Everyone in Toronto talks about the million-dollar house like it’s the finish line, but if you’re actually looking to buy in the GTA right now, you know that the purchase price is just the beginning of the story. Between the mortgage, the city’s shifting tax brackets, and the absolute headache of local utility rates, the “true” monthly cost of living here can be a shock to the system.
If you’re planning a move in 2026, you need to look past the fancy listing photos and get real about the carrying costs. Here is the breakdown of what life actually looks like after you get the keys.
The Mortgage is Just the Starting Line
The biggest chunk of your money is obviously going to the bank. If you’re looking at a standard $1Million property with 20% down, you’re likely staring at a monthly bill north of $4,000. But the part people often forget is that if you have less than that 20% down, you’re forced into mortgage insurance. That isn’t just a one-time fee; it’s a monthly weight that can tack on hundreds of dollars you’ll never see again. In today’s interest rate environment, even a half-percent shift can be the difference between a manageable life and being “house poor.”
Toronto Property Taxes Aren’t What They Used to Be
There used to be this running joke that Toronto had the lowest property taxes in Ontario to keep voters happy. That’s over. With the 2026 budget pushing a 2.2% residential hike, on top of the city building levies that seem to grow every year, you have to be careful. For a million-dollar home (which, let’s be honest, is often a “fixer-upper” in some neighborhoods), you’re looking at about $600 to $700 a month just for the right to exist in the city, and don’t assume moving to Mississauga or Brampton is a loophole; their rates are often higher because they don’t have Toronto’s massive commercial tax base to lean on.
The “Silent” Costs: Utilities and the 1% Rule
Then there’s the stuff that doesn’t show up on your mortgage statement. GTA utilities are a moving target. Between the winter heating bills that spike in January and the summer AC costs that hit in July, you’re looking at $300 to $500 a month.
But the real killer is maintenance. Most pros will tell you to save 1% of your home’s value every year for repairs. On a $1M home, that’s almost $850 a month. It sounds like overkill until your roof starts leaking or your furnace dies in the middle of a February deep freeze. If you aren’t setting that money aside, you aren’t “owning” the home, the home is owning you.
The Condo Fee Gamble
If you’re going the condo route in Toronto or Mississauga, those maintenance fees can be a wild card. You might see a listing for $400 a month, but you have to dig into the status certificate. Is the reserve fund healthy? Or is the board about to hit you with a “special assessment” for ten grand because the elevators failed? By 2026, some older buildings are seeing fees push past $1.00 per square foot. That means for a two-bedroom, you could be paying $1,000 a month on top of your mortgage, essentially a second rent payment.
The Bottom Line
At the end of the day, that $1,000,000 detached house is actually costing you somewhere between $5,500 and $6,800 every single month when you account for insurance, taxes, and the “surprises” that come with homeownership.
It’s not just about what you can borrow; it’s about what you can actually live with. Before you sign that offer, make sure your budget has enough breathing room to actually enjoy the city you’re paying so much to live in.