Ontario Mortgage Calculator 2021

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Home Price
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Amortization (Years)
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CMHC Premium is Included
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Mortgage Costs Over 5-Year Term

Total Cost:$117,876
Land Transfer Taxes and Other Costs
Your CMHC Premium is $13,950
Your Land Transfer Tax is $12,950
Did You Know:
Your land transfer tax could be lower if you are a first-time home buyer
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Ontario’s Land Transfer Tax

When you purchase a home in Ontario, including the land that it's built on, you will have to pay Ontario’s land transfer tax. This tax is paid is at a marginal tax rate depending on the purchase price, with the following rates being set in 2017 for the province:

Purchase Price of the HomeLand Transfer Marginal Tax Rate
First $55,0000.5%
$55,000 to $250,0001%
$250,000 to $400,0001.5%
$400,000 to $2,000,0002%
Over $2,000,0002.5%

Toronto Land Transfer Tax

Buyers in Toronto will also have a municipal land transfer tax that they will have to pay, in addition to the provincial land transfer tax. This tax is also at a marginal rate, and is taxed at the same rates as the Ontario one above.

Land Transfer Tax Rebates

Both Ontario and the city of Toronto offer land transfer tax rebates for qualifying first time home buyers. Ontario’s rebate will cover up to $4000 in land transfer taxes, making homes under $368,333 land transfer tax free. Toronto’s maximum rebate is even larger, covering up to $4475 of a home’s municipal land transfer tax for those eligible.

Closing Costs in Ontario

Generally, budgeting 3%-4% is a good estimate for your home closing cost. However, depending on if you qualify for a land transfer tax rebate for Ontario and in Toronto, this estimate may be higher than your total closing cost. In Ontario, it is mandatory to have a lawyer act on your behalf for the purchasing and mortgaging of a property, which can cost between $500 and $1500. Other common fees you can expect to pay on closing include:

  • A property survey,
  • Home inspection,
  • Property appraisal,
  • Title insurance, and
  • Government registration fees

As well, Ontario is one of the four Canadian provinces that charge provincial sales tax (PST) on CMHC premiums. This means homebuyers that require mortgage insurance with less than a 20% down payment will need to pay this. Since this tax is only on the provincial portion of HST in Ontario, it is 8% of your total mortgage insurance premium. This tax is paid out at closing, unlike over the term of your mortgage with insurance premiums. This can mean up to an extra $2960 in costs for home buyers, depending on their mortgage amount and down payment.

Ontario Home Prices

As of April 2021, the average home price in Ontario was $869,788. This represents an astounding 46% annual increase from April 2020, from an average price of $595,825. For many, this home price increase makes purchasing a house unaffordable. This is especially true as more and more homes reach over the $1,000,000 mark, where home buyers will be unable to get CMHC mortgage insurance and therefore will require at least a 20% down payment.

Ontario Lic. #13115

Cost of Living in Ontario

With some of the highest real estate prices in the country, in addition to some of the highest childcare costs in Canada, Ontario can be a very expensive place to live. The average young family of 3 in Toronto can expect to incur ~$5500 in monthly expenses, covering food, shelter, transportation and childcare. An overall high cost of living is common across all urban areas in the province, meaning having a steady and high-paying job can be crucial in covering major living expenses, especially for those looking to purchase a home.

As the Greater Toronto Area continues to attract young professionals and newcomers to the country, Ontario's population projection is for the province to reach 19,200,000 people by 2046. This would represent an increase of almost 4,500,000 people, or over 30% from the current population of 14,755,211. As the population continues to grow with supply already being scarce for home buyers, the province will need to continue to find new areas and places to build homes to meet the future population needs.