TD Bank Mortgage Rates Ontario

Approximate Best Discretionary TD Mortgage Rates

*These discretionary TD mortgage rates are an assumption based on recent experience, however, your specific rate may be higher or lower. A rate range is provided to reflect the potential differences in rate. Several factors, including mortgage size, time until closing and daily market trends, will affect each borrower’s mortgage rate. These are TD mortgage rates Ontario. All rate offerings are at the expressed discretion of TD Bank.*

Term Best Approximate Rate Range – June 2024
5 Year Fixed 4.99% – 5.29%
3 Year Fixed 5.19% – 5.49%
2 Year Fixed 6.09% – 6.29%

Current TD Floor Mortgage Rates

These floor mortgage rates are discounted off the TD posted rates but do not include potential rate discretion. 120 day rate holds are often based on these rates.


As of July 8, 2024

As of July 8, 2024

Best Rates
Other Details
  • 1 Year Fixed


    Payment: $18,94/mo

    15/15 pre payment
  • 2 Year Fixed


    Payment: $18,94/mo

    15/15 pre payment
  • 3 Year Fixed


    Payment: $18,94/mo

    15/15 pre payment
  • 4 Year Fixed


    Payment: $18,94/mo

    15/15 pre payment
  • 5 Year Fixed


    Payment: $18,94/mo

    15/15 pre payment
  • 10 Year Fixed


    Payment: $18,94/mo

    15/15 pre payment
  • 5 Year Variable


    Payment: $18,94/mo

    15/15 pre payment

Does TD Bank Offer the Best Mortgage Rates?

With extensive experience working with TD Bank mortgages, we have seen them often come through as the most competitive big bank mortgage lenders with Ontario’s best rates. Moreover, we have found it easier to work with TD Bank to obtain the best mortgage rates. However, determining the best rates depends on an individual’s unique situation and needs. While TD Bank’s Ontario mortgage rates are often competitive, the level of competitiveness often rests on additional factors such as: 

Size of the mortgage – TD Bank may offer existing clients discounts and special offers on loans and mortgages.

How much time until closing – The Bank may be able to price their mortgage slightly lower for faster closings.

Assets and creditworthiness – To determine TD mortgage rates, the bank can offer the lowest rate option to clients with secure employment, liquid assets, and highly favourable credit scores. The lowered risk of insolvency and the high probability of repayment translates to the bank’s savings. This lower risk for the bank is passed on to the client as a lower and more favourable mortgage rate.

Unique TD Mortgage Features and Flexibilities

TD Bank’s mortgage products provide many options, from competitive rates to unique features catering to a wide range of preferences and needs. The flexibility in prepayments, payment increases, and other tailored solutions make TD Bank’s mortgage products an excellent choice for borrowers. The borrower must be in good standing with the bank to take advantage of extra features. 

 15% Lump Sum Prepayment/ Extra Payment

Lump sum payments allow clients to pay off their mortgages faster without any penalty. By making up to 15% lump sum pre-payment, the client reduces the mortgage principal significantly while saving substantial amounts of interest over the life of the mortgage. The 15% is based on the original borrowing amount and is not limited to one or two times per year. If there are 12 or 26 mortgage payments in a year, the pre payment can be made on any or all of these occasions as long as it doesn’t exceed 15% of the original mortgage approval amount in that year. 

If the pre payment is exceeded, standard penalties will begin to apply.

15% Increase in Payment

15% increases in mortgage payment are permitted. This customized option empowers clients to control or gradually increase the regular payment to align with salary increases throughout the life of the mortgage.By increasing the monthly regular mortgage payment, the client reduces the principal owing and pays off the mortgage more quickly overtime.

Double Up Payment (100% payment increase)

By doubling up mortgage payments from time to time, the repayment process is accelerated, reducing the mortgage balance and increasing the amount of equity much faster.

Home Equity Line of Credit – HELOC

A home equity line of credit provides clients with available equity where funds can be used instead of high interest credit card, and can be paid back any time. This is a highly flexible borrowing option can be used to meet various financial needs.


The skip-a-payment option can be used during unexpected and temporary financial situations. Skipping a mortgage payment can help when the borrower faces an unexpected expense or a loss of income.

Fixed Rate Mortgages

Fixed rate mortgages remain the same throughout the term and do not fluctuate. TD offers 1 to 10 year fixed terms. A range of terms available allows clients to align the term to their financial goals. Fixed rate mortgages are available for purchases, renewals and refinances. Speak with a TD branch representative or mortgage broker and you’ll be able to access competitive TD mortgage rates.

Variable Rate Mortgages

TD’s variable rate mortgages fluctuate with the Bank of Canada‘s prime interest rate. If there is an increase to the variable rate borrowers will notice the variable rate payment does not always increase until the mortgage trigger rate is met. 

Clients who wish to convert from a variable to a fixed term are provided with this flexible conversion option if the mortgage is in good standing. Converting allows clients to maintain a static principal and interest payment in the event that rates increase with the Bank of Canada’s prime rate.

Mortgages for Ontario Self-Employed Business Owners

TD offers a self employed/ business for self CMHC insured mortgage product for Ontario clients and across the country. There is typically a two-year minimum of business income requirement. However, exceptions have been made to this. This product is available in variable and fixed terms for purchases and purchase plus improvement products. The product can be a new construction or a resell with a maximum purchase price of $999,999.

Clients will need a minimum of 10% down payment, with 5% of the down payment coming from their own resources, and the other 5% can be gifted from immediate family members in addition to the downpayment, the client will be required to show a minimum of 1.5% of the purchase price for closing costs and this is a requirement to have been sourced from the borrowers own resources except for Alberta, where the closing cost amount needed is .05% of the home purchase price.

This product is for owner occupied homes only, and clients must be citizens and residents of Canada. Non-residents and temporary residents are ineligible for this product. Rental properties are excluded, as well as recreational, Cottage properties, leased land and second homes.

Business for Self Mortgages – using 20% or more Down Payment

TD Bank products include a business-for-self mortgage with more than 20% down payment. When more than 20% downpayment is used TD expands their mortgage product availability from only owner occupied to include rental properties and refinances.

The down payment used for purchases must come from their own resources and cannot be borrowed, except gifts from immediate family members. Immediate family members include grandparents, parents and siblings.  In addition to down payment closing costs or 1.5% of the purchase price must be available and coming from the client’s own resources. To be eligible for this product, the client should have two years minimum of business for self, but there may be exceptions to this. This, with past bankruptcies, is not currently eligible for this product.

TD New to Canada Mortgage Program – Insured

Customers who have immigrated to Canada recently, may be eligible for a mortgage under the TD Bank new to Canada mortgage program. The insured stream is for customers using less than 20% down payment. Here, the mortgage is insured with default insurance provided by the default mortgage insurers, such as the CMHC. The premium is included in the mortgage balance and as a result, can lower the amount of mortgage a client can be approved for. The benefit being these clients are provided a path to homeownership using less than 20% down payment. 

With the TD new to Canada program, clients must show proof of down payment being sourced from own savings such as investments, GICS and employment income. Down payment funds may come from overseas, but a track record of these funds are required per mortgage industry regulators. Immediate family gifts are permitted, too. 

In addition to down payment clients are also required to show proof of availability for closing costs. Closing costs are estimated to be at 1.5% of the purchase price. Here is an example Of how down payment and closing costs are calculated on a $500,000 purchase: Clients are required to show 1.5% of the purchase price, which amounts to $7500 and a minimum of 5% down payment, which amounts to $25,000 for a total of $32,500 available for down payment and closing costs at the time of closing.

New to Canada TD Mortgage – Conventional – Non Insured

The new to Canada TD mortgage conventional program applies to New Canada permanent residents or residents of Canada with landed immigrant status. 

Please be mindful that non permanent Canadian residents may be subject to a foreign ownership tax of 15% of the purchase price.

This TD mortgage program allows new Canada residents a path to purchase owner-occupied, rental properties, cottages, second properties, new construction and resale properties, as well as refinance products. A higher down payment amount is required from one’s sources.  Along with confirmation of liquid assets to cover a portion of the mortgage payment. Clients may not use gifted funds for rentals, and all down payments and availability of liquid assets must come from personal sources – gifted or borrowed funds are not permitted. Examples of liquid assets are cash and stocks, easily liquidated into cash.

How does TD Bank support Ontario’s Communities?

TD Bank reaches beyond its financial engagement and extends its reach to Ontario’s community through its environmental stewardship programs, investing in education and promoting financial literacy.

Environmental Stewardship and TD Bank

Through the TD Friends of the Environment Foundation, the bank helps by providing some funding to local environmental projects throughout Ontario. These range from community gardens tree planting campaigns and extend into an educational program that helps foster ecological awareness. In addition to its community stewardship engagement operation, the bank focuses on its carbon footprint and aims to reduce its carbon emissions throughout the province through its retail and corporate branches.

Supporting Ontario’s underprivileged through education

TD Bank has continuously supported Ontario’s youth by investing in various educational activities and initiatives by providing scholarships and support for underprivileged schools throughout Ontario. Scholarship programs established in collaboration with Ontario colleges and universities are designed to support students from underrepresented or economically disadvantaged backgrounds.

These open doors to higher education where they might otherwise remain closed. TD Bank ensures that the scholarships reach students who would benefit the most by applying a targeted approach. This includes support for marginalized and special needs populations, new immigrants, and indigenous communities.

TD Bank promotes financial literacy

Financial literacy is a crucial component in determining successful future outcomes around personal finance. In recognition of this TD Bank partners with schools and nonprofits across Ontario which provides education to youth on how to manage money, and create a budget and different available savings vehicles ie TFSA’s and  RRSP’s. In addition to hosting workshops and providing online resources, and collaborating with community groups to assist and reach various demographics throughout Ontario.