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Toronto is Canada's most expensive major city for mortgages, with the GTA averaging $1,010,000 in early 2026, down 7% year-over-year. Toronto buyers face a double land transfer tax — both Ontario provincial (approximately $16,475 on $1M) and Toronto municipal (approximately $11,475 on $1M) — totalling nearly $28,000 in tax alone on a million-dollar home. Non-residents pay an additional 25% Non-Resident Speculation Tax. Despite falling prices, affordability remains severely strained with the average detached home at $1,330,000. First-time buyers can receive up to $8,475 in combined provincial and municipal LTT rebates.
Defaults reflect ~$1.01M GTA average with 20% down. Toronto municipal + Ontario LTT are closing costs — not in payment results.
20.0% of home price
| Down | Down payment | CMHC | Monthly |
|---|---|---|---|
| 5% | $50,500 | $38,380 | $5,523.00 |
| 10% | $101,000 | $28,179 | $5,187.03 |
| 20% | $202,000 | — | $4,472.06 |
| 25% | $252,500 | — | $4,192.56 |
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
$533,618
Total amount paid
$1,341,618
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 | $4,472.06 | $533,618 | 25 years | — |
| Semi-monthly | $2,236.03 | $531,338 | 24 years 11 months | $2,281 |
| Bi-weekly | $2,064.03 | $531,163 | 25 years | $2,456 |
| Accelerated bi-weeklyRecommended | $2,236.03 | $452,692 | 21 years 8 months | $80,926 |
Savings vs monthly shown on wider screens.
| Property type | Average price | YoY change |
|---|---|---|
| All GTA | $1,010,000 | -7.0% |
| Benchmark (composite) | $939,000 | -5.2% |
| Detached homes | $1,330,000 | -8.1% |
| Condos | $620,000 | -4.3% |
| Semi-detached | $1,050,000 | -6.5% |
| Purchase price | Ontario LTT | Toronto LTT | Total LTT |
|---|---|---|---|
| $700,000 | ~$9,475 | ~$5,725 | ~$15,200 |
| $1,000,000 | ~$16,475 | ~$11,475 | ~$27,950 |
| $1,500,000 | ~$28,475 | ~$23,475 | ~$51,950 |
Toronto first-time buyers can access both the Ontario provincial LTT rebate (up to $4,000) and the Toronto municipal LTT rebate (up to $4,475), for a combined maximum rebate of $8,475. The federal FHSA allows up to $40,000 tax-free for a down payment, and the RRSP Home Buyers' Plan allows withdrawing up to $60,000 per person ($70,000 per couple). Toronto's average condo price of $620,000 remains the most accessible entry point for first-time buyers.
The average home price in the Greater Toronto Area is approximately $1,010,000 in early 2026, down 7% year-over-year. The benchmark composite price is $939,000. Condos average $620,000 while detached homes average $1,330,000.
Toronto buyers pay two land transfer taxes: Ontario provincial LTT and Toronto municipal LTT. On a $1,000,000 home, Ontario LTT is approximately $16,475 and Toronto LTT is approximately $11,475, for a combined total of nearly $28,000. First-time buyers can receive up to $8,475 in combined rebates.
To buy a $1,000,000 home in Toronto with 20% down ($200,000), you need a mortgage of $800,000. Under the 2026 stress test at 6.5%, you would need an annual household income of approximately $180,000–$200,000 to qualify, assuming minimal other debts.
Yes. Toronto's housing market shifted to a buyer's market in 2026 with prices down 7% year-over-year and inventory increasing. Buyers have more negotiating power than in recent years, though affordability remains severely strained given average prices above $1,000,000.
Educational estimates only. Not a lender pre-approval.