Estimate your monthly payment based on Toronto market rates.
Monthly Payment
$4,315/mo
Estimate only. Does not include property tax, insurance, or CMHC premium. Consult a licensed mortgage professional.
In Canada, if your down payment is less than 20% of the purchase price, you must purchase mortgage default insurance (CMHC). The premium is added to your mortgage and ranges from 2.8% to 4% of the loan amount.
Most Toronto buyers choose a 5-year fixed term with a 25-year amortization. As of 2025, insured mortgages allow up to 30-year amortization on new builds.
Remember to budget for closing costs: land transfer tax (double in Toronto due to the city LTT), legal fees, title insurance, and moving expenses — typically 1.5–4% of purchase price.