North York, Toronto
Mortgage calculator for a North York condo
Enter a condo price, a down payment and a rate a lender has given you. The calculator shows the federal minimum down payment and an estimated monthly payment.
The federal minimum down payment
| Purchase price | Minimum down payment |
|---|---|
| Up to $500,000 | 5% of the price |
| $500,000 to under $1.5 million | 5% of the first $500,000 plus 10% of the part above it |
| $1.5 million or more | 20% of the price |
The Financial Consumer Agency of Canada sets out these minimums. A down payment under 20% typically needs mortgage loan insurance. The calculator fills in the minimum for the price you type and warns you if you enter less.
Minimum down payment at Toronto condo medians
TRREB publishes no North York total, so this table uses the City of Toronto median for each condo type in August 2026, with the number of sales behind it. The median is the middle sale of that month across the whole city. It is not the price of any one unit or of North York.
| Home type, City of Toronto | Sales, August 2026 | Median price | Minimum down payment |
|---|---|---|---|
| Condo apartment | 885 | $550,000 | $30,000 |
| Condo townhouse | 120 | $661,650 | $41,165 |
District figures for the parts of the city that cover North York are on the North York condo prices page.
Rules that changed on December 15, 2024
Two federal changes took effect on that date. The price cap for an insured mortgage rose from $1 million to $1.5 million. A 30-year amortization on an insured mortgage was opened to all first-time homebuyers and to all buyers of new builds. Before that, from August 1, 2024, the 30-year option had been limited to first-time buyers of new builds. Choose 30 years in the calculator to see how the longer amortization changes the payment, then ask a mortgage professional whether you qualify for it.
What the estimate leaves out
- Any mortgage loan insurance premium.
- The monthly common expenses for the condo unit and property tax.
- Both land transfer taxes. A North York purchase pays the Ontario tax and the City of Toronto tax, which the Toronto land transfer tax calculator works out.
- Legal fees and the other amounts in our post on closing costs on a North York condo.
The North York condo buying guide covers the FHSA and the Home Buyers' Plan, two federal programs that can help with a down payment. When you have a budget, browse condo apartments for sale or condo townhouses for sale in North York.
This page is general information, not mortgage advice. Only a lender or a mortgage professional can confirm your rate, the amount you can borrow and the payment.