Toronto mortgage calculator

See the true monthly cost of any Toronto home — paste a listing URL and get a full breakdown instantly including Ontario and Toronto land transfer tax.

Toronto housing market at a glance (2025)

Toronto remains Canada's largest housing market and one of the most expensive. With an average home price above $1 million, most buyers need a substantial down payment, dual incomes, and a clear understanding of Toronto's unique double land transfer tax.

The Toronto land transfer tax — what makes Toronto unique

Toronto is the only city in Canada where buyers pay TWO land transfer taxes — the provincial Ontario LTT and the municipal Toronto LTT. This is one of the most significant closing costs for Toronto home buyers.

Ontario Land Transfer Tax on a $900,000 home

• First $55,000 at 0.5% = $275
• $55,000 to $250,000 at 1.0% = $1,950
• $250,000 to $400,000 at 1.5% = $2,250
• $400,000 to $2,000,000 at 2.0% = $10,000
• Total Ontario LTT: $14,475

Toronto Municipal Land Transfer Tax (same rates)

• Total Toronto LTT: $14,475
• Combined LTT on a $900,000 Toronto home: approximately $28,950

First-time buyer rebate

• Ontario LTT rebate: up to $4,000
• Toronto LTT rebate: up to $4,475
• Maximum combined rebate: $8,475
• This covers the full LTT on homes up to approximately $368,000

Toronto stress test — what income do you need?

To qualify for a mortgage on an average Toronto home at $1,065,000 with 20% down ($213,000):

• Mortgage required: $852,000
• Stress test qualifying rate: 7.5%
• Required household income: approximately $190,000
• Monthly payment at actual rate (5.5%): $5,315

This is why many Toronto buyers are purchasing with a partner or co-borrower — a single income rarely qualifies for an average Toronto home.

First-time buyers in Toronto — programs available

• Ontario Land Transfer Tax rebate: up to $4,000
• Toronto Land Transfer Tax rebate: up to $4,475
• First Home Savings Account (FHSA): up to $40,000 per person tax-free
• RRSP Home Buyers Plan: up to $35,000 per person
• First-Time Home Buyers Tax Credit: $1,500 federal tax credit

A couple using all programs together could access up to $158,475 in combined government assistance and tax-advantaged savings. See our first-time buyer incentives guide for the full breakdown.

Calculate your Toronto mortgage instantly

Paste any Realtor.ca, Zolo, or MLS Toronto listing URL into Smart Mortgage Calculator and get your full monthly payment, Ontario + Toronto land transfer tax, CMHC insurance if applicable, and stress test result in seconds.

Toronto mortgage affordability by neighbourhood

Note: Payments estimated at 5.5% rate, 25-year amortization, 20% down.

Toronto mortgage guides

• How much mortgage can I afford in Canada?
• Minimum down payment in Canada: 2025 rules
• First-time home buyer incentives in Canada

Market data and tax figures are estimates as of 2025. Always confirm current rates and rules with a licensed mortgage broker before making real estate decisions.