Variable-rate mortgages and lines of credit
Your rate follows prime, so it rose 0.25 points. That's about $21 more a month in interest for every $100,000 you owe.
What would it cost?
Your monthly payment, the cash you need on closing day, and the Burlington neighbourhoods that fit your budget.
Monthly payment
$3,843
on a $680,640 mortgage at 4.7% over 25 years
| Down payment (20%) | $170,160 |
|---|---|
| Ontario land transfer tax | $13,491 |
| First-time buyer rebate | −$4,000 |
| Down payment and taxes | $179,651 |
| Lawyer, title insurance and adjustments (about) | $2,500 |
| Home inspection (about) | $550 |
| Movers (about) | $1,500 |
| Cash to have ready | $184,201 |
First-time buyer help
Each buyer can put up to $40,000 from a First Home Savings Account and $60,000 from an RRSP through the Home Buyers' Plan toward the down payment. The land transfer tax refund is already counted above.
On a new home at this price, the federal first-time buyer GST rebate could be about $42,540. Ontario has announced HST relief on new homes too. Ask the builder whether the price already counts these.
| Mortgage payment | $3,843 |
|---|---|
| Property tax (estimate) | $432 |
| Heating | $120 |
| Hydro | $130 |
| Water and wastewater | $85 |
| Home insurance | $150 |
| Repairs fund (1% of price a year) | $709 |
| Total per month | $5,469 |
Add your household income under "Full monthly budget and can I qualify?" to see whether a lender would likely approve this mortgage.
Property tax estimate: Burlington's 2026 residential rate (1.015%) on an assessed value of about 60% of the price, because MPAC still assesses homes at 2016 values. Your bill depends on the home's actual assessment, shown on the listing or MPAC's AboutMyProperty. Qualifying uses CMHC's limits; each lender has its own rules. A planning estimate, not a mortgage approval or advice.
What $850,800 buys
Neighbourhoods where the typical home fits this price
Typical price is the MLS® Home Price Index benchmark for all home types. Condos and townhouses cost less, so check each neighbourhood's prices by home type.
Rates · as of November 4, 2026
The Bank of Canada raised its key rate to 2.50%
On October 28 the Bank of Canada raised its policy rate by a quarter point, from 2.25% to 2.50%. Banks moved their prime rate up the same amount, to 4.70%.
- Bank of Canada rate
- 2.50%
- Up 0.25 on October 28
- Prime rate
- 4.70%
- Was 4.45%
- 5-year fixed, posted
- 6.19%
- Banks' posted rate. Most borrowers are offered less.
- Next rate decision
- December 9, 2026
What the change means per month
Prime went from 4.45% to 4.70%. Here's the difference for a variable-rate mortgage or a line of credit.
| You owe | Variable mortgage payment25 years left | Line of credit interest |
|---|---|---|
| $300,000 | +$42 a month | +$62 a month |
| $500,000 | +$70 a month | +$104 a month |
| $750,000 | +$105 a month | +$156 a month |
With most big-bank variable mortgages the payment stays the same and more of it goes to interest, so you pay the mortgage off more slowly instead. Fixed-rate mortgages don't change until you renew.
Fixed-rate mortgages
Nothing changes until you renew. If you renew in the next year, see what your new payment could be and start comparing offers early.
Renewal calculatorBuyers
Each quarter point trims what a given monthly payment can borrow. Run your numbers in the calculator before you shop.
Markets this week · as of November 6, 2026
The numbers that move mortgage rates
- 5-year Government of Canada bond yield 3.39% Down from 3.58% a week earlier (Nov 5) Five-year fixed mortgage rates tend to follow this yield. A drop like this can show up as lower fixed offers within a few weeks. Source: Bank of Canada
- Canadian dollar 70.9¢ US Down from 71.6¢ a week earlier (Nov 6) A weaker dollar makes imports cost more, which feeds inflation. Inflation is what the Bank of Canada watches when it sets rates. Source: Bank of Canada
- Gas, Toronto-area average 167.9¢/L Down 11 cents, lowest since August 9 (Nov 4) Fuel is a big piece of inflation. Cheaper gas helps keep inflation, and pressure on rates, lower. Source: CP24 (Canadians for Affordable Energy)
- Crude oil US$90.52 Up US$2.40 on the day (Nov 5) Oil sets the direction for gas and home heating costs a few weeks out. Source: The Canadian Press via BNN Bloomberg
- Toronto stock market (S&P/TSX) 35,605 Down 736 points on the day (Nov 5) Many buyers hold part of their down payment in investments. Big swings can change how ready people feel to buy or sell. Source: The Canadian Press via BNN Bloomberg
- U.S. stock market (S&P 500) 7,354 Down 335 points on the day (Nov 5) Canadian stocks and bond yields often move with U.S. markets, so a big U.S. swing can ripple into Canadian mortgage rates. Source: The Canadian Press via BNN Bloomberg
- U.S. tech stocks (Nasdaq) 24,315 Down 1,422 points on the day (Nov 5) The Nasdaq is heavy in tech. Many Canadians hold these stocks in RRSPs and TFSAs, often money set aside for a down payment. Source: The Canadian Press via BNN Bloomberg
Updated weekly. General information, not financial or mortgage advice.
This calculator gives estimates for planning, not a mortgage approval or advice. Insurance premiums use the standard rates for down payments under 20%, plus 0.20% on 30-year amortizations. Your lender or mortgage broker will confirm what you qualify for. Want a second opinion on a budget? Ask me.