Fixed vs Variable Ontario. Which Saves More?
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Today's Best Fixed & Variable Mortgage Rates — Ontario
5-Year Fixed
Best Available OAC
4.04% per year
- Payment certainty for 5 years
- 120-day rate hold available
- Best for risk-averse buyers
5-Year Variable
Prime Tracker OAC
4.20% per year
- Adjustable with Bank of Canada rate
- Historically saves vs fixed over time
- Open to convert to fixed anytime
3-Year Fixed
Shorter Commitment
4.14% per year
- Lower penalty if you break early
- Good for expected major life changes
- Re-qualify at lower rate in 3 years
Rates & Approvals: All mortgage approvals are subject to lender conditions and underwriting review. Rates shown are for illustrative purposes only, subject to change without notice, and may vary depending on credit profile, income type, property type, and LTV. Not all applicants will qualify for the lowest advertised rates.
From Rate Comparison to Locked Rate — Your Complete Roadmap
Rate Strategy Call
Tell us your mortgage amount, timeline, and income. In 15 minutes we'll tell you the real fixed vs variable spread across 50+ lenders.
Side-by-Side Comparison
We pull the top fixed and variable rates for your application — monthly payments, total interest, break-even, and penalty scenarios in writing.
Break-Even + Cash Flow Analysis
We model exactly when variable costs more than fixed under different rate scenarios, and stress-test your monthly budget.
Rate Hold Secured
We lock in your best rate (fixed or variable) for up to 120 days at no cost. Protected while your purchase closes.
Application + Approval
We submit to the best-fit lender and manage all documentation. Most clients get conditional approval within 24–48 hours.
Closing & Beyond
We coordinate with your lawyer for smooth closing. 90 days before renewal, we reach out proactively.
Why Ontario Borrowers Trust Us to Choose the Right Rate Type
50+ Lenders, Side-by-Side Comparison
We pull the best fixed AND variable rates from over 50 Ontario lenders and model them against your specific income, property, and timeline.
Fixed vs Variable Break-Even Modelling
We calculate the exact rate threshold where variable beats fixed for your mortgage. Actual dollar numbers — no guessing.
Cash Flow Stress Testing
Before recommending variable, we stress-test your monthly cash flow at +1%, +2%, +3% rate scenarios.
Rate Holds Up to 120 Days
We lock in your best rate for up to 120 days at no cost. If rates fall, we re-apply at the lower rate.
Renewal Rate Strategy
Coming up for renewal? We analyze whether switching lender types or changing terms makes the most sense.
FSRA Licensed Brokerage #13763
Regulated by the Financial Services Regulatory Authority of Ontario. We are legally required to act in your best interest.
5.0 on Google
Verified reviews
48h
typical turnaround
50+
lenders compared
Six things that move your number more than the headline does.
Two borrowers can walk into the same lender on the same day and be quoted very differently. These are the inputs that decide which of you gets which number.
Insured vs. uninsured
A mortgage with default insurance carries less lender risk, so it generally prices below an uninsured one. Insurance is required under 20% down, and homes at $1.5M or more can't be insured at all.
Credit profile
Most A-lenders want a score in the low 600s or better for their standard pricing; the sharpest pricing tiers generally sit higher. Below that, alternative and private lenders price differently.
Loan-to-value
How much you're borrowing against the property's value. It sets the lender tier you qualify for, and it often moves pricing within a tier too.
Income type
Salaried T4 income is the simplest to document. Self-employed, commission and rental income can still qualify at A-lender pricing, but the documentation path is different.
Property and occupancy
Owner-occupied, rental, second home, rural, condo, multi-unit, each carries its own lender appetite and its own pricing.
Term and rate type
Fixed follows Government of Canada bond yields. Variable follows bank prime, which moves with the Bank of Canada. Shorter terms and longer terms rarely price the same.
Not sure which tier your file lands in?
That's the first thing we check, before any number is quoted.
Our Commitments to You
Best Rate Commitment
We shop 50+ lenders to find you the lowest rate. If you find a better rate for the same terms elsewhere, we'll match it or beat it.
Rate Hold Commitment
We lock your rate for up to 120 days. If rates fall before you close, we re-apply at the lower rate automatically.
No Hidden Fee Commitment
Every cost is disclosed in writing before you sign. Our brokerage fee is paid by the lender — not by you.
Full Comparison Commitment
We model both fixed AND variable for every client — you always see both sides before deciding.
Renewal Outreach Commitment
90 days before your renewal date, we reach out proactively so you're never auto-renewed into a bad rate.
Plain English Commitment
We explain every term, rate, spread, and penalty in plain language. You make a confident decision, not an anxious guess.
Zero Risk — Expert Rate Guidance
Fully regulated Ontario mortgage brokerage. Our advice is legally required to act in your best interest.
Every rate, spread, penalty, and lender restriction is disclosed before you commit.
Our rate comparison is lender-paid. Walk away — zero fees, zero penalties, zero pressure.
Your information stays confidential throughout the process. Never shared without consent.
What Ontario Homeowners Say About Our Rate Strategy
5.0/5 average rating on Google
“Damien Atapattu made my mortgage process completely stress‑free. He prepared all documents ahead of time and clearly understands lender, lawyer, and appraisal requirements. A friendly, energetic professional who gets results.”
Aruna Bandaranayake
Google review · 5 mo ago
“Highly recommend! Damien took a lot of time to explain the terms thoroughly. He is very knowledgeable and trustworthy. Looking forward to working with him again!”
Tommy Ravindran
Google review · 6 mo ago
“Shamal was amazing throughout the whole process. He is very helpful, knowledgeable and patient. If you need a good reliable mortgage broker he is the guy! He will find you the best solution.”
Avy Loc
Google review · 7 mo ago
“Highly recommend. Damien was excellent throughout everything. Walking us through everything step by step. He was extremely well prepared and well versed in everything we needed to get a mortgage at a great rate.”
John Abraham
Google review · 7 mo ago
“I had a great experience working with Damien. He helped me secure a very competitive mortgage rate through Scotiabank and made the entire process smooth and stress-free. He was knowledgeable, transparent, and always quick to respond to my questions. I highly recommend him.”
Rz
Google review · 7 mo ago
“I approached lendsimpl for some financing and was amazed at the quality and time frame of service. Within a matter of days my deal was completed. Thanks to Damien and the team for expediting my business so efficiently. I highly recommend them for your financing needs. Five stars from us.”
Sunrise Meadows
Google review · 10 mo ago
More Ontario mortgage resources
Fixed vs Variable Mortgage Ontario — FAQs
Answers to common questions about Fixed vs Variable Mortgage Ontario, from lendsimpl — Ontario's FSRA-licensed mortgage brokerage (#13763).
Have a question we didn't answer?
Our licensed broker team is happy to help.
It depends on your situation. Fixed rates give you payment certainty. Variable rates can start lower but move with prime. We compare current options for your file and walk through a break-even analysis before you decide. Call (416) 299-6096 to talk it through. FSRA #13763.
Choosing the wrong rate type on a $600,000 mortgage can cost thousands of dollars over a 5-year term, depending on how rates move and how long you keep the mortgage. A proper break-even analysis before you decide eliminates most of this risk.
The break-even is the rate level at which the variable mortgage costs the same as the fixed over your term. We calculate this exact threshold for your mortgage and provide it.
A prime tracker is a variable-rate mortgage where your rate adjusts with your lender's prime rate, which follows the Bank of Canada policy rate. Most prime trackers are structured as prime minus or plus a fixed spread.
Yes. Most variable-rate mortgages allow you to convert to a fixed rate at any time without penalty. The caveat: the conversion rate may not be as competitive as re-qualifying with a new lender.
If you have an adjustable-rate variable mortgage (ARM), your payment rises immediately when prime rises. We explain which structure your lender offers before you choose.
A rate hold locks in a rate for up to 120 days with many lenders. lendsimpl manages rate holds across 50+ lenders at no cost to you.
Breaking a fixed mortgage early typically costs the higher of 3 months' interest or the IRD penalty, which can run into the tens of thousands of dollars on larger mortgages. This is a major reason to model penalty risk before choosing fixed vs variable.
Still have questions?
Straight answers, no pressure.
lendsimpl compares fixed and variable mortgage rates for borrowers across Ontario — from the Greater Toronto Area to Hamilton, Ottawa, London, Kingston, Barrie, and beyond.
Legal
Important Disclosures
Rates & Approvals
All mortgage approvals are subject to lender conditions and underwriting review. Rates shown are for illustrative purposes only, subject to change without notice, and may vary depending on credit profile, income type, property type, and LTV. Not all applicants will qualify for the lowest advertised rates.
FSRA Licensed Brokerage
lendsimpl is a licensed mortgage brokerage (FSRA #13763), operating under the Mortgage Architects network. All lending is subject to applicable provincial regulations and industry guidelines.
Rates and information current as of June 2026. Always confirm rates and program eligibility directly with your licensed mortgage broker.
Stop Guessing.
A 15-minute call gives you a full comparison — fixed vs variable, break-even, and rate hold in writing. No pressure.
Fixed vs Variable
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