Estimate your monthly mortgage payment based on Toronto home prices. Toronto is Canada’s largest city and most expensive housing market in Ontario, with average home prices exceeding $1,000,000. Understanding your full costs — including Toronto’s double land transfer tax — is essential for financial planning.
The average home price in Toronto is approximately $1,065,000. With 20% down ($213,000), the mortgage would be $852,000. At a 4.25% interest rate over 25 years, the monthly mortgage payment would be $4,598.
5-year term summary:
25-year summary:
Toronto mortgage payment examples
Here are estimated monthly payments at typical Toronto price points, assuming 25-year amortization:
| Home Price | Down Payment | Mortgage Amount | Monthly at 4% | Monthly at 5% | Monthly at 6% |
|---|---|---|---|---|---|
| $600,000 | $70,000 | $546,430* | $2,874 | $3,178 | $3,496 |
| $750,000 | $100,000 | $670,150* | $3,525 | $3,898 | $4,288 |
| $900,000 | $115,000 | $809,335* | $4,257 | $4,707 | $5,178 |
| $1,000,000 | $200,000 | $800,000 | $4,208 | $4,653 | $5,118 |
| $1,065,000 | $213,000 | $852,000 | $4,482 | $4,955 | $5,451 |
| $1,300,000 | $260,000 | $1,040,000 | $5,471 | $6,049 | $6,654 |
| $1,500,000 | $300,000 | $1,200,000 | $6,312 | $6,979 | $7,678 |
Includes CMHC insurance for down payments less than 20%.
Toronto’s double land transfer tax
Toronto is the only city in Canada that charges its own municipal land transfer tax (MLTT) on top of the provincial Ontario LTT. This makes closing costs in Toronto significantly higher than anywhere else in the country.
Provincial Ontario LTT + Toronto MLTT combined
| Purchase Price | Ontario LTT | Toronto MLTT | Total LTT |
|---|---|---|---|
| $500,000 | $6,475 | $6,475 | $12,950 |
| $750,000 | $11,475 | $11,475 | $22,950 |
| $1,000,000 | $16,475 | $16,475 | $32,950 |
| $1,200,000 | $20,475 | $20,475 | $40,950 |
| $1,500,000 | $26,475 | $26,475 | $52,950 |
For detailed calculations, use the Toronto Land Transfer Tax Calculator.
First-time buyer rebates in Toronto
First-time homebuyers in Toronto can receive two separate rebates:
- Ontario LTT rebate — Up to $4,000 (covers full LTT on homes up to $368,000)
- Toronto MLTT rebate — Up to $4,475 (covers full MLTT on homes up to $400,000)
Combined, first-time buyers save up to $8,475 — a meaningful reduction, though it still leaves substantial tax owing on Toronto-priced homes. On a $1,000,000 home, a first-time buyer would still owe $24,475 in total LTT.
Toronto closing costs breakdown
Toronto has the highest closing costs of any Canadian city. Here’s a detailed breakdown on a $1,000,000 home:
| Cost | Amount |
|---|---|
| Ontario Land Transfer Tax | $16,475 |
| Toronto Municipal Land Transfer Tax | $16,475 |
| First-time buyer LTT rebate (if eligible) | -$8,475 |
| Legal fees | $2,000 – $3,000 |
| Home inspection | $400 – $600 |
| Title insurance | $300 – $500 |
| Property tax adjustment | $1,000 – $3,000 |
| Appraisal (if required) | $300 – $500 |
| Total (non-first-time buyer) | $36,950 – $40,550 |
| Total (first-time buyer) | $28,475 – $32,075 |
Toronto property taxes
Toronto’s property tax rate has risen sharply since 2022 (from 0.63% to 0.77% in 2026) and is now close to Mississauga’s, though it remains lower than most other Ontario cities thanks to Toronto’s higher home values. Because home values are so high, the dollar amount can still be substantial:
| Home Price | Annual Property Tax | Monthly Equivalent |
|---|---|---|
| $600,000 | $4,620 | $385 |
| $800,000 | $6,160 | $513 |
| $1,000,000 | $7,700 | $642 |
| $1,200,000 | $9,240 | $770 |
| $1,500,000 | $11,550 | $963 |
Toronto housing cost breakdown
| Cost Category | Typical Monthly Range |
|---|---|
| Mortgage payment (on average home) | $4,400 – $4,800 |
| Property taxes | $500 – $700 |
| Home insurance | $120 – $225 |
| Utilities & heating | $200 – $400 |
| Maintenance (1% of value/year) | $888 |
| Condo fees (if applicable) | $400 – $900 |
Total estimated for detached home: $6,108 – $7,013 Total estimated for condo: $5,620 – $7,113
Toronto housing market by property type
Understanding pricing by property type helps you plan:
| Property Type | Average Price | Monthly Payment (20% down, 4.25%) |
|---|---|---|
| Detached house | ~$1,400,000 | $6,044 |
| Semi-detached | ~$1,050,000 | $4,533 |
| Townhouse | ~$850,000 | $3,670 |
| Condo apartment | ~$650,000 | $2,806 |
Condos offer the most affordable entry point into the Toronto market, though monthly condo fees ($400–$900) need to be factored in.
Toronto-specific homebuyer strategies
- Consider the 905 region — Cities like Hamilton, Oshawa, and Barrie offer significantly lower prices while maintaining transit access to Toronto. Save $200,000–$500,000 on purchase price.
- First-time buyer advantage — Maximize the combined $8,475 LTT rebate, plus federal FHSA ($40,000 tax-free savings) and HBP ($60,000 RRSP withdrawal).
- Condo as entry point — A $650,000 condo requires only $32,500 (5%) down vs. $280,000 (20%) for a $1,400,000 detached home.
- Pre-construction — Can offer lower entry prices and time to save for closing costs, though now subject to HST.
- Variable rate consideration — With Toronto’s high mortgage amounts, even small rate differences translate to hundreds per month.
Related calculators
- Ontario Land Transfer Tax Calculator — Calculate Ontario LTT + Toronto MLTT
- Ontario Mortgage Calculator — Provincial overview
- Toronto Housing Market Report — Latest Toronto home prices
- Mortgage Affordability Calculator — How much house can you afford?
- Mortgage Stress Test Calculator — Do you qualify?
- Closing Costs Calculator — Full closing cost estimate
- CMHC Mortgage Insurance Calculator — Estimate your premium