Buyer tools
Monthly cost of owning a home in Toronto.
See what a home will really cost each month once you own it: the mortgage, property tax, condo fees, insurance and upkeep, in one place.
Your monthly cost of ownership
$0
Mortgage $0 plus ownership costs $0 each month
| Mortgage payment | $0 |
|---|---|
| Property tax | $0 |
| Condo fees | $0 |
| Home insurance | $0 |
| Utilities | $0 |
| Maintenance and repairs | $0 |
| Each month | $0 |
Your mortgage would be $0, including mortgage insurance of $0. For the cash you’ll need on closing day, use our closing cost calculator.
Estimates only, using semi-annual compounding, standard mortgage insurance premiums and Toronto’s 2026 residential tax rate. Your lender, insurer and lawyer will confirm the final figures.
What’s included
Where the money goes each month.
The price is only the start. These are the costs that make up what a home really costs to own.
Mortgage payment
Usually the largest cost. It depends on the price, your down payment, the rate and how long you take to pay it off.
Property tax
Based on the home’s assessed value. The listing usually shows last year’s figure, which is the best number to use.
Condo fees
Cover building upkeep, amenities and sometimes heat or water. Compare what they include, not just the amount.
Insurance and upkeep
Home insurance, utilities and money set aside for repairs. Older houses usually need more set aside than newer ones.
How is a mortgage payment calculated in Canada?
Canadian fixed-rate mortgages compound twice a year, not monthly, so the payment is a little lower than a simple monthly calculation would suggest. The calculator uses the same method lenders do.
Do I need mortgage insurance?
If your down payment is under 20% and the price is under $1.5 million, your lender will require mortgage insurance. The premium is added to your mortgage, which raises your monthly payment. On homes priced at $1.5 million or more, you need at least 20% down.
How much is property tax in Toronto?
For 2026, Toronto’s residential rate is 0.767311% of the home’s assessed value. Assessed values are often lower than today’s prices, so use the yearly tax figure from the listing when you have it.
What should I budget for maintenance?
It depends on the home. Houses need money set aside for the roof, windows and mechanical systems, while condo fees cover most building upkeep. Our starting estimates are a guide; adjust them to the home you are considering.
Buying in Toronto
Know the true cost before you make an offer.
We’ll walk you through what a home will cost to buy and to own, and introduce you to mortgage professionals we trust.
