Elliot Lake residents — compare top Canadian banks for savings rates, no-fee chequing, and mortgage options. Elliot Lake was built on uranium mining and is now a retirement destination in Algoma.
Population ~11,000 · Updated 2025Rates and features as of 2025. Always verify directly with the institution.
Elliot Lake buyers pay Ontario LTT only — no municipal land transfer tax applies here.
Rates: 0.5% ≤$55K · 1.0% $55K–$250K · 1.5% $250K–$400K · 2.0% $400K–$2M · 2.5% above $2M. FTB rebate: full ($4,000) if price ≤$368,000, partial up to $400,000, zero above $400,000.
Local answers for Elliot Lake home buyers and savers.
Elliot Lake is known for very affordable housing, with many properties priced between $100,000 and $220,000 — among the lowest in Ontario. First-time buyers almost certainly receive the full Ontario FTB rebate.
No. There is no municipal LTT in Elliot Lake. Only the provincial Ontario LTT applies when purchasing property.
Elliot Lake is a smaller community with limited branch options. Some residents bank in Sudbury or Sault Ste. Marie. Digital banks like KOHO and EQ Bank are ideal for residents who prefer online banking without driving to a branch.
EQ Bank offers 3.75% on its Savings Plus Account with no monthly fees — ideal for retirees on a fixed income who want to grow savings without high banking costs or the need to visit a branch.