Mortgages in Toronto
Compare lenders, rates, and eligibility for mortgages available to Toronto residents.
About Mortgages in Toronto
Long-term secured loan to finance the purchase of a home, with the property as collateral. Subject to CMHC insurance if down payment is under 20%.
Best for: Home buyers with a 5%+ down payment who can pass the federal stress test (qualifying rate currently around 5.25%).
Local insight: Toronto adds a Municipal Land Transfer Tax on top of Ontario's provincial LTT, effectively doubling the closing-cost burden for buyers.
With a population of 2,930,000 and an average household income of $84,000, Toronto's lending market is supported by major employers including Royal Bank of Canada, TD Bank, City of Toronto. Lenders use stable employment with these institutions as a positive signal during loan underwriting.
Top Lenders Serving Toronto
No lenders are currently listed for ON. Browse all lenders →
Calculators for Toronto Borrowers
Frequently Asked Questions
What credit score do I need for a mortgage in Toronto?
Most Toronto lenders require a minimum credit score of 600 for prime mortgages (rates from 4.49%). Borrowers with scores under 600 can still qualify through alternative lenders, typically at higher APRs up to 6.99%.
How much can I borrow with a mortgage in Toronto?
Mortgage amounts in Toronto typically range from $200,000 – $1,500,000. Final approval depends on your income, debt-to-income ratio, and credit history. The provincial maximum for personal loans in Ontario is $50,000.
Are mortgages regulated in Ontario?
Yes — lenders operating in Ontario are regulated by Financial Services Regulatory Authority of Ontario (FSRA). The provincial usury cap is 60% effective annual rate, meaning no licensed lender can charge an effective annual rate above this threshold.
How fast can I get a mortgage in Toronto?
Most online lenders serving Toronto approve applications within 1–2 business hours and fund within 24–48 hours via Interac e-Transfer or direct deposit. Bank-issued loans typically take 2–5 business days.