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Rates in St Catharines

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 St Catharines

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

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Finding the Best Mortgage Rates in St Catharines

Looking for the best mortgage rates in St Catharines? 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 St Catharines.

Best Mortgage Rates in St Catharines

Frequently Asked Questions

What are today’s mortgage rates in St Catharines?

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

The average 5-year variable mortgage rate from big banks in St Catharines is 6.95%*, while nesto’s lowest 5-year variable mortgage rate in St Catharines is

The average 3-year fixed mortgage rate from big banks in St Catharines is 6.03%*, while nesto’s lowest 3-year fixed mortgage rate in St Catharines is

The average 3-year variable mortgage rate from big banks in St Catharines is 7.75%*, while nesto’s lowest 3-year variable mortgage rate in St Catharines 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 St Catharines today?

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

The average 5-year variable insurable mortgage rate in St Catharines is currently 6.95%, while nesto’s lowest 5-year variable mortgage rate is

The average 3-year fixed insurable mortgage rate in St Catharines is currently 6.03%, while nesto’s lowest 3-year fixed mortgage rate is

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

The average 2-year fixed insurable mortgage rate in St Catharines is currently 6.85%, while nesto’s lowest 2-year mortgage rate is

The average 4-year fixed insurable mortgage rate in St Catharines is currently 5.87%, while nesto’s lowest 4-year mortgage rate is .

The average 7-year fixed insurable mortgage rate in St Catharines is currently 6.51%, while nesto’s lowest 7-year mortgage rate is .

The average 10-year fixed insurable mortgage rate in St Catharines is currently 7.20%, 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 St Catharines?

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

What are the average 5-year mortgage rates in St Catharines?

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

The average 5-year variable mortgage rate from big banks in St Catharines is currently 6.95%, while nesto’s lowest 5-year variable mortgage rate in St Catharines 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).

Latest Bank of Canada Announcement Highlights

The latest Bank of Canada (BoC) announcement on March 6th left the policy interest rate unchanged at . The next announcement will be held on April 10th.

The Governing Council cited concerns about underlying inflation and a desire for further and sustained easing in core inflation as reasons to maintain the policy rate. Bond markets are no longer pricing in a rate cut for April but strongly hint toward a 25 basis point decrease in rates at the June announcement.

Ontario Housing Market: April 2024 Update

The latest figures from CREA show the Ontario housing market saw a 15.6% increase in residential sales activity in February 2024 compared to 2023. Home sales, meanwhile, were 21.3% below the 5-year average and 15.3% below the 10-year average. Ontario is currently in a balanced market with a sales-to-new listing ratio (SNLR) of 52%. 

In February 2024, the average selling price in Ontario was $868,200, an increased of 2.3% compared to the previous month. On a year-over-year basis, Ontario home prices have increased 0.1% over the last 12 months.

Ontario Home Sales

Ontario‘s housing market heading into 2024 has a lot of uncertainty. Royal LePage predicts average home prices will increase, with Toronto projected to increase by 6% in 2024 and Ottawa by 4.5%. CREA projects an increase in Ontario’s number of sales for 2024 (from 161,696 in 2023) by 13.9% and a slight year-over-year increase in the annual average home price (from $793,000 in 2023 to $793,400 in 2024). ReMax expects increased activity, with 59% of agents surveyed anticipating unit sales will increase in 2024. 

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 St Catharines

St Catharines 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 St Catharines

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, which come with higher rates to offset the lender’s risks. 

What are the Different Types of Mortgages?

There are many different types of mortgages 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. 

St Catharines 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’s 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 best rates by using technology by providing a virtual and 100% online process to reduce our 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.