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Toronto · City of Toronto

Mortgages in Toronto, compared across lenders

We compare banks, credit unions and monoline lenders for your Toronto purchase, renewal or refinance, and explain the trade-offs in plain English.

We help Toronto households buy, renew and refinance by comparing offers from banks, credit unions, trust companies and monoline lenders. In September 2026 the median Toronto sale was $810,000, across 1,937 sales (TRREB, checked October 2026). Every mortgage is subject to lender approval; we arrange mortgages for properties in Ontario only.

Toronto in numbers

These are the latest published figures we could check for Toronto, each with its source and date. They describe the market, not your mortgage.

Home sales, September 2026

Median sale price
$810,000
Average sale price
$1,034,320
Sales
1,937
Months of inventory
4.6

Months of inventory is how long the homes listed for sale would take to sell at the recent pace of sales. Detached homes: 640 sales, median $1,200,000. January to September 2026: 17,470 sales, median $818,750.

Source: TRREB, GTA Market Watch, September 2026, City of Toronto row, all home types. Checked October 2026.

Residential property tax rate, 2026

Total rate
0.767311%

Made up of City 0.605295% + City Building Fund 0.009016% + education 0.153000%. The rate applies to the assessed value set by MPAC (the Municipal Property Assessment Corporation), not to the price you pay.

Source: City of Toronto, 2026 Property Tax Rates, By-law 133-2026, passed 10 February 2026. Checked October 2026.

Renting, October 2025

Average two-bedroom rent
$2,046 a month
Vacancy rate
3.0%

A year earlier the rent was $1,974 and vacancy 2.5%. The survey covers purpose-built rental apartments in private buildings of three or more units.

Source: CMHC Rental Market Survey, Table 1.0, published 11 December 2025, Toronto CMA (census metropolitan area). Checked October 2026.

Households, 2021 Census

Households that own
51.9%
Median household income (2020)
$84,000

City of Toronto (census subdivision 3520005): 1,160,890 households, population 2,794,356. Income is for 2020, the year before the census.

Source: Statistics Canada, 2021 Census of Population, Census Profile, City of Toronto (census subdivision 3520005). Checked October 2026.

What's different about borrowing in Toronto

  • A home in the City of Toronto pays two taxes on closing: Ontario's land transfer tax and Toronto's municipal land transfer tax. First-time buyers may qualify for a refund of part of each. Our land transfer tax calculator shows both amounts.
  • Toronto's 2026 residential property tax rate is 0.767311% of the home's assessed value, counting the City, City Building Fund and education parts (City of Toronto, 2026 Property Tax Rates, checked October 2026). MPAC sets the assessed value, and it is not the price you pay, so ask for the seller's current tax bill. Lenders count property tax in the housing costs they qualify you on (CMHC debt-service rules, checked October 2026).
  • A two-bedroom apartment in the Toronto census metropolitan area (CMA), which includes Toronto, rented for $2,046 a month on average in October 2025, up from $1,974 a year earlier (CMHC, checked October 2026). Vacancy was 3.0%. If you rent now, set that rent against a mortgage payment plus property tax, heat and upkeep.
  • In the 2021 Census, 51.9% of households in the City of Toronto owned their home, and the median household income in 2020 was $84,000 (Statistics Canada, checked October 2026).

Toronto buyers pay two land transfer taxes — work it out with the land transfer tax calculator. Also useful: Ontario closing costs · down payment rules.

Who we help in Toronto

We help Toronto households buy a first home, move up, renew or refinance. We compare banks, credit unions and monoline lenders (lenders that only do mortgages and work through brokers) first.

On a condominium apartment, lenders count half of the monthly fees as a housing cost and review the building's status certificate. Alternative lenders are the next step when a bank's rules don't fit, at a higher cost. Private money is a short bridge only, and we explain its cost first.

Questions from Toronto borrowers

Do I pay Toronto's land transfer tax when I buy in Toronto?

Yes. A purchase in the City of Toronto pays the municipal land transfer tax on top of Ontario's, both on closing. First-time buyers may qualify for a refund of part of each. Ask your real-estate lawyer about claiming them.

Illustrative, not a quote: this uses the September 2026 City of Toronto median sale of $810,000. Ontario's tax is $12,675 and Toronto's is $12,675, $25,350 in all (TRREB median, ontario.ca and toronto.ca brackets, checked October 2026).

If you qualify for both first-time buyer refunds in full, $16,875 is left (up to $4,000 from Ontario and $4,475 from Toronto). This is our arithmetic: below $2 million the two taxes use the same brackets, so each comes to the same amount.

Your lawyer works out the exact amount at closing.

What do lenders look at when I buy a condo in Toronto?

Your income, debts and credit, plus the building. Lenders count half of the condo fees as a housing cost. They also review the status certificate, which sets out the condominium corporation's finances and any special assessments. Read it with your lawyer before your offer is firm.

Can I get pre-approved before I start looking in Toronto?

Yes. A pre-approval gives you a price range to shop within and usually holds a rate for a set period. It is subject to lender approval of the property and your final documents, and it is not a commitment to lend.

Nearby: North York · Etobicoke · Scarborough · Mississauga

General information for Ontario borrowers, not advice. Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722.

Sources

No cost to talk

Talk to a broker about your Toronto mortgage

Tell us what you're planning for a home in Ontario and a good number to reach you. We call back within one business day, usually sooner. We ask for documents only once we know which ones your mortgage needs.

You can also call us at (416) 371-2077.

What are you looking to do?
Roughly how large is the mortgage?

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We use these details to call you back about your mortgage, and store them in Canada. If we introduce you to a partner broker, we tell you first and share only what you have given us here. See our privacy policy. Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722. A pre-approval or quote is subject to lender approval.