Average Mortgage Payment in Canada (2026): By Province and City

No agency publishes a monthly “average mortgage payment” for each province, so this page works it out: the payment on an average-priced home in each province and in Canada’s larger cities, at the rates lenders were charging on new mortgages. Each figure is recomputed whenever the price or rate data is updated.

How the payments are calculated

• Home prices: the latest provincial and board figures (August 2026 for most provinces). An average is the total value of homes sold divided by the number of sales, so it moves with the mix of homes that sold that month.
• Rates: the Bank of Canada’s average rate on new fixed mortgages of 5 years and over funded in July 2026: 4.49% on uninsured loans (20% or more down) and 4.05% on insured loans (less than 20% down). Current offers are on the mortgage rates page.
• Amortization: 25 years, monthly payments, compounded semi-annually, the way Canadian fixed-rate mortgages are quoted.
• Minimum down payment: The minimum down payment is 5% of the first $500,000 and 10% of the rest for homes under $1.5 million, and 20% at $1.5 million or more. Below 20% down, the CMHC premium is added to the loan, and that column includes it.

The payment covers principal and interest only. Property tax, home insurance, heat and condo fees come on top; the monthly cost of owning a home adds them up.

Average mortgage payment by province

Manitoba’s figure is for July 2026, its latest provincial release; the national average is CREA’s for August 2026. Each province name links to its mortgage calculator, where you can enter your own price, down payment and rate.

Two things separate the payment columns. With the minimum down payment the loan is larger and carries the CMHC premium, which raises the payment, while insured mortgages carry a lower average rate, which lowers it.

Average mortgage payment by city

City boards publish different measures. Some give an average sale price, others only the MLS Home Price Index benchmark, which is the price of a typical home rather than an average. The table says which one each row uses.

Each city’s month is beside its price measure; boards publish on different dates. Greater Vancouver is the Greater Vancouver REALTORS area, the Toronto row is TRREB’s whole market (the City of Toronto’s own benchmark is on the Toronto mortgage calculator), and Montreal is the census metropolitan area. For other cities, the province calculators above take any price.

What moves the payment up or down

The same home can carry very different payments depending on the down payment. On a $600,000 home , at the rates above:

How the premium is set is explained on the CMHC insurance page.

Three other choices change the payment:

• Rate. A change in rate moves the payment on every dollar borrowed; mortgage payments by amount lists the payment on loans from $100,000 up at several rates.
• Amortization. Stretching a $500,000 loan from 25 to 30 years changes the payment by about $246 a month at the average uninsured rate listed earlier, for about $77,165 more interest over the life of the loan. For an insured mortgage the longer option isn’t open to everyone; the 30-year amortization rules list the buyers who can take it.
• Payment frequency. Paying every two weeks instead of monthly changes the timing, and the accelerated version pays the loan off sooner; the payment frequency guide compares the options. Lump sums and higher payments are modelled in the mortgage calculator with extra payments.

Income needed for the average home

Lenders test the payment against your income at a qualifying rate set above the contract rate. For an insured mortgage, CMHC caps your housing costs at 39% of gross income (GDS) and your housing costs plus other debt payments at 44% (TDS); lenders set their own limits for uninsured mortgages. The GDS and TDS ratios page explains what goes into each. Under those rules, buying the national average-priced home with the minimum down payment takes a household income of about $150,600 with no other debts; the income needed to buy a home section works it out by price, province and city.

When the payment changes at renewal

These payments hold only for the term. At renewal the payment is recalculated on the remaining balance at the new rate, so a borrower who signed at a low rate can see it rise sharply; the payment shock at renewal guide shows the change per $100,000 owed.

Related guides

The mortgage payments hub collects the other guides on paying a mortgage, and the mortgage calculator runs the numbers for any price, rate and amortization.