Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Toronto homebuyers.
Based on $$1,100,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $55,000 | $41,800 | $1,086,800 | $6,303/mo | $5,371/mo |
| 10% | $110,000 | $30,690 | $1,020,690 | $5,919/mo | $5,044/mo |
| 15% | $165,000 | $26,180 | $961,180 | $5,574/mo | $4,750/mo |
| 20%NO CMHC | $220,000 | $0 ✅ | $880,000 | $5,103/mo | $4,349/mo |
The average home price in Toronto is approximately $1,100,000 as of 2026, representing a +0.8% change year-over-year.
Current 5-year fixed rates in Toronto start around 4.92%, while variable rates start around 3.38%. Credit unions in Ontario often offer rates 0.25–0.50% below major banks.
To afford a $1,100,000 home in Toronto with 10% down at 4.92%, you would need approximately $176,646/year gross income to meet the GDS ratio of 39%.
For a $1,100,000 home, the minimum down payment is 20%. With 5% down, CMHC insurance of $41,800 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.38%) are currently lower than 5-year fixed (4.92%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.