House Cost Calculator – Ontario
Here’s a table summarizing the key information about the cost of houses in Ontario, Canada. This covers the major factors influencing house prices, including location, property type, average prices, mortgage rates, and relevant additional costs.
| Category | Details |
|---|---|
| Location | – Major cities (Toronto, Ottawa) are more expensive than smaller towns |
| – Urban vs. rural areas see significant price differences | |
| Average House Prices (2024) | – Toronto: $1,050,000+ |
| – Ottawa: $660,000+ | |
| – Hamilton: $800,000+ | |
| – London: $690,000+ | |
| – Windsor: $550,000+ | |
| Property Types | – Detached homes: $1M+ in major cities, less in rural areas |
| – Semi-detached homes: $800K+ in urban regions | |
| – Townhouses: $700K+ in cities, $500K+ in suburbs | |
| – Condos: $600K+ in Toronto, $400K+ in Ottawa | |
| Mortgage Rates (2024) | – Fixed rates: 5-6% for 5-year fixed |
| – Variable rates: 4.5-5.5% | |
| Land Transfer Tax | – Ontario: 0.5% to 2.5% of the purchase price |
| – Toronto has an additional municipal land transfer tax | |
| Down Payment Requirements | – Minimum 5% for homes under $500,000 |
| – 10-20% for higher-priced homes | |
| Property Taxes | – Range from 0.6% to 1.5% of the property value, depending on the location |
| Additional Costs | – Closing costs: 1-3% of the home’s purchase price |
| – Home inspection: $300-$600 | |
| – Legal fees: $1,500-$3,000 | |
| – Appraisal fees: $300-$500 |
These values represent general trends in Ontario, but prices can vary significantly depending on specific neighborhoods, amenities, and the local housing market trends.