We base the monthly financing costs for this vehicle on the vehicle price of $26,805.įinancing rates vary from dealership to dealership. The mid-level trim for this car is the 2023 four-door Toyota Corolla Sedan LE. Due to a lack of inventory rather than a lack of demand, the Civic came up short in sales next to the Corolla last year, which sold more than 4,000 more units. Using the adult 12-month Pass ($143.00) as our transit option, in addition to four $34 Uber trips a month (for a total of $136), our average monthly transportation cost works out to $279.00.Īfter 24 years of being the top-selling car in Canada, the Honda Civic sedan has been beat out by the Toyota Corolla. Since some people never take Uber and others take it often, we’ve gone with four trips a month for our calculations. One UberX ride from Midtown to the Yonge-and-Dundas area costs about $34 per round trip. If that’s the case, there’s an abundance of ride-sharing services in Toronto. 12-month Pass (youth and seniors): $117.45Ĭabs/Uber/Lyfts: Maybe transit’s not your thing.Monthly TTC Pass (youth, seniors, and post-secondary students): $128.15.Here’s a list of the latest TTC/Presto fares. Old monthly payment: $2,338 (based on $500,000 mortgage, 25-year amortization)Īverage insured fixed mortgage rate of Q1 2023: 4.99%īecause of the Toronto Transit Commission (TTC)’s plans to restore service to pre-pandemic levels and enhance infrastructure, fares increased 10 cents on April 3, 2023, from $3.25 to $3.35. Property tax: $555.34 Fixed-rate mortgage holder: $3,531.48Īverage insured fixed mortgage rate of Q1 2018: 2.89% Old monthly payment: $1,941 (based on $500,000 mortgage, 25-year amortization)Īverage insured variable mortgage rate of Q1 2023: 5.50% Variable-rate mortgage holder: $3,804.48Īverage insured variable mortgage rate of March 2022: 1.25% Similarly, for fixed-rate holders, monthly mortgage payments have increased from when they started their term to their renewal date. While the costs of buying a new home decreased slightly due to lower housing prices, the cost of actual ownership for variable-rate holders has risen since rates started increasing in March of 2022. If we consider homeowners who purchased their properties at least a year ago, monthly totals can differ. That gives us a monthly total of $5,282.48 Housing (Seasoned homeowner) As such, we haven’t included this in our monthly total. Using the LowestRates.ca Land Transfer Tax Calculator, we see that a home that sells for $1,054,563 would produce $35,132.52 in land transfer tax, which is paid in a lump sum at the time of the transfer. It’s important to know that your property taxes will be based on your MPAC valuation - which could asses your home at approximately half its market value.ĭon’t forget about land transfer tax, either - both municipal and provincial. Using the City of Toronto’s Property Tax Calculator, on a $1,054,563 home, you’d be paying $6,664.13 a year in property tax, which works out to about $555.34 a month.
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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