Mortgage Calculator — Ontario (2026)

Buying a Home in Ontario

The average home price in Ontario is $900,000 as of 2026. Whether you're a first-time buyer or upgrading, understanding your mortgage affordability and Ontario-specific closing costs is critical.

Ontario Real Estate Snapshot

Ontario's stress test at 5.25%+ requires income of ~$175,000 to qualify for a $700k mortgage with 20% down. First-time buyers in Toronto pay double land transfer tax.

How Much House Can You Afford in Ontario?

Mortgage affordability depends on three main factors: your down payment, interest rate, and income level. Canadian lenders use the following rules:

• Gross Debt Service (GDS): Your mortgage payment, property tax, and utilities should not exceed 32% of gross income.
• Total Debt Service (TDS): Your mortgage, property tax, utilities, and other debts should not exceed 40% of gross income.
• Stress Test: You must qualify at the Bank of Canada's current posted rate or 5.25%, whichever is higher (for insured mortgages).

Down Payment & Closing Costs in Ontario

The minimum down payment is 5% on the first $500,000 and 10% on the portion above $500,000. However, if you put down less than 20%, you'll need mortgage insurance. Additional costs in Ontario include:

• Land Transfer Tax (LTT): 0.5% to 2.5% (+ Toronto LTT if in Toronto)
• Mortgage Insurance (if down payment < 20%): 2.8% to 4.0% of mortgage
• Home Inspection: $300–$600
• Appraisal: $250–$500
• Legal Fees: $700–$1,500
• Title Insurance: $200–$400

Mortgage Affordability Calculator

Use our free calculator to see your Ontario-specific affordability. Enter your down payment, income, and interest rate to find out how much you can borrow:

Rent vs. Buy in Ontario

For many Ontario residents, the decision between renting and buying depends on local market conditions, your financial situation, and long-term plans. Use our Rent vs. Buy Calculator to compare your specific scenario:

Other Provinces