What is the typical range of amortization periods for mortgages in Ontario?

The typical range of amortization periods for mortgages in Ontario is commonly between 15 to 30 years, with 30 years being the most prevalent choice among borrowers. An amortization period is the length of time it takes to pay off the mortgage in full through regular payments. A longer amortization period results in lower monthly payments, making homeownership more accessible for many individuals.

While some lenders might offer shorter amortization periods, such as 5 to 10 years or 10 to 15 years, these options are less common and typically appeal to those seeking to pay off their mortgage more quickly. Variations like 30 to 40 years have emerged in some cases, but they are not as widely adopted due to the overall increase in the total interest paid over such extensive periods. Hence, the most standard amortization terms observed in the market tend to be around 15 to 30 years, aligning with general practices in Ontario’s mortgage landscape.