Cost to Buy a Home in the GTA

Buying the average home in the GTA, at $993,410 in August 2026, takes a down payment of at least $74,341, $22,684 more in land transfer tax and closing costs, and a household income of about $218,000 to pass the mortgage stress test. The mortgage payment would be about $5,054 a month at the average rate on new insured 5-year fixed mortgages (4.05% in July 2026), plus about $786 in property tax. With 20% down ($198,682), the payment is about $4,394 and the income needed about $192,000. A detached home at $1,288,669 needs about $280,000; a condo at $617,593 needs about $139,000. Across 21 of its cities, the income needed ranges from $157,000 in Oshawa to $284,000 in Oakville.

With the minimum down payment

Monthly costs are for the mortgage, property tax and heating only: home insurance, utilities, maintenance and condo fees come on top. Figures for August 2026.

With 20% down

With 20% or more down, the mortgage needs no insurance and takes the uninsured rate (4.49%).

For first-time buyers

First-time buyers get $4,000 of the $16,343 land transfer tax back. They can also spread an insured mortgage over 30 years instead of 25, which brings the payment to $4,581 a month and the income needed to about $205,000, for a premium 0.20 points higher ($38,601). Savings in a First Home Savings Account (up to $40,000) and up to $60,000 from an RRSP under the Home Buyers' Plan can go toward the down payment.

More in the first-time home buyer's guide.

Cost to buy in each city

Each city at its own average price from the August 2026 report, with the minimum down payment and its own property tax rate.

How these figures are worked out

• Prices are from our Greater Toronto Area housing market report for August 2026, built from the Toronto Regional Real Estate Board (TRREB).
• The minimum down payment is 5% of the first $500,000 and 10% of the rest, and 20% from $1,500,000. Below 20% down, the mortgage must be insured: the premium (2.80% to 4.00% of the loan) is added to the mortgage, and Ontario charges sales tax on it at closing.
• Mortgage rates are the Bank of Canada's average of what banks charged on new fixed-rate mortgages of 5 years or more in July 2026: 4.05% insured and 4.49% uninsured. Payments are over 25 years.
• The income needed passes the stress test: the mortgage payment at the greater of the rate plus 2 points or 5.25%, plus property tax and $150 a month for heating, is 39% of gross income. It assumes no other debts; a car loan or student loan raises it, and for a condo, lenders also count half the condo fees.
• Property tax is the price times the average of its cities' 2026 rates, weighted by sales (0.949%), each from the city's own published rates. Ontario still assesses homes at their value on January 1, 2016, so the bill on a home bought today is usually lower than the rate times the price.
• Land transfer tax is before any first-time buyer rebate. Other closing costs are an estimate: $1,800 in legal or notary fees, $300 for title insurance, $500 for an inspection and $800 in tax and utility adjustments.

Work out your own numbers

• Affordability calculator: how much home your income and debts allow
• Mortgage payment calculator, with your own rate and amortization
• Mortgage stress test calculator
• Closing costs estimator and land transfer tax calculator
• The full Greater Toronto Area housing market report

Cost to buy nearby

• Toronto
• Mississauga
• Brampton
• Caledon
• Oakville
• Milton
• Halton Hills
• Markham
• Vaughan
• Richmond Hill
• Newmarket
• Aurora
• Stouffville
• Georgina
• Ajax
• Pickering
• Whitby
• Oshawa
• Clarington
• Innisfil
• New Tecumseth

Other markets

• Hamilton
• Burlington
• Waterloo Region
• Montreal
• Quebec City
• Greater Vancouver
• Calgary
• Edmonton
• Winnipeg
• Nova Scotia
• All cities compared