Best mortgage rates in Toronto.
Today’s best rate in Toronto is 3.44%. We compare Toronto mortgage rates across 100+ Canadian lenders and lock your best on one application — no bureau pull to start.
The lowest rate on today’s board for Toronto is 3.44%. On the average price of $979,684, 20% down and the best 5-year fixed come to about $4,182/month; the smallest legal down payment is $72,969, plus $32,137 of provincial and municipal land transfer tax at closing. Canada's largest mortgage market — multi-tiered, multi-cultural, lender-rich.
Meridian Credit Union Best5-year variable3.44%Apply Meridian Credit Union5-year variable3.44%Apply 
Radius Financial3-year variable3.55%Apply Radius Financial3-year variable3.55%Apply 
Marathon Mortgage Corp0.5-year fixed3.64%Apply Marathon Mortgage Corp0.5-year fixed3.64%Apply 
Desjardins5-year variable3.70%Apply 
TD Canada Trust3-year variable3.97%Apply Rates illustrative; your file (credit, income, LTV) sets your personalized rate. See all Ontario rates →
Financing a $979,684 home in Toronto
At this price Toronto buyers can take the insured route: only the slice above $500,000 needs 10% down, which keeps the minimum near 7% of the price. Saving to 20% would take another $122,968 and removes the $36,269 premium.
On the 20%-down loan, variable is $294 a month cheaper than fixed today.
| At $979,684 | Minimum down | 20% down |
|---|---|---|
| Down payment | $72,969 | $195,937 |
| CMHC premium | $36,269 | None |
| Mortgage | $942,984 | $783,747 |
| Monthly, 5-yr fixed 4.14% | $5,032 | $4,182 |
| Monthly, 5-yr variable 3.44% | $4,678 | $3,888 |
| Stress-test payment at 6.14% | $6,112 | $5,080 |
25-year amortization, Canadian semi-annual compounding, best rates on today’s board. The stress test qualifies you at the greater of the contract rate plus 2 points or 5.25%. Illustrative, O.A.C. Model your own numbers in the payment calculator.
Land transfer tax on a Toronto purchase
Toronto buyers pay land transfer tax twice: Ontario's, and the City of Toronto's municipal tax on the same price. At $979,684 that is $16,069 provincial plus $16,069 municipal — $32,137 due on closing day.
First-time buyers claim both refunds, up to $4,000 provincial and $4,475 municipal, for $8,475 in total; the bill falls to $23,662. Both taxes are paid on closing, on top of the down payment.
All told, the minimum cash to close at this price — before legal fees, title insurance and adjustments — is about $105,106. Check other prices in the land transfer tax calculator.
The Toronto market behind your rate
The $979,684 figure is Toronto’s average price for August 2026 (the latest we have sourced), from City of Toronto average selling price, TRREB.
Our Toronto guide works through the 6 questions that decide most files here:
- Condo or freehold: Toronto is really two mortgage markets. The split in Toronto isn't a matter of taste — it decides how your file is underwritten and what can go wrong.
- The $1.5-million line — the rule that catches Toronto buyers. The most expensive rule in Toronto is a federal one.
- Toronto charges land transfer tax twice. Every Ontario buyer pays provincial land transfer tax.
- Toronto condo investors: how the rental income is actually counted. Toronto has Canada's deepest condo-investor market, and the files fail in predictable places — almost always on how the rent is treated, not on the buyer.
- Buying pre-construction in Toronto: the traps that catch buyers years later. Toronto runs the largest pre-construction condo pipeline in the country, and pre-con financing works nothing like a resale purchase.
- An illustrative Toronto file: when the condo, not the buyer, is the problem. This is an illustrative example — a composite of common Toronto files, not a specific client, and not a guaranteed outcome.
How Toronto neighbourhoods change the file
Condo stock runs through 4 of these 8 Toronto pockets, which means the building is underwritten alongside you: a status certificate review matters as much as your income.
Downtown Core
Condo (high-rise)The building is underwritten alongside you: a status-certificate review can surface reserve-fund shortfalls, special assessments or litigation that stall an approval regardless of income. Very small units and buildings with a high rental or commercial share narrow the lender list.
Etobicoke
Mixed — waterfront condo, post-war detachedTwo different files in one borough. A Humber Bay tower is a condo-corporation review; a Kingsway or Markland Wood detached is an appraisal-led file that often sits at or above the $1.5M insured ceiling. Which side of Lake Shore you buy on decides which rule binds.
North York
Mixed — Yonge-corridor condo, detached side streetsWillowdale and North York Centre are condo files; Hoggs Hollow, Bayview Village and Lawrence Manor sit in the uninsurable band where 20% down is the legal minimum rather than a choice. Bungalow lots here are also a common rebuild target, and a teardown is a construction file, not a purchase.
Scarborough
Post-war detached, bungalow, some condoThe most consistently insurable band in the city, with most stock still priced below the $1.5M ceiling — which matters on an owner-occupied purchase and not at all on a rental, where 20% down is the floor at any price. Basement suites are widespread and lenders differ sharply on how much of that rent they add back to your income.
East York
Detached / semi (freehold), 1920s–50s stockTightly held freehold with low turnover, so much of the local work is renewal and refinance against built-up equity. Leaside routinely clears $1.5M and is uninsurable; Woodbine Heights and Pape Village usually do not — and that difference sets your legal minimum down payment.
Forest Hill
Detached (luxury)Values here routinely clear the $1.5M insured-mortgage ceiling, so default insurance is unavailable and 20% down is the legal minimum — not an upgrade. Larger loans draw tighter debt-ratio and appraisal scrutiny.
Leslieville
Semi / Victorian freeholdFreehold bidding wars push buyers to waive the financing condition, which shifts appraisal risk from the lender onto you — a low appraisal on a firm offer becomes a cash gap you cover. Century stock also raises knob-and-tube wiring and galvanised supply lines, which your property insurer asks about before your lender does.
The Beaches
Detached / semi (freehold)Same freehold dynamic: competitive offers and waived conditions mean the appraisal, not just your income, decides whether the file closes cleanly. Narrow-lot semis and legal duplexes are both common, and a duplex is underwritten as multi-unit under a different product.
This page is the rate-shopping side. For pre-approval strategy, document help and a dedicated advisor, see our Toronto mortgage broker page.
