National Constants
We make a number of assumptions regardless of your home's location, based on the current average rates. Here are the assumptions we've made.
| Mortgage Rate (default) | 6.6% |
|---|---|
| Amortization Period | 25 years |
| Down Payment | 20% |
| Investment Rate | 6% |
Provincial Constants
Each province's individual rates vary greatly. Depending on the province of your choice, we've calculated home ownership costs based on the current provincial rates.
| Province | Average Sq. Ft. by $100K1 | Property Taxes2 | Condo Fees | Heating Costs |
|---|---|---|---|---|
| British Columbia | 150 | 0.37% | 25% | 10% |
| Alberta | 340 | 0.89% | 25% | 10% |
| Saskatchewan | 384 | 1.21% | 25% | 10% |
| Manitoba | 384 | 2.48% | 25% | 10% |
| Ontario | 161 | 0.99% | 25% | 10% |
| Québec | 95 | 0.79% | 25% | 10% |
| Newfoundland and Labrador | 389 | 0.83% | 25% | 10% |
| New Brunswick | 389 | 1.52% | 25% | 10% |
| Nova Scotia | 389 | 0.63% | 25% | 10% |
| Prince Edward Island | 389 | 1.67% | 25% | 10% |
| Nunavut | 268 | 0.62% | 25% | 10% |
| Northwest Territories | 304 | 0.92% | 25% | 10% |
| Yukon | 435 | 0.11% | 25% | 10% |
1Average Sq. Ft. by $100k for all provinces is based on Century 21 2023 Price Per Square Foot Survey, for Northwest Territories on the Century 21 2022 Price Per Square Foot report, Nunavut on the Government of Canada's 2022 Northern Housing Report, and Yukon on the New Canadian Life article "How much does a house cost in Yukon".
2Provincial average property tax rates tax rates are calculated using calculated using the 2023 property tax rates of the following cities grouped by their respective province: Calgary, Edmonton, Lethbridge, Abbottsford, Kelowna, Vancouver, Victoria, Winnipeg, Saint John, Fredericton, St. John's, Yellowknife, Halifax, Iqaluit, Burlington, Guelph, Hamilton, Kitchener, London, Mississauga, Ottawa, Toronto, Montreal, Québec City, Saskatoon, Whitehorse.
3Heating Cost assumptions are in line with assumptions in TD Bank's Mortgage Affordability Calculator.
4Condo Fees assumptions are in line with assumptions in TD Bank's Mortgage Affordability Calculator.