Mortgage Rates Canada Graph
The most important factor in determining your mortgage rate is your affordability. This is especially true if you’re buying a home in Ontario. The province’s high home prices, low land prices, and population growth make it susceptible to inflation. Because of these issues, the average loan amount in Ontario is expected to rise faster than the national average. But, the best way to find the right mortgage for your situation is to shop around. While the Big 5 banks fund most mortgages in Ontario, there are many non-bank lenders in the province. The Golden Horseshoe and Greater Toronto Area are home to the highest concentration of non-bank lenders. Other non-bank lenders include credit unions, savings and loans, and local bank branches. These factors can affect the cost of living in Ontario. However, it is possible to get a lower rate if you have a higher credit score. The most competitive…