When you’re ready to find a new home or commercial investment, knowledge of mortgage rates in Ottawa should be a top priority. However, that’s a lot of researching and organizing information. Instead of doing the legwork yourself, trust in the Chris Allard Mortgage Team to shop around on your behalf and find you the best available mortgage rate from a lender you can trust.

We are committed to creating customized mortgage solutions that suit your needs and budget. We’ll support you through every step of your journey, helping you focus on finding a property you love.

Find Your Best Mortgage Rate

As mortgage agents, we’re unbiased and we work without ties to any particular lender. That means we can obtain rates on your behalf from a variety of banks, credit unions and mortgage companies along with alternative lending sources, helping you secure a rate that works with your budget.

The rate you qualify for depends on factors like your credit score. In addition, the amount you can offer for a down-payment will determine whether CMHC insurance is required. Our connections with mortgage lenders within Ottawa and elsewhere across Canada mean that we’re able to negotiate great rates on your behalf.

It’s also important to note that mortgage rates vary from coast to coast, and even from city to city. If you’re looking to purchase outside of Ottawa, keep in mind that your mortgage rate might deviate from those found in Ottawa.

family in front of a house

When you’re ready to find a new home or commercial investment, knowledge of mortgage rates in Ottawa should be a top priority. However, that’s a lot of researching and organizing information. Instead of doing the legwork yourself, trust in the Chris Allard Mortgage Team to shop around on your behalf and find you the best available mortgage rate from a lender you can trust.

We are committed to creating customized mortgage solutions that suit your needs and budget. We’ll support you through every step of your journey, helping you focus on finding a property you love.

Find Your Best Mortgage Rate

As mortgage agents, we’re unbiased and we work without ties to any particular lender. That means we can obtain rates on your behalf from a variety of banks, credit unions and mortgage companies along with alternative lending sources, helping you secure a rate that works with your budget.

The rate you qualify for depends on factors like your credit score. In addition, the amount you can offer for a down-payment will determine whether CMHC insurance is required. Our connections with mortgage lenders within Ottawa and elsewhere across Canada mean that we’re able to negotiate great rates on your behalf.

It’s also important to note that mortgage rates vary from coast to coast, and even from city to city. If you’re looking to purchase outside of Ottawa, keep in mind that your mortgage rate might deviate from those found in Ottawa.

Ottawa Housing Market

Ottawa has a fast and ever-growing housing market. As of December 2021, the city was experiencing a seller’s market. Competition for properties is high, with bidding wars and multiple offers becoming more common as we enter the new year.

When you find yourself in a bidding war over a house, condo, or other property you love, knowing you’ve secured a low-interest rate on your mortgage is key. Before you start your house hunt, consult with Chris Allard’s team to obtain pre-approval and secure an ideal rate for your home loan.

Frequently Asked Questions

Our team frequently fields some of the same questions from clients regarding current mortgage rates in Ottawa and techniques we use to find the best rates out there. We’ve answered some of the most common questions asked below:

Throughout the course of 2021, fixed interest rates have fluctuated, with rates expected to rise slightly as the year ends and we enter 2022. These rates are based on the Bank of Canada’s bond yields, which have subsequently fluctuated as well, with the end of December showing yields just slightly above those seen in January 2021 amid strong increases in quarters two and three.

As of December 2021, the Bank of Canada’s interest rates remained steady at 0.25% and are expected to increase in the second or third quarter of 2022. While this number isn’t an exact reflection, it does carry some weight when it comes to prime mortgage rates.

While rates are expected to stay low, borrowers should expect some increase to both variable and fixed rates over what we’ve seen in 2021, with consistent increases throughout 2022 and 2023. This is in part a result of inflation, as well as a reflection of COVID-19’s effects on the Canadian economy.

Mortgage rates in Ontario vary depending on a lot of factors, including whether you select a fixed or variable rate, your mortgage term, and of course, which lender you choose to accept a mortgage from.

As of December 2021, you can typically expect the interest rate on a five-year fixed mortgage to range from 2% to 3%. However, it’s important to remember that borrowers applying for a mortgage from a traditional, best rate lender, including their bank, need to undergo a stress test to ensure they can continue to handle their mortgage payments if interest rates grow over the course of their loan. That means any person or family applying for a new mortgage must be capable of making payments on a loan with an interest rate as high as 5.25%.

Refinancing is a great way to take advantage of lower interest rates when you’re in a financial position to do so. It’s also ideal for consolidating high-interest debt into a lower-cost mortgage loan. Additionally, refinancing is useful for lowering mortgage payments, achieved by the rate reduction. You can also extend the amortization period if you hope to lower your mortgage payments, or refinancing to borrow against equity.

Contact Us

To find out more about Ottawa’s current mortgage rates and the process of applying for a mortgage with the Chris Allard Mortgage Team, contact us today.

Ottawa Housing Market

Ottawa has a fast and ever-growing housing market. As of December 2021, the city was experiencing a seller’s market. Competition for properties is high, with bidding wars and multiple offers becoming more common as we enter the new year.

When you find yourself in a bidding war over a house, condo, or other property you love, knowing you’ve secured a low-interest rate on your mortgage is key. Before you start your house hunt, consult with Chris Allard’s team to obtain pre-approval and secure an ideal rate for your home loan.

Frequently Asked Questions

Our team frequently fields some of the same questions from clients regarding current mortgage rates in Ottawa and techniques we use to find the best rates out there. We’ve answered some of the most common questions asked below:

Throughout the course of 2021, fixed interest rates have fluctuated, with rates expected to rise slightly as the year ends and we enter 2022. These rates are based on the Bank of Canada’s bond yields, which have subsequently fluctuated as well, with the end of December showing yields just slightly above those seen in January 2021 amid strong increases in quarters two and three.

As of December 2021, the Bank of Canada’s interest rates remained steady at 0.25% and are expected to increase in the second or third quarter of 2022. While this number isn’t an exact reflection, it does carry some weight when it comes to prime mortgage rates.

While rates are expected to stay low, borrowers should expect some increase to both variable and fixed rates over what we’ve seen in 2021, with consistent increases throughout 2022 and 2023. This is in part a result of inflation, as well as a reflection of COVID-19’s effects on the Canadian economy.

Mortgage rates in Ontario vary depending on a lot of factors, including whether you select a fixed or variable rate, your mortgage term, and of course, which lender you choose to accept a mortgage from.

As of December 2021, you can typically expect the interest rate on a five-year fixed mortgage to range from 2% to 3%. However, it’s important to remember that borrowers applying for a mortgage from a traditional, best rate lender, including their bank, need to undergo a stress test to ensure they can continue to handle their mortgage payments if interest rates grow over the course of their loan. That means any person or family applying for a new mortgage must be capable of making payments on a loan with an interest rate as high as 5.25%.

Refinancing is a great way to take advantage of lower interest rates when you’re in a financial position to do so. It’s also ideal for consolidating high-interest debt into a lower-cost mortgage loan. Additionally, refinancing is useful for lowering mortgage payments, achieved by the rate reduction. You can also extend the amortization period if you hope to lower your mortgage payments, or refinancing to borrow against equity.

Contact Us

To find out more about Ottawa’s current mortgage rates and the process of applying for a mortgage with the Chris Allard Mortgage Team, contact us today.

family getting a mortgage consult