If you’re a renter, you may want to purchase renters insurance to protect your belongings. Using our tenant insurance quoter , we ran a test quote for a 30-year-old and their family renting in the Bloorcourt Village area of Toronto and found that tenant insurance would cost them $35.07 a month .

According to a December 2019 report from Rentals.ca , the average cost of a one-bedroom unit in Toronto hit $2,314/month last November, and the average cost of a two-bedroom reached $2,966. We’ve decided to calculate things a little differently this year and use only the average rental cost of a one-bedroom unit for our monthly calculations.

Housing: $ 4,223.56

According to the most recent market data from the Toronto Real Estate Board , the average selling price for all home types in the GTA in the 2019 calendar year was $819,319.

In Toronto specifically, the average price was $883,520.

Assuming a down payment of 15% (which means we also need to include mortgage insurance through Canada Mortgage Housing Corporation), that gives us a total mortgage of $772,020.

Going with a 25-year amortization period, and a five-year fixed rate term at an interest rate of 2.94%, monthly mortgage payments for such a home in Toronto would cost $3,630.

Then, of course, buyers must also consider home insurance. While it isn’t mandatory, most lenders won’t give you a mortgage without it. 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 four-storey detached home would cost $140.92 a month.

There’s also property tax to take into account, 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 the City of Toronto’s Property Tax Calculator, on an $883,520 home, you’d be paying $5,431.62 a year in property tax, which works out to about $452.64 a month. It’s important to know that your property taxes will be based on your MPAC assessment.

Don’t forget about land transfer tax, either — both municipal and provincial. Using the Toronto Real Estate Board (TREB)’s Land Transfer Tax Calculator, a home that sells for $883,520 would produce $28,290.80 in land transfer tax, which is paid in a lump sum at the time of the transfer. As such, we haven’t included this in our monthly total.

Mortgage payments: $3,630 (includes mortgage insurance)

(includes mortgage insurance) Home insurance: $140.92

Property tax: $452.64

That gives us a monthly total of $4,223.56.