Estimate your monthly mortgage payment based on Hamilton home prices. Hamilton has emerged as one of the most popular alternatives to Toronto, offering significantly lower prices while maintaining access to the GTA via GO Transit.
The average home price in Hamilton is approximately $700,000. With 10% down ($70,000) and CMHC insurance, the total mortgage would be approximately $649,740. At a 4.25% interest rate over 25 years, the monthly mortgage payment would be $3,514.
5-year term summary:
25-year summary:
Hamilton mortgage payment examples
| Home Price | Down Payment | Mortgage + CMHC | Monthly at 4% | Monthly at 5% | Monthly at 6% |
|---|---|---|---|---|---|
| $400,000 | $40,000 | $371,160 | $1,956 | $2,168 | $2,389 |
| $500,000 | $50,000 | $463,950 | $2,445 | $2,710 | $2,987 |
| $600,000 | $70,000 | $546,430 | $2,879 | $3,191 | $3,517 |
| $700,000 | $90,000 | $628,910 | $3,314 | $3,673 | $4,047 |
| $850,000 | $110,000 | $763,180 | $4,022 | $4,459 | $4,914 |
Hamilton vs. Toronto comparison
| Factor | Hamilton | Toronto |
|---|---|---|
| Average home price | $700,000 | $1,065,000 |
| Land transfer tax | $10,475 | $32,950 (double LTT) |
| Property tax rate | 1.26% | 0.67% |
| Monthly mortgage (10% down, 4.25%) | $3,514 | $4,607* |
| Municipal LTT? | No | Yes (MLTT) |
| Savings on purchase | ~$365,000 lower price |
Toronto requires 20% down. Hamilton saves ~$22,000 in LTT alone.
Trade-off: Hamilton’s property tax rate is nearly double Toronto’s, but the much lower home values mean you still pay less in absolute dollars ($8,820 vs. $7,136 annually, and the mortgage savings far outweigh this).
Hamilton land transfer tax
Hamilton is in Ontario, so the Ontario land transfer tax applies. Hamilton does not have a municipal LTT like Toronto.
| Home Price | Ontario LTT | First-Time Buyer Pays |
|---|---|---|
| $500,000 | $6,475 | $2,475 |
| $600,000 | $8,475 | $4,475 |
| $700,000 | $10,475 | $6,475 |
Hamilton property taxes
Hamilton’s property tax rate is approximately 1.26% — higher than Toronto’s 0.67%:
| Home Price | Annual Property Tax | Monthly Equivalent |
|---|---|---|
| $500,000 | $6,300 | $525 |
| $600,000 | $7,560 | $630 |
| $700,000 | $8,820 | $735 |
While the rate is higher, the lower home prices mean many buyers still pay less in total monthly costs compared to Toronto.
Hamilton housing cost breakdown
| Cost Category | Typical Monthly Range |
|---|---|
| Mortgage payment (on average home) | $3,300 – $3,700 |
| Property taxes | $735 |
| Home insurance | $100 – $175 |
| Utilities & heating | $200 – $375 |
| Maintenance (1% of value/year) | $583 |
| Commuting (if working in Toronto) | $300 – $500 (GO pass) |
Total estimated monthly cost: $4,918 – $5,568 (without commute) or $5,218 – $6,068 (Toronto commuter)
Even with commuting costs factored in, Hamilton offers savings over living in Toronto.
Hamilton-specific homebuyer considerations
- GO Transit commuter access — Hamilton GO provides frequent service to Toronto Union Station (~1–1.5 hours). Monthly pass is approximately $300–$400.
- McMaster University anchor — Major employment and rental demand in the Westdale/McMaster area.
- Waterfront development — Hamilton’s waterfront is undergoing revitalization, with potential for property value growth.
- Mountain vs. lower city — Hamilton is divided by the Niagara Escarpment. The “mountain” (upper Hamilton) tends to be more suburban and slightly more affordable.
- Steel City heritage — Hamilton’s industrial history means some properties may require environmental assessments. Always get a thorough home inspection.
- First Home Savings Account (FHSA) — See the FHSA calculator.
Hamilton housing market by area
- Lower city / Downtown — Revitalizing, $500,000–$700,000 for detached homes.
- Westdale / Locke Street — Premium walkable areas ($700,000–$1,000,000).
- Hamilton Mountain — Suburban, family-friendly ($600,000–$800,000).
- Dundas / Ancaster / Stoney Creek — Former suburbs now part of Hamilton ($700,000–$900,000).
For the latest data, see the Hamilton housing market report.
Related calculators
- Ontario Land Transfer Tax Calculator — Calculate your Ontario LTT
- Ontario Mortgage Calculator — Provincial overview
- Toronto Mortgage Calculator — Compare with Toronto
- Mortgage Affordability Calculator — How much house can you afford?
- Closing Costs Calculator — Estimate all purchase costs