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Canadian mortgage costs vary significantly by province — not just because of different home prices, but because of different land transfer taxes, first-time buyer programs, and local market conditions. Alberta and Saskatchewan have no provincial land transfer tax, making closing costs significantly lower than Ontario or BC. Quebec charges a welcome tax (taxe de bienvenue) up to 4% on high-value properties. Ontario charges up to 2% LTT plus Toronto adds a second municipal LTT. This hub lets you compare mortgage costs across all Canadian provinces in one place.
Adjust region, price, rate, and down payment to match your province — rates are national; closing costs and rebates vary by province.
20.0% of home price
| Down | Down payment | CMHC | Monthly |
|---|---|---|---|
| 5% | $32,500 | $24,700 | $3,554.40 |
| 10% | $65,000 | $18,135 | $3,338.19 |
| 20% | $130,000 | — | $2,878.06 |
| 25% | $162,500 | — | $2,698.18 |
Canadian mortgages use nominal rates compounded semi-annually (converted to an effective annual rate, then to your payment frequency). Chart shows cumulative principal and interest paid each year; ending balance trends down toward zero.
Total interest paid
$343,418
Total amount paid
$863,418
Principal + interest on the loan
Interest vs purchase price
53%
of home price goes to interest (illustrative)
Same loan amount, rate, and amortization as above. Semi-monthly and bi-weekly match your monthly cash flow; accelerated bi-weekly uses half the monthly payment every two weeks (13 monthly equivalents per year).
| Frequency | Payment amount | Total interest | Payoff time | Savings vs monthly |
|---|---|---|---|---|
| Monthly | $2,878.06 | $343,418 | 25 years | — |
| Semi-monthly | $1,439.03 | $341,950 | 24 years 11 months | $1,468 |
| Bi-weekly | $1,328.34 | $341,837 | 25 years | $1,580 |
| Accelerated bi-weeklyRecommended | $1,439.03 | $291,337 | 21 years 8 months | $52,081 |
Savings vs monthly shown on wider screens.
| Province | Average/Benchmark Price | YoY Change |
|---|---|---|
| BC | ~$950,000 (Vancouver) | +3.2% |
| Ontario | ~$850,000 (Toronto) | +2.1% |
| Quebec | $656,700 (Montreal) | +6.1% |
| Alberta | $627,800 (Calgary) | +2.4% |
| Nova Scotia | $467,926 | +3.5% |
| PEI | $371,700 | +1.7% |
| Manitoba | $400,700 (Winnipeg) | +1.7% |
| New Brunswick | $330,300 | +5.2% |
| Saskatchewan | $334,166 | +3.5% |
| Newfoundland | ~$310,000 | +2.8% |
| Province | LTT Type | Rate | On $400,000 Home | First-Time Rebate |
|---|---|---|---|---|
| Alberta | Land title fee only | ~$1,600 | ~$1,600 | None needed |
| Saskatchewan | Land title fee only | ~$1,311 | ~$1,311 | None needed |
| Manitoba | LTT | 0%–2% | ~$5,500 | Up to $2,000 |
| Ontario | LTT | 0.5%–2% | ~$4,475 | Up to $4,000 |
| BC | PTT | 1%–3% | ~$6,000 | Up to $8,000 |
| Quebec | Welcome tax | 0.5%–4% | ~$4,500 | Up to $15,000 |
| Nova Scotia | Deed transfer | 1%–1.5% | ~$5,000 | Up to $3,000 (new builds) |
| New Brunswick | LTT | 0.5%–1.5% | ~$4,750 | Up to $2,000 |
| PEI | LTT | 1%–2% | ~$7,700 | Up to $5,000 |
Minimum down payment rules are federal and apply equally across all provinces: 5% on the first $500,000 of purchase price, 10% on the portion between $500,000 and $999,999, and 20% on homes priced at $1 million or more. CMHC mortgage insurance is required for all down payments below 20% on homes under $1.5 million. The stress test requires qualifying at the contract rate + 2% or 5.25%, whichever is higher.
For affordability and lowest closing costs, Saskatchewan and Alberta stand out — no land transfer tax, lower average home prices, and strong job markets. For first-time buyer programs, BC offers the most generous rebate at up to $8,000 PTT exemption. Quebec offers up to $15,000 welcome tax rebate in some regions. Ontario's $4,000 provincial rebate helps but is less impactful given higher home prices in Toronto. Atlantic provinces offer lower prices but higher LTT rates relative to home values.
New Brunswick ($330,300 benchmark), Saskatchewan ($334,166), and Newfoundland (~$310,000) have the lowest average home prices among Canadian provinces in 2026. Alberta's Edmonton ($454,800) offers strong affordability among major cities with no land transfer tax.
BC's Property Transfer Tax at 1%–3% produces some of the highest LTT costs in Canada — approximately $6,000–$15,000+ on average Metro Vancouver homes. Quebec's welcome tax can reach 4% on very high-value properties. PEI charges 2% above $30,000, making it relatively high for a smaller market.
The Canadian mortgage stress test requires qualifying at the higher of your contract rate + 2% or 5.25%. For example, at a 3.99% contract rate you qualify at 5.99%. This reduces maximum borrowing power by approximately 15–20% compared to qualifying at the actual rate.
Yes. CMHC mortgage insurance is required for all home purchases with less than 20% down payment across all Canadian provinces on homes under $1.5 million. Premiums range from 2.80% (15% down) to 4.00% (5% down) of the mortgage amount.
BC offers the most generous first-time buyer program — a full Property Transfer Tax exemption on homes up to $835,000, saving up to $13,000+. Quebec offers welcome tax rebates up to $15,000 in some regions. Ontario offers up to $4,000 provincial LTT rebate. Alberta and Saskatchewan have no LTT at all.
Mortgage rates in Canada are national — the same rates are available in all provinces for qualified borrowers. Best 5-year fixed insured rates are 4.39% nationally as of November 9, 2026. The best 5-year variable rate is 3.60%. Provincial differences affect closing costs and programs, not the mortgage rate itself.
Educational estimates only. Not financial advice.