ON
Province Guide
Capital: Toronto
Personal Loans in Ontario
Ontario is Canada's most populous province and its financial hub. Toronto is home to the headquarters of all five major Canadian chartered banks. Ontario borrowers benefit from a highly competitive lending market, but also face Canada's highest real estate prices outside of BC.
14.7M
Population
$873,000
Avg. Home Price
$50,000
Max Personal Loan
60% effective annual rate
Rate Cap
Ontario Lending Regulations & Rules
Regulated by: Financial Services Regulatory Authority of Ontario (FSRA)
- Ontario's land transfer tax ranges from 0.5%–2.5% (Toronto adds its own municipal LTT)
- First-time home buyers in Ontario receive a land transfer tax rebate up to $4,000
- Payday loans in Ontario are capped at $15 per $100 borrowed (2-week term)
- Ontario has the most federally regulated banks and credit unions in Canada
- The Ontario Mortgage Brokerages, Lenders and Administrators Act (MBLAA) governs brokers
Common Loan Types in Ontario
Personal Loans
Mortgages
HELOCs
Auto Loans
Business Loans
Debt Consolidation
Find the best rate in Ontario
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