Toronto mortgage rates. Compare today.
Compare today’s best mortgage rates for Toronto houses and condos, from Scarborough to Etobicoke. Get clear options for buying, renewing or refinancing.
What to know before you buy.
Toronto buyers pay both the Ontario land transfer tax and the Toronto municipal land transfer tax, roughly doubling this closing cost.
Eligible first-time buyers can get up to $4,000 back on the Ontario tax and up to $4,475 back on the Toronto tax.
Insured mortgages are available on homes up to $1.5 million: 5% down on the first $500,000 and 10% on the portion above.
Mortgage options for your situation.
Condo buyers
Lenders include condo fees when they work out what you can afford, usually half of the monthly fee. Have the fee amount ready.First-time buyers
With two land transfer taxes, the rebates matter. Combine them with an FHSA and the RRSP Home Buyers’ Plan, and budget your closing costs early.Upsizers and investors
Moving up or buying a rental? Ask about porting, blend-and-extend, and how rental income is counted.Mortgages across Toronto
Budget your closing costs
On top of the down payment, Toronto buyers should budget for both land transfer taxes, legal fees, title insurance, a home inspection and property tax adjustments. Use the affordability calculator to see what fits.
Your real closing day bill in Toronto
Land transfer tax, rebates, the 8% tax on mortgage insurance, legal fees and more: see the total cash you’ll need on closing day.
Toronto mortgage questions
Why are closing costs higher in Toronto?
Toronto charges its own municipal land transfer tax on top of Ontario’s, so buyers pay two land transfer taxes. Eligible first-time buyers can claim rebates on both.
Can I buy a home over $1 million with less than 20% down?
Yes, up to $1.5 million with an insured mortgage. You need 5% down on the first $500,000 and 10% on the amount above that. Homes of $1.5 million or more need 20% down.
Do condo fees affect how much I can borrow?
Yes. Lenders usually count about half of your monthly condo fee as a housing cost when they calculate what you qualify for.
Are Toronto mortgage rates higher than in other cities?
Usually not. Lenders mostly price by province and by your profile, not by city. Your rate depends on your credit, income, down payment, property and term.
Disclaimer: General information only, not financial, legal or tax advice. Rules, taxes and rebates change; confirm current details with a qualified professional, your lawyer and your lender. TheCanadianMortgage.ca is not a lender. Rates are for illustration and subject to approval (OAC).