Buying the average Toronto home with the new minimum down payment and a 30-year mortgage

Calculations are based on Toronto's average home price as of August, 2024, which was $1,082,200. We assume that current down-payment rules for insured mortgages will apply to homes worth up to $1.5-million. In such a scenario, the minimum down payment would be 7.69 per cent. The 4.79-per-cent mortgage rate reflects the lowest available five-year fixed rate for an uninsured mortgage as of Sept. 16 on Ratehub.ca. The 4.09-per-cent rate was the lowest insured five-years fixed as of the same date.