Ontario Mortgage Payments
Mortgage rates, average home prices, and payment calculations for Ontario (ON). Updated for 2026.
Monthly Payment
$4,424.56
at 4.29% fixed
Avg. Home Price
$880,000.00
Best Fixed Rate
4.29%
Best Variable Rate
3.95%
Current Mortgage Rates in Ontario
| Rate Type | Posted Rate | Best Available | Discount |
|---|---|---|---|
| 5-Year Fixed | 6.49% | 4.29% | -2.20% |
| 5-Year Variable | 5.45% | 3.95% | -1.50% |
Rates are approximate and updated periodically. Always confirm with your lender.
Mortgage on the Average Ontario Home
$880,000.00 home with 10% down ($88,000.00) at 4.29% over 25 years
Payment Frequency Comparison
How different payment schedules affect your mortgage at 4.29%
| Frequency | Payment | Total Interest | Total Cost | Interest Saved |
|---|---|---|---|---|
| Monthly | $4,424.56 | $510,815.35 | $1,327,367.35 | -- |
| Bi-Weekly | $2,042.10 | $510,815.35 | $1,327,367.35 | -$0.00 |
| Accelerated Bi-Weekly | $2,212.28 | $621,429.29 | $1,437,981.29 | -$110,613.95 |
Fixed vs. Variable Rate
Monthly payment comparison for $880,000.00 home with 10% down
| Rate Type | Rate | Monthly Payment | Total Interest (25 yr) | Difference |
|---|---|---|---|---|
| 5-Year Fixed | 4.29% | $4,424.56 | $510,815.35 | -- |
| 5-Year Variable | 3.95% | $4,273.12 | $465,385.35 | $151.43/mo less |
Property Costs in Ontario
Excludes utilities, home insurance, and maintenance. Property tax based on 0.80% average rate.
Mortgage Payments Across Canada
Average home with 10% down, 25-year amortization at best available fixed rate
| Province | Avg. Home Price | Rate | Down (10%) | Monthly Payment |
|---|---|---|---|---|
| Newfoundland and Labrador (NL) | $280,000.00 | 4.39% | $28,000.00 | $1,422.14 |
| New Brunswick (NB) | $310,000.00 | 4.29% | $31,000.00 | $1,558.65 |
| Saskatchewan (SK) | $315,000.00 | 4.29% | $31,500.00 | $1,583.79 |
| Manitoba (MB) | $355,000.00 | 4.29% | $35,500.00 | $1,784.91 |
| Prince Edward Island (PE) | $370,000.00 | 4.39% | $37,000.00 | $1,879.26 |
| Northwest Territories (NT) | $380,000.00 | 4.49% | $38,000.00 | $1,949.60 |
| Nova Scotia (NS) | $420,000.00 | 4.29% | $42,000.00 | $2,111.72 |
| Nunavut (NU) | $420,000.00 | 4.59% | $42,000.00 | $2,176.53 |
| Alberta (AB) | $470,000.00 | 4.29% | $47,000.00 | $2,363.12 |
| Quebec (QC) | $510,000.00 | 4.29% | $51,000.00 | $2,564.23 |
| Yukon (YT) | $530,000.00 | 4.49% | $53,000.00 | $2,719.17 |
| Ontario (ON) | $880,000.00 | 4.29% | $88,000.00 | $4,424.56 |
| British Columbia (BC) | $960,000.00 | 4.39% | $96,000.00 | $4,875.92 |
Housing Market in Ontario
Ontario is Canada's largest housing market, dominated by the Greater Toronto Area where prices remain among the highest in the country. The province charges a Land Transfer Tax (LTT) on all property purchases, and Toronto buyers face an additional Municipal Land Transfer Tax. Ontario offers a first-time homebuyer rebate of up to $4,000 on the provincial LTT.
Ontario's Land Transfer Tax is calculated on graduated tiers: 0.5% on the first $55,000, 1.0% on $55,001 to $250,000, 1.5% on $250,001 to $400,000, and 2.0% on $400,001 to $2,000,000, with 2.5% on amounts above $2,000,000. In Toronto, the Municipal LTT mirrors these rates, effectively doubling the land transfer tax burden. First-time homebuyers can claim up to $4,000 in provincial LTT rebate and up to $4,475 in Toronto MLT rebate. Property tax rates vary widely, from about 0.65% in Toronto to over 1.5% in some smaller municipalities.
Ontario's housing market in 2026 continues to navigate the tension between strong immigration-driven demand and affordability constraints imposed by higher interest rates and the stress test. The condo market in Toronto has seen significant new supply, while detached homes remain aspirational for many first-time buyers. Regions like Ottawa, Hamilton, Kitchener-Waterloo, and London offer more moderate pricing. The Non-Resident Speculation Tax and foreign buyer ban continue to shape investor activity.