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Find the best mortgage rate in Ottawa

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Best Ottawa mortgage rates

As of:


Canadian Lender


Alterna Savings


Meridian Credit Union


ICICI Bank Canada


CMLS Financial


Equitable Bank


Ottawa mortgage rates: FAQ

What is the mortgage rate in Ottawa today?

What will Ottawa mortgage rates be in 2023?

What bank offers the best mortgage rates in Ottawa?

Not sure where to start? Check out our tools to get started

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Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.


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Getting the best mortgage rates in Ottawa

Jamie David

As Canada’s capital city, Ottawa is a busy place. While less densely populated than Toronto and Vancouver, Ottawa has large local and transient populations, both of which need housing. This is good for home buyers, as it means there's lots of competition in the Ottawa mortgage market.

If you’re thinking of getting a new mortgage in Ottawa, or need to renew, you’re in the right place. The best way to get a better deal on your next mortgage is to compare rates and products from multiple lenders to make sure you get the right mortgage for your needs.

Best mortgage rates in Ottawa +

Ottawa at a glance

  • Population: 1.05 million 
  • Average Home Price: $635,600 in April 2023, a -12.2% year-over-year decrease 
  • Average Household Income: $85,981
  • Percentage of Homeowners: 66%

Fun Facts About Ottawa 

  • Ottawa is home to the Rideau Canal, the oldest continuously used canal system in North America. In winter, a 7.8 km section of the canal becomes Canada’s largest skating rink, called the Rideau Canal Skateway, which is about as big as 90 Olympic-sized skating rinks. 
  • Ottawa is famous for its many tulips, and hosts the annual Canadian Tulip Festival every May with over a million tulips on display.

Comparing the best mortgage rates in Ottawa

The tables on this page list the up-to-the-minute best rates currently available from Ottawa mortgage brokers, big banks and other mortgage providers. Having them all in one place makes it harder to miss out on a great deal.

Keep in mind that your personal rate could be different than the ones in the table above. This is because the rate you qualify for is affected by a lot of factors, including your credit score, down payment as well as the purchase price of the property and what it will be used for.

To properly understand what rates you're likely to be approved for, you'll need to source quotes that are tailored to your actual financial situation. We can help you get personalized quotes from multiple lenders in just a couple of minutes. Use the tools at the top of this page to get started.


Ottawa closing costs

If you’re buying a home in Ottawa, make sure you factor in the closing costs you’ll have to pay. While many of the costs of owning a home can be added to your mortgage and paid off over time, there are some you’ll need to pay up-front, in cash. Be sure to save enough to pay for these costs, in addition to your down payment.

  • Ontario Land Transfer Tax: The Ontario government charges a land transfer tax on all property sales. This will add 0.5% - 2.0% to the purchase price. 
  • Sales tax on mortgage default insurance: Some mortgages require you to pay for mortgage default insurance, also called CMHC insurance. If this is the case, your premiums will be added to your mortgage. The provincial sales tax on your premiums, however, will need to be paid for up-front. Ontario currently charges 8% provincial sales tax (PST) on mortgage default insurance premiums.
  • Legal fees: All property purchases require a real estate lawyer to facilitate the sale, look over the contracts, and make any required changes to the land title. Costs for these services are normally in the hundreds to low thousands of dollars.   

These are just a few of the closing costs you’ll pay when buying a home in Ottawa. Learn more on our closing costs education centre page.

Note: If you’re house-hunting in both Ottawa and Gatineau, remember that land transfer taxes are different in Quebec, with a maximum rate of 1.5%.

Ottawa first-time home buyer rebates

In Ottawa, there is a first-time home buyer rebate of the provincial land transfer tax. The government will rebate up to $4,000 of your land transfer tax if you’re a first-time home buyer.

If you’re looking for a home in either Ottawa or Gatineau, it’s important to know that there are no similar rebates in Quebec. While land transfer taxes in Quebec are lower than they are in Ontario, not receiving a rebate could actually make them more expensive. Learn more about land transfer tax rebates here

Regardless of which side of the river you buy a home, national first-time home buyer programs are still available to everyone, so make sure to check them out if you’re eligible.


  2. CREA
  3. Statistics Canada
  4. Fun World Facts

Jamie David, Director of Marketing and Head of Mortgages

Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio

Want to learn more? Check out our comprehensive education centre


Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.

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