Mortgages in Ontario
From pre-approvals and stress tests to fixed vs variable rates, this hub brings together every guide, calculator, and glossary term you need to understand mortgages in the GTA.
4.89%
Current 5yr Fixed
5.25%
Stress Test Rate
39%
Max GDS Ratio
44%
Max TDS Ratio
Mortgage Guides
Mortgage Tools
Key Mortgage Terms
Mortgage
A loan secured against a property that allows you to buy a home without paying the full price upfront.
Fixed Rate Mortgage
A mortgage where the interest rate is locked in for the entire term.
Variable Rate Mortgage
A mortgage where the interest rate fluctuates with the lender's prime rate.
Mortgage Stress Test
A federal requirement to qualify at a rate higher than your contract rate.
Mortgage Pre-Approval
A lender's written commitment for a specific mortgage amount at a guaranteed rate.
Down Payment
The portion of the home's purchase price you pay upfront.
Mortgage Amortization
The total length of time it takes to pay off your mortgage in full.
GDS Ratio
The percentage of gross income required to cover housing costs, capped at 39%.
TDS Ratio
The percentage of gross income required to cover all debt obligations, capped at 44%.
Bridge Financing
A short-term loan that bridges the gap when buying before selling.
Mortgage Penalty
A fee charged by your lender if you break your mortgage before the term ends.
HELOC
A revolving credit facility secured against the equity in your home.
Mortgage Renewal
Renegotiating your mortgage terms when your current term expires.
Mortgage Broker
A licensed professional who shops multiple lenders to find you the best rate.
Neighbourhood-Level Pricing
See how mortgage affordability plays out across different GTA neighbourhoods with average prices, price trends, and local market conditions.
Explore Neighbourhood Guides