Toronto at a Glance
The City of Toronto is the capital city of Ontario and is located north of Lake Ontario in the Greater Toronto Area. Toronto is home to over 2.7M residents and the population of Toronto increased by 5% from 2011 to 2016. Toronto real estate prices have increased by 10% from November 2019 to November 2020 and the average price of a house in Toronto is $1.0M. Condominiums are by far the most commonly sold property type on the Toronto Housing Market accounting for approximately 50% of sales volumes, followed by sales of single-family detached houses and townhouses, respectively. Residential real estate volume has increased by approximately 32-33% from October 2019 to October 2020 on detached houses, semi-detached houses, and townhouses, while sales volume of condominiums have only increased by 2% due to the effects of the coronavirus pandemic on the real estate market. Toronto property tax rates are the lowest property tax rates in Ontario for municipalities with a population greater than 10K.
| Toronto at a Glance | | Province | Ontario |
| Settled Year | 1750 |
| Established Year | 1793 |
| Incorporated Year | 1834 |
| Population | 2,731,571 |
| City Area | 630.20 km 2 (243.32 sq mi) |
| Official Website | https://www.toronto.ca/ |
Mortgage Prepayment Limit
| Bank or Lender | Annual Prepayment Limit | Frequency (per year) |
|---|
| 10% | Once |
| 15% | Once |
| Varies, up to 20% | Once |
| Varies, up to 20% | Once |
| 20% (10% for BMO Smart Fixed Mortgages) | Once |
| 20% | Once |
| 15% - 20% | Once |
| 20% | Once |
| 15% | Once |
| 20% | Once |
| 25% | Multiple |
| Varies, up to 20% | Multiple |
| Varies, up to 20% | Multiple |
| 15% | Once |
| 10% | Multiple |
| 15% | Multiple |
| 20% | Multiple |
| 20% | Once |
| 20% | Multiple |
| 20% (or 30% for “You’re the Boss” Mortgage) | Once (or multiple for “You’re the Boss” Mortgage) |
| 20% | Once |
Mortgage Prepayment Penalties
Fixed Rate Mortgage Penalty Interest Rate
For fixed-rate mortgages, lenders usually use the greater of three months of interest or an interest rate differential (IRD). Each lender has their own IRD calculation. The interest rate that they use for their IRD is usually based on either their current advertised mortgage rates or their posted rates, which can often be much higher.
| Advertised Rate IRD | Posted Rate IRD |
|---|
| |
* Equitable Bank’s IRD depends on your mortgage product
Variable Rate Mortgage Penalty Interest Rate
Most lenders determine the mortgage break penalty for a variable rate mortgage by calculating three months of interest. The interest rate that they use can depend from lender to lender, but is usually either your current mortgage interest rate or the lender's prime rate.
| Based On Your Mortgage Rate | Based On the Lender's Prime Rate |
|---|
| |
* Laurentian’s 3 Months’ Interest is based on the greater of your mortgage rate or the current prime rate.
Calculate your mortgage break or prepayment penaltyWhile we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.
