Best mortgage rates in Toronto.
Today’s best rate in Toronto is 3.00%. We compare 100+ lenders and lock your best on one application. No credit pull to start.
What will a mortgage cost in Toronto?
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.
Who has the best mortgage rate in Toronto?
Marathon Mortgage Corp, at 3.00%. Your own rate depends on your file.
Marathon Mortgage Corp Best5-year variable3.00%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 →
What would my payment be on a $979,684 home in Toronto?
About $4,182/month with 20% down at the best 5-year fixed, or $5,032/month with the minimum down.
| 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 3.00% | $4,463 | $3,709 |
| 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.
How we worked out a $979,684 Toronto purchase
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 $473 a month cheaper than fixed today.
How much land transfer tax is on a Toronto purchase?
About $32,137 of provincial and municipal land transfer tax on $979,684. All told, the minimum cash to close at this price — before legal fees, title insurance and adjustments — is about $105,106.
Land transfer tax on a Toronto purchase, explained
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.
Check other prices in the land transfer tax calculator.
What is the Toronto market like 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 do 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.
Toronto neighbourhoods, one by one (8)
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.
Toronto mortgage rates — FAQ
What is the best mortgage rate in Toronto right now?
The best rate in our 100+ lender network for Toronto (Ontario) is approximately 3.00% as of Oct 24, 2026. Your own rate depends on your file — income, credit, loan-to-value and property type.
What land transfer tax will I pay in Toronto?
$32,137 on $979,684 ($16,069 Ontario plus $16,069 municipal), or $23,662 after both first-time-buyer refunds.
Which Toronto neighbourhoods run into the $1.5M insurance ceiling?
Our neighbourhood notes flag Etobicoke, Scarborough, East York, Forest Hill. Above $1,500,000 default insurance is unavailable and 20% down is the minimum.
Can I lock a Toronto rate before I buy?
Yes — most lenders hold a pre-approval rate for 90-120 days, and many honour a lower rate if rates drop before closing.
Lock your best Toronto rate.
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