Monthly Carrying Cost.

The total monthly cash outflow required to own the property: mortgage payment, property tax, condo fees, insurance, and utilities. Carrying cost does NOT include vacancy losses, capital expenditures, or income tax — it is the monthly check you write to keep the lights on.

Canadian fixed-rate mortgages compound semi-annually by law (not monthly, like US mortgages). The effective monthly rate is (1 + annual rate / 2)^(1/6) − 1. On a 5% mortgage, this works out to about 4.949% effective annual — slightly less interest than monthly compounding would produce.

Toronto residential property tax for 2026 is approximately 0.715% of MPAC assessed value (which is typically below market). For a $3M purchase, expect $14,000–$22,000 annual property tax depending on the property's assessed value. Newer luxury condos often have lower assessed values relative to market price than detached homes.

Not for personal carrying cost — this calculator models your residence. For investment property income tax, see the Cap Rate calculator and the corresponding pre-tax / post-tax breakdown.

Roughly $14,000–$16,000 per month at current mortgage rates with 35% down — about 5%–6% of purchase price annualized. The mortgage is the largest line; condo fees and property tax are the next two. Utilities are usually $300–$600/month for a 1,500–2,500 sqft suite.