See what your estimated monthly mortgage payment will be based on the purchase of a home in Canada.
The average home price in Canada for July 2025 was $672,784. This would require a minimum down payment of $42,278. CMHC mortgage default insurance of $25,442 would be added for a total loan of $661,495. Over a 25-year amortization at a mortgage rate of 3.99% the monthly mortgage payment would be $3,476.
5-year term summary:
25-year summary:
One of the most important factors impacting the cost of a home in mortgage rates. Check to see the best mortgage rates to ensure that you know how they will impact your overall mortgage payment.
What are Typical Costs Included in a Mortgage
Your mortgage payment will work to pay down the outstanding mortgage loan you have on your home. Part of this payment will go towards the interest that the lender charges while the other portion will go to pay down the principal. Here are some costs that are included in the typical mortgage payment:
- Principal: This is the original amount of the loan that you borrow to purchase your home. This is the balance that get paid back over the course of the amortization period.
- Interest: The lender will charge interest on the amount of the loan outstanding. Since there is a larger principal balance outstanding initially, your first payments will be more interest heavy with little principal being paid back. Towards the end of your amortization period more principal will be paid back with each payment.
- Mortgage default insurnace (CMHC Insurance): If you are required to purchase mortgage default insurance, you can add the premium onto your principal, which will include this amount in your mortgage payment to be paid back over the life of the mortgage.
How can you Calculate your Monthly Mortgage Payment?
This calculator helps you calculate your monthly mortgage payment and understand how each input impacts your mortgage payment. This calculator takes the purchase price of your home and uses your down payment to see the principal of the loan that you will be required to have. In doing so it will also make sure that you are aware of the minimum down payment you must make.
One of the main factors that impact how much your payment will be is the mortgage rate. In Canada the mortgage rate is usually locked in for a 5-year term and you will be required to get another interest rate multiple times over the amortization period of your mortgage. The two common mortgage rate types are variable rate mortgages and fixed rate mortgages.
It is important to know that a fixed mortgage rate will also change the mortgage calculation as interest is only compounded semi-anually when a fixed mortgage rate is used. This is why it is important to use a Canadian mortgage payment calculator to ensure that you have an accurate estimate for your payment.
What is the average mortgage payment in Canada?
The average mortgage payment in Canada is a key indicator of housing affordability. It reflects the typical monthly cost for homeowners with a mortgage, and is influenced by home prices, down payment size, mortgage rates, and amortization period.
As of Q1 2025, the average monthly mortgage payment in Canada was $2,086, according to the CMHC. However, if you were to buy a home at today’s average price, your payment could be much higher—around $3,476 per month—due to rising home prices and current mortgage interest rates.
Average Mortgage Payment by Province
Mortgage payments vary widely across Canada, with the highest averages in British Columbia and Ontario, and the lowest in Atlantic Canada and Québec.
This variation is driven by differences in regional home prices, local economic conditions, and demand for housing. For example, British Columbia and Ontario have some of the most expensive real estate markets in the country, resulting in higher average mortgage payments. In contrast, provinces like New Brunswick and Newfoundland offer more affordable housing, making homeownership more accessible for many families.
When comparing provinces, it’s important to consider not just the mortgage payment, but also local property taxes, insurance, and utility costs, which can all impact your total monthly housing expenses.
| Province | Mortgage Payment |
|---|---|
| Newfoundland | $1,430 |
| Prince Edward Island | $1,476 |
| Nova Scotia | $1,572 |
| New Brunswick | $1,342 |
| Québec | $1,405 |
| Ontario | $2,526 |
| Manitoba | $1,506 |
| Saskatchewan | $1,893 |
| Alberta | $2,052 |
| British Columbia | $2,721 |
Average Mortgage Payment by City
Major cities see even higher payments, especially in Toronto and Vancouver, where home prices are well above the national average.
Urban centers tend to have higher demand, limited housing supply, and greater competition among buyers, all of which drive up prices and, consequently, mortgage payments. For example, the average mortgage payment in Vancouver is over $3,000 per month, while cities like Québec City and Winnipeg remain much more affordable.
If you’re considering a move, comparing average payments across cities can help you understand where your budget will stretch further and where you may need to plan for higher monthly costs.
| City | Mortgage Payment |
|---|---|
| Halifax | $1,803 |
| Québec City | $1,239 |
| Montréal | $1,781 |
| Ottawa-Gatineau | $1,871 |
| Kingston | $1,897 |
| Peterborough | $2,016 |
| Oshawa | $2,569 |
| Toronto | $2,968 |
| Hamilton | $2,500 |
| Kitchener-Cambridge-Waterloo | $2,356 |
| Brantford | $2,121 |
| Guelph | $2,332 |
| London | $1,969 |
| Windsor | $1,741 |
| Barrie | $2,307 |
| Thunder Bay | $1,532 |
| Winnipeg | $1,525 |
| Regina | $2,368 |
| Saskatoon | $1,677 |
| Calgary | $2,241 |
| Edmonton | $1,814 |
| Vancouver | $3,070 |
Key Takeaway:
Your actual mortgage payment will depend on your home price, down payment, mortgage rate, and amortization. Use our mortgage calculator to get a personalized estimate based on your situation.