The monthly mortgage on an average Toronto home (about $1,080,000) is roughly $4,802 at a ~4.5% rate with 20% down over 25 years.
The monthly mortgage payment on an average Toronto home ($1,080,000) is about $4,802 at a ~4.5% rate, 20% down, 25-year amortization. At 5.5% it rises to about $5,306. Payments move with the Bank of Canada rate. Illustrative, not a quote.
Same Toronto home, 20% down, 25-year amortization — only the rate changes:
| Rate | Monthly payment |
|---|---|
| 4.0% | $4,561 |
| 4.5% | $4,802 |
| 5.0% | $5,051 |
| 5.5% | $5,306 |
| 6.0% | $5,567 |
Variable-rate mortgages follow the prime rate, which tracks the Bank of Canada. Fixed rates follow bond yields. Watch the live rate and the next decision. Canada's largest and priciest major market outside Vancouver. Condo-heavy, densely populated and highly sensitive to interest rates.
About $4,802 at ~4.5% with 20% down over 25 years (illustrative).
A bigger down payment, a longer amortization, or a lower rate all reduce the monthly payment. See how to lower your payment.