Estimate your monthly mortgage payment based on Ontario home prices. Ontario is Canada’s most populous province and has the second-highest average home prices in the country after British Columbia, with significant variation between the Greater Toronto Area and other regions.
The average home price in Ontario is $778,102. With a minimum down payment of $52,810 and CMHC insurance, the total mortgage would be approximately $748,459. At a 4.25% interest rate over 25 years, the monthly mortgage payment would be $4,048.
5-year term summary:
25-year summary:
Ontario mortgage payment examples
Here are estimated monthly payments at different price points typical for Ontario, assuming 10% down, CMHC insurance included, and 25-year amortization:
| Home Price | Down Payment | Mortgage + CMHC | Monthly at 4% | Monthly at 5% | Monthly at 6% |
|---|---|---|---|---|---|
| $400,000 | $40,000 | $371,160 | $1,956 | $2,168 | $2,389 |
| $500,000 | $50,000 | $463,950 | $2,445 | $2,710 | $2,987 |
| $600,000 | $70,000 | $546,430 | $2,879 | $3,191 | $3,517 |
| $778,102 | $77,810 | $722,101 | $3,805 | $4,219 | $4,649 |
| $900,000 | $115,000 | $809,350 | $4,265 | $4,728 | $5,210 |
| $1,000,000 | $200,000 | $800,000 | $4,215 | $4,673 | $5,149 |
| $1,200,000 | $240,000 | $960,000 | $5,058 | $5,607 | $6,179 |
Figures are approximate. Use the calculator above for an exact estimate based on your situation.
Ontario land transfer tax
Ontario’s land transfer tax is one of the largest closing costs when buying a home. It uses a progressive tiered system:
| Purchase Price Bracket | Marginal Rate |
|---|---|
| First $55,000 | 0.5% |
| $55,001 – $250,000 | 1.0% |
| $250,001 – $400,000 | 1.5% |
| $400,001 – $2,000,000 | 2.0% |
| Over $2,000,000 | 2.5% |
Example: On a $778,102 home in Ontario, the land transfer tax would be approximately $12,212.
First-time homebuyer rebate
First-time buyers in Ontario can receive a rebate of up to $4,000 on the provincial LTT. This fully covers the tax on homes up to $368,000. For homes above that threshold, you receive the maximum $4,000 rebate and pay the remaining balance.
Toronto Municipal Land Transfer Tax
If you’re buying in Toronto, an additional municipal land transfer tax (MLTT) applies on top of the provincial LTT. The Toronto MLTT uses a similar tiered structure, and first-time buyers can receive an additional rebate of up to $4,475. This means buying in Toronto can add $10,000–$20,000+ in extra closing costs compared to other Ontario cities.
Ontario property tax rates
Property tax rates vary significantly across Ontario municipalities. Here are typical rates for major cities:
| Municipality | Approximate Tax Rate | Annual Tax on $600,000 Home |
|---|---|---|
| Toronto | 0.67% | $4,020 |
| Ottawa | 1.07% | $6,420 |
| Mississauga | 0.84% | $5,040 |
| Hamilton | 1.26% | $7,560 |
| London | 1.34% | $8,040 |
| Kitchener | 1.14% | $6,840 |
| Windsor | 1.78% | $10,680 |
| Barrie | 1.10% | $6,600 |
Toronto has one of the lowest property tax rates in Ontario, but the higher home prices mean the dollar amount can still be substantial. When budgeting for your mortgage, add your monthly property tax ($335–$890/month for a $600,000 home depending on municipality) to your mortgage payment for a complete picture.
Ontario housing cost breakdown
When buying a home in Ontario, your total monthly housing costs go beyond the mortgage payment:
| Cost Category | Typical Monthly Range |
|---|---|
| Mortgage payment (on average home) | $3,800 – $4,200 |
| Property taxes | $335 – $890 |
| Home insurance | $100 – $200 |
| Utilities & heating | $200 – $400 |
| Maintenance (1% of value/year) | $500 – $650 |
| Condo fees (if applicable) | $300 – $800 |
Total estimated monthly cost: $4,935 – $6,340 (non-condo) or $5,235 – $7,140 (condo)
Ontario-specific homebuyer programs
In addition to federal first-time buyer programs, Ontario offers:
- Ontario Land Transfer Tax Rebate — Up to $4,000 for first-time buyers
- Toronto MLTT Rebate — Up to $4,475 for first-time buyers in Toronto
- Ontario Home Ownership Savings Plan — Historical program (now closed, but FHSA serves a similar purpose)
- First Home Savings Account (FHSA) — Save up to $40,000 tax-free for a down payment. See the FHSA calculator.
- RRSP Home Buyers’ Plan — Withdraw up to $60,000 from your RRSP ($120,000 per couple) interest-free for a down payment.
Ontario mortgage rates
Mortgage rates in Ontario are generally in line with national averages. Current Ontario mortgage rates are available from major banks and brokers. Shopping around can save you 0.25%–0.50% or more, which on a $700,000 mortgage translates to $100–$200/month in savings.
The mortgage stress test requires you to qualify at the higher of 5.25% or your contract rate plus 2%, regardless of whether you choose fixed or variable.
Ontario housing market overview
Ontario’s real estate market varies dramatically by region:
- Greater Toronto Area (GTA) — The most expensive market, with average prices above $1,000,000 for detached homes. Condos provide a more affordable entry point at $600,000–$700,000.
- Ottawa — More moderate pricing around $600,000–$650,000 with a stable government-driven economy.
- Hamilton / Kitchener-Waterloo — Growing tech and manufacturing hubs with average prices of $650,000–$750,000.
- London / Windsor — More affordable options at $400,000–$550,000, attracting buyers priced out of the GTA.
- Northern Ontario — The most affordable region, with average prices around $350,000–$400,000.
For the latest data, see the Ontario housing market report.
Related calculators
- Ontario Land Transfer Tax Calculator — Calculate your Ontario LTT including Toronto MLTT
- Ontario Housing Market Report — Latest Ontario home prices and trends
- Toronto Mortgage Calculator — Calculate payments at Toronto home prices
- Mortgage Affordability Calculator — How much house can you afford?
- Mortgage Down Payment Calculator — Calculate your minimum down payment
- Closing Costs Calculator — Estimate all purchase costs
- CMHC Mortgage Insurance Calculator — Estimate your insurance premium
- Mortgage Stress Test Calculator — Check if you qualify