Skip to content
TorontoMortgageBroker.caCheck, choose and use a Toronto mortgage brokerAsk Mitey
Independent guide from the MITEY network. We are not a mortgage brokerage and don't arrange mortgages; enquiries go to the MITEY network team. Our disclosures
Methodology

Rules, formulas and sources

Checked against primary sources

Every value our calculators and guides use, with its primary source and the date we checked it (November 1, 2026). Rates come from the Bank of Canada's Valet API with each series' own date. Our own estimates (legal fees, title insurance, inspection) are labelled as estimates.

Which rule values do we use?

Rule values, checked November 1, 2026
RuleValueSource
Buffer added to the contract rate (percentage points)2OSFI
Floor qualifying rate (%)5.25OSFI
Price up to which the 5% minimum applies (effective 2024-12-15)$500,000CMHC
Minimum down payment on the first $500,0005%CMHC
Minimum down payment on the portion above $500,00010%CMHC
Down payment at which a mortgage is uninsured (and the minimum at $1.5M+)20%CMHC
Insured mortgages: purchase price must be below (effective 2024-12-15)$1,500,000Department of Finance Canada
Premium as a share of the loan, by loan-to-value6 rowsCMHC
Premium surcharge for amortizations over 25 years (effective 2024-12-15)0.2%CMHC
Maximum insured amortization (years), standard purchase25CMHC
Maximum insured amortization for first-time buyers and new builds (years) (effective 2024-12-15)30CMHC
Maximum GDS ratio (%)39CMHC
Maximum TDS ratio (%)44CMHC
Share of condo fees counted in GDS/TDS50%CMHC
Ontario retail sales tax on the premium (cash at closing, cannot be financed)8%CMHC
Ontario land transfer tax, one or two single-family residences (effective 2017-01-01)5 rowsGovernment of Ontario
City of Toronto MLTT, one or two single-family residences (effective 2026-04-01)10 rowsCity of Toronto
City of Toronto MLTT for conveyances before April 1, 20265 rowsToronto City Council
Date the Toronto bands above $3M took effect (effective 2026-04-01)2026-04-01Toronto City Council
Ontario first-time homebuyer refund, maximum (effective 2017-01-01)$4,000Government of Ontario
Toronto first-time purchaser rebate, maximum$4,475City of Toronto
Ontario non-resident speculation tax, anywhere in Ontario (foreign nationals, foreign corporations, taxable trustees) (effective 2022-10-25)25%Government of Ontario
City of Toronto municipal non-resident speculation tax (effective 2025-01-01)10%City of Toronto
Ontario electronic land registration fee per instrument: transfer/deed ($72.75 statutory + $12.10 Teranet + $1.57 HST) (effective 2026-11-02)86.42ServiceOntario
Ontario electronic land registration fee per instrument: charge/mortgage (effective 2026-11-02)86.42ServiceOntario
Per-instrument fee before November 2, 2026 (effective 2025-11-03)85ServiceOntario
Real estate lawyer: fees and disbursements (our estimate; get quotes)$2,000Our estimate
Title insurance (our estimate)$350Our estimate
Home inspection (our estimate)$550Our estimate
FHSA annual contribution room$8,000Canada Revenue Agency
FHSA lifetime contribution limit$40,000Canada Revenue Agency
Home Buyers' Plan RRSP withdrawal limit (per person)$60,000Canada Revenue Agency
Home buyers' amount (non-refundable credit base)$10,000Canada Revenue Agency
Value of the home buyers' amount for 2026 (14% × $10,000)$1,400Canada Revenue Agency
GST (federal part of Ontario's 13% HST)5%Canada Revenue Agency
First-time home buyers' GST rebate maximum (effective 2025-03-20)$50,000Canada Revenue Agency
Full GST rebate for new homes up to$1,000,000Canada Revenue Agency
GST rebate phases out to zero at$1,500,000Canada Revenue Agency
Ontario new housing rebate (75% of the 8% provincial HST), maximum, no price cap$24,000Canada Revenue Agency
Federal GST/HST new housing rebate maximum (none at $450,000 or more)$6,300Canada Revenue Agency
Ontario first-time buyers' rebate of the provincial HST, maximum (full to $1M, none at $1.5M) (effective 2025-03-20)$80,000Canada Revenue Agency
Ontario enhanced new housing rebate (all buyers), maximum incl. the permanent rebate (effective 2026-04-01)$80,000Canada Revenue Agency
Builder agreements signed in this window qualify for the enhanced rebate (effective 2026-04-01)April 1, 2026 to March 31, 2027Canada Revenue Agency
Ontario New Home Affordability Payment (covers the federal 5%), maximum (effective 2026-09-17)$50,000Government of Ontario
No advance fee or deposit may be taken on a mortgage of this principal or less (O. Reg. 188/08 s. 37)$400,000Government of Ontario (e-Laws)
Disclosures due at least this many business days before you sign (waivable in writing; O. Reg. 188/08 s. 35)2Government of Ontario (e-Laws)
Every Ontario agent and broker licence expires on this date each year (O. Reg. 409/07) (effective 2023-04-01)March 31Government of Ontario (e-Laws)
Mortgage agent Level 1 / Level 2 licences in force from (effective 2023-04-01)April 1, 2023Government of Ontario (e-Laws)
Months licensed as a Level 2 agent (of the last 36) before a broker licence (effective 2023-04-01)24Government of Ontario (e-Laws)
Federally regulated lenders send the renewal statement at least this many days before renewal (SOR/2021-181 s. 45)21Justice Laws
Maximum HELOC limit as a share of home value65%Financial Consumer Agency of Canada
Maximum combined borrowing against a home (refinance, mortgage + HELOC)80%Financial Consumer Agency of Canada
Toronto Vacant Home Tax, share of assessed value per year (declare occupancy by April 30) (effective 2024-01-01)3%City of Toronto
2026 total residential property tax rates (municipal + region + education), % of assessed value (effective 2026-01-01)6 rowsCity of Mississauga
City of Toronto 2026 residential rate (city + education + City Building Fund), % of assessed value (effective 2026-01-01)76.7311%City of Toronto

Which formulas do the calculators use?

  • Payments: fixed rates compound semi-annually; monthly periodic rate = (1 + j/2)1/6 − 1.
  • Land transfer tax: marginal brackets; refunds = min(tax, cap) × qualifying buyers' share.
  • Penalty: fixed = max(3 months' interest, IRD); IRD = (your rate − comparison rate) × balance × months left ÷ 12. Posted method: comparison = posted rate for the remaining term − your original discount.
  • Affordability: qualify at max(rate + 2, 5.25%); GDS = (P&I + property tax + heat + 50% of condo fees) ÷ gross monthly income ≤ 39%; TDS adds other debts, ≤ 44%.
  • Offer comparison: weighted cost = (1 − p) × cost if kept + p × cost if broken.

Which Bank of Canada series do we show?

Rate series

  1. Bank of Canada — Bank of Canada target for the overnight rate (policy rate) (series V39079) (effective October 29, 2026). Checked .
  2. Bank of Canada — Prime rate (chartered banks, typical) (series V80691311) (effective October 28, 2026). Checked .
  3. Bank of Canada — Posted conventional mortgage rate, 1-year (series V80691333) (effective October 28, 2026). Checked .
  4. Bank of Canada — Posted conventional mortgage rate, 3-year (series V80691334) (effective October 28, 2026). Checked .
  5. Bank of Canada — Posted conventional mortgage rate, 5-year (series V80691335) (effective October 28, 2026). Checked .
  6. Bank of Canada — Effective rate on new insured fixed mortgages, 5 years and over (series V122667780) (effective August 1, 2026). Checked .
  7. Bank of Canada — Effective rate on new uninsured fixed mortgages, 5 years and over (series V122667786) (effective August 1, 2026). Checked .
  8. Bank of Canada — Effective rate on new uninsured variable-rate mortgages (series V122667782) (effective August 1, 2026). Checked .
  9. Bank of Canada — Government of Canada benchmark bond yield, 5-year (series BD.CDN.5YR.DQ.YLD) (effective October 29, 2026). Checked .

What changed, and when?

Dated changelog of rules that affect our numbers
EffectiveChange
2026-11-02Ontario land registration fee rises to $86.42 per electronic instrument (from $85.00).
2026-10-28Bank of Canada raises the policy rate to 2.50%.
2026-04-01Toronto MLTT bands above $3 million take effect (4.40% to 8.60%). Ontario enhanced new housing rebate window opens for builder agreements to March 31, 2027.
2026-03-12Federal first-time home buyers' GST rebate enacted (Bill C-4).
2025-01-01Toronto 10% municipal non-resident speculation tax in force.
2024-12-15Insured price cap $1.5 million; 30-year insured amortization for first-time buyers and new builds.
2024-11-21OSFI stops prescribing the stress test for uninsured straight switches.
2023-04-01Ontario Level 1 / Level 2 mortgage agent licences.
2022-10-25Ontario non-resident speculation tax 25% province-wide.

Sources

  1. OSFI — Minimum qualifying rate for uninsured mortgages (Guideline B-20). Checked .
  2. OSFI — Uninsured straight switches exempt from the prescribed MQR (effective November 21, 2024). Checked .
  3. Department of Finance Canada — Statement on the insured mortgage stress test (effective December 12, 2023). Checked .
  4. CMHC — Mortgage loan insurance cost (premium table). Checked .
  5. CMHC — Homeowner mortgage loan insurance: Purchase. Checked .
  6. CMHC — Home Start: 30-year amortization for first-time buyers and new builds. Checked .
  7. Department of Finance Canada — Mortgage reforms in force: $1.5M insured price cap, 30-year amortization (effective December 15, 2024). Checked .
  8. CMHC — Calculating GDS / TDS. Checked .
  9. Government of Ontario — Retail sales tax on insurance premiums (8%). Checked .
  10. Government of Ontario — Calculating land transfer tax (effective January 1, 2017). Checked .
  11. Government of Ontario — Land transfer tax refunds for first-time homebuyers (effective January 1, 2017). Checked .
  12. City of Toronto — Municipal land transfer tax (MLTT) rates and fees (effective April 1, 2026). Checked .
  13. Toronto City Council — Decision 2025.EX28.1: new MLTT bands above $3 million (effective April 1, 2026). Checked .
  14. City of Toronto — MLTT rebate opportunities for first-time purchasers. Checked .
  15. City of Toronto — Property tax rates and fees (2026) (effective January 1, 2026). Checked .
  16. Justice Laws — Interest Act, R.S.C. 1985, c. I-15, s. 6. Checked .
  17. Canada Revenue Agency — Contributing to your FHSA. Checked .
  18. Canada Revenue Agency — What is the Home Buyers' Plan. Checked .
  19. Canada Revenue Agency — Line 31270: Home buyers' amount. Checked .
  20. Canada Revenue Agency — GST/HST Memorandum 19-3-10: First-time home buyers' GST/HST rebate (effective March 20, 2025). Checked .
  21. Department of Finance Canada — Bill C-4 receives Royal Assent (first-time buyers' GST rebate) (effective March 12, 2026). Checked .
  22. Bank of Canada — Valet API: interest-rate series. Checked .
  23. FSRA — Public register: mortgage brokerages, administrators, agents and brokers licensed in Ontario. Checked .
  24. FSRA — Working with a mortgage professional (effective April 1, 2023). Checked .
  25. FSRA — Do your clients understand how you're paid? (compensation disclosure). Checked .
  26. FSRA — Your mortgage matters: five questions to ask. Checked .
  27. FSRA — Working with a mortgage broker or agent? Know what to expect (PDF). Checked .
  28. FSRA — Submit a complaint. Checked .
  29. FSRA — Enforcement and monitoring. Checked .
  30. FSRA — Private mortgages: what borrowers should know. Checked .
  31. FSRA — Mortgage brokering: consumers. Checked .
  32. Government of Ontario (e-Laws) — Mortgage Brokerages, Lenders and Administrators Act, 2006. Checked .
  33. Government of Ontario (e-Laws) — O. Reg. 409/07: Brokers and agents licensing (Level 1 / Level 2) (effective April 1, 2023). Checked .
  34. Government of Ontario (e-Laws) — O. Reg. 188/08: Mortgage brokerages, standards of practice (effective March 1, 2022). Checked .
  35. Government of Ontario (e-Laws) — O. Reg. 191/08: Cost of borrowing and disclosure to borrowers (effective March 1, 2022). Checked .
  36. Financial Consumer Agency of Canada — Getting preapproved for a mortgage (working with brokers) (effective October 15, 2025). Checked .
  37. Financial Consumer Agency of Canada — Mortgage fees: prepayment penalties (effective October 15, 2025). Checked .
  38. Financial Consumer Agency of Canada — Code of conduct: mortgage prepayment information (effective September 24, 2025). Checked .
  39. Financial Consumer Agency of Canada — Renewing your mortgage (effective October 15, 2025). Checked .
  40. Financial Consumer Agency of Canada — Borrowing home equity. Checked .
  41. Justice Laws — Financial Consumer Protection Framework Regulations (SOR/2021-181) (effective June 30, 2022). Checked .
  42. ServiceOntario — Bulletin 2026-04: land registration fees from November 2, 2026 (effective November 2, 2026). Checked .
  43. Government of Ontario — Non-resident speculation tax (effective October 25, 2022). Checked .
  44. Canada Revenue Agency — RC4028: GST/HST new housing rebate (incl. Ontario new housing rebate). Checked .
  45. Canada Revenue Agency — First-time home buyers' GST/HST rebate (incl. Ontario first-time buyers' rebate) (effective March 20, 2025). Checked .
  46. Canada Revenue Agency — GST/HST Notice 346: Ontario enhanced new housing rebate (effective April 1, 2026). Checked .
  47. Government of Ontario — Ontario New Home Affordability Payment (effective September 17, 2026). Checked .
  48. City of Mississauga — 2026 tax rates, By-law 0061-2026 (Schedule A) (effective April 29, 2026). Checked .
  49. City of Brampton — 2026 tax rates, By-law 073-2026 (effective May 6, 2026). Checked .
  50. City of Vaughan — 2026 tax rates, By-law 103-2026 (effective April 23, 2026). Checked .
  51. City of Markham — About your tax bill (2026 rates). Checked .
  52. City of Richmond Hill — 2026 summary schedule of tax rates. Checked .
  53. Town of Oakville — Tax rates (2026). Checked .
  54. Government of Ontario — Land transfer tax (Toronto is the only municipality named with its own tax). Checked .
  55. City of Toronto — Vacant Home Tax (effective January 1, 2024). Checked .

Estimate, not advice. Educational estimate only, not financial, mortgage, tax or legal advice. Lenders, insurers and governments set their own rules and can change them; confirm with a licensed professional before you decide.

Where to next

About usEditorial standardsClosing cost calculatorThese rules in action