![]() Homeowners must pay property tax, which is determined based on the following factors: Toronto’s municipal tax rate, the education tax rate (determined by each province), the city building fund, and the value of your property. Using our home insurance quoter, we determined that home insurance for a 30-year-old and their family living in the Bloorcourt Village area of Toronto in a two-storey detached home would cost around $179.14 a month. While it isn’t mandatory, most lenders won’t give you a mortgage without it. Then, of course, buyers must also consider home insurance. ![]() Going with a 25-year amortization period and a five-year fixed interest rate of 4.24%, which was the lowest rate on our site at the time of this writing, monthly mortgage payments for such a home in Toronto would cost about $4,548, according to the LowestRates.ca Mortgage Payment Calculator. That gives you a total mortgage of $843,650. Since the home is worth $1 million or more, mortgage insurance through Canada Mortgage Housing Corporation isn’t available, so you won’t need to factor in the cost. Let’s assume you have a down payment of 20% ($210,913), the minimum down payment required for a $1-million home. ![]() In Toronto specifically, the average price for all home types was $1,054,563. According to the most recent market data from the Toronto Regional Real Estate Board (TRREB), the average selling price for all home types in the GTA in March 2023 was $1,108,606.
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