- Sales-to-new-listings ratio (SNLR): 34% (indicating a buyers market market)
What Affects Your Mortgage Rate in Pickering?
Your mortgage rate depends on both external factors and your risk profile. Here’s what lenders evaluate:
- Downpayment size: Under 20% requires mortgage default insurance (but can help you get better rates). Over 20% shifts you into the insurable or uninsured category. A lower loan-to-value (LTV) ratio is essential to provide a better rate on insurable mortgages.
- Amortization period: An amortization over 25 years results in a higher uninsured rate*.
- Loan purpose: Refinance and equity takeouts often come with higher pricing than purchases or renewals.
- Credit score: Scores above 680 get the best deals; lower scores may require alternative lenders.
- Debt service ratios: Your debt-to-income (DTI) ratio impacts approval and rate.
- Property type and use: Lenders view owner-occupied homes as lower risk than rental properties.
Tip: A strong file with a higher credit score and stable income can help you unlock better rates across more lenders.*30-year insured mortgages are available to all first-time home buyers and those purchasing newly built homes.
First-Time Buyer Programs in Pickering
If you’re buying your first home, Ontario offers several programs that can reduce your upfront costs and improve affordability. These provincial and federal incentives can be combined with an insured mortgage to help you qualify for a better rate.
- Ontario Land Transfer Tax Rebate: Up to $4,000 in provincial land transfer tax rebate
- First-Time Home Buyers’ Tax Credit (HBTC): Up to $1,500 federal rebate
- RRSP Home Buyers’ Plan (HBP): Withdraw up to $60,000 tax-free
- First Home Savings Account (FHSA): Save up to $8,000/year, contributions are tax-deductible, and withdrawals are tax-free.
- Downpayment Assistance Programs: Some municipalities offer programs designed to provide downpayment assistance to locals, helping them achieve the goal of homeownership.
Land Transfer Tax in Pickering
Ontario’s Land Transfer Tax (LTT) rates are calculated based on the property’s purchase price and location.
Ontario Land Transfer Tax
| Home Value or Purchase Price | Marginal LTT Rate |
|---|---|
| Up to $55,000 | 0.5% |
| $55,001 – $250,000 | 1.0% |
| $250,001 – $400,000 | 1.5% |
| $400,001 – $2,000,000 | 2.0% |
| $2,000,000+ | 2.5% |
Should You Choose Fixed or Variable in Pickering?
Choosing between a fixed and variable mortgage rate depends on your financial goals and your outlook on the market. In 2025, most Ontario buyers are favouring 2- or 3-year fixed terms, providing them with short-term security while keeping the door open for potential future rate drops if tariff uncertainties are removed.
Here’s a quick breakdown:
| Mortgage Type | Pros | Cons |
|---|---|---|
| Fixed Rate | Stable and predictable payments, ideal for budgeting in volatile conditions | Fixed rates are locked in and require higher prepayment penalties for breaking |
| Variable Rate | Flexibility and potential savings if rates drop | Risk of rate hikes, principal can rise unexpectedly if over-amortized |
| Adjustable Rate | Principal balance unaffected by prime rate fluctuations | Monthly payments change with prime rate fluctuations |
How to Get the Best Mortgage Rate in Pickering
Here’s a step-by-step plan to secure the lowest possible rate based on your situation:
- Check and track your credit score (aim for 680 or higher) at least 6 months before your mortgage application.
- Estimate your affordability with our calculator, or get prequalified.
- Determine whether fixed or variable is the right choice for your risk profile.
- Compare mortgage rates across multiple lenders.
- Get preapproved to lock in a rate while you shop.
- Connect with a nesto mortgage expert for a personalized mortgage strategy.
Frequently Asked Questions (FAQ) About Pickering Mortgage Rates
What is the lowest mortgage rate in Pickering right now?
The best rates in Pickering vary depending on the loan type and borrower profile. As of now, insured 5-year fixed rates start around
Are Pickering mortgage rates higher than in other provinces?
Pickering rates are similar to or slightly lower than national averages, largely due to increased lender competition and higher real estate volumes.
How much income do I need to buy an average home in Ontario?
To afford a $814,300 home with 20% down and minimal debt, you’ll need a household income of approximately $132,000 to $170,000, depending on the type of mortgage, rate and amortization you choose.
Should I get prequalified or preapproved before house hunting?
It’s recommended that you get prequalified or preapproved before starting your house hunt. Prequalification helps define your budget before you shop. Preapproval locks in your rate, protecting you from rate increases during your search.
When will mortgage rates go down in Ontario?
Economists expect modest cuts by late 2025, but high core inflation means the Bank of Canada may move cautiously.
Looking for the Best Mortgage Rate in Pickering?
Ontario’s market is full of lenders, but the most suitable rate and mortgage solution depend on your unique needs and goals. Whether you’re buying your first home in Ottawa, renewing in Hamilton, or refinancing across the GTA, expert advice can save you thousands.
✅ Compare the best mortgage rates in Ontario
✅ Get expert help from a nesto mortgage expert
✅ Secure a mortgage strategy tailored to your financial plan
Let’s make your next mortgage decision smarter—and more affordable.
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