Compare top chequing accounts, high-interest savings, and mortgage rates available to Toronto residents
Toronto is Canada's largest city and its financial capital, home to over 2.7 million residents across neighbourhoods like the Financial District, Yorkville, Scarborough, Etobicoke, North York, and the Annex. With some of the highest real estate prices in the country — average detached homes routinely exceeding $1.2M — choosing the right bank matters enormously for Toronto homebuyers and everyday savers alike. Whether you're in Leslieville looking for a no-fee chequing account or a first-time buyer in Mimico comparing mortgage pre-approvals, this guide covers the best banking options available to Torontonians in 2025.
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Toronto Land Transfer Tax Calculator (Ontario + Municipal)
Toronto homebuyers pay both the Ontario provincial Land Transfer Tax AND the Toronto Municipal Land Transfer Tax — the only city in Canada with a double LTT.
Ontario LTT:
Toronto MLTT:
Total LTT payable:
First-Time Buyer Rebate Applied! You may receive up to $4,000 rebate on Ontario LTT and up to $4,475 on Toronto MLTT, reducing your total payable amount shown above.
Estimate only. Consult a real estate lawyer for exact figures. Rates current as of 2025.
Frequently Asked Questions — Banking in Toronto
What is the best bank in Toronto? ▾
The best bank in Toronto depends on your needs. For the highest savings rate and no monthly fees, EQ Bank offers 3.00% HISA with no strings attached — ideal for Toronto renters and savers. For in-person branch access across the GTA — from North York to Scarborough — TD Bank, RBC, and Scotiabank all have extensive networks. For cash back rewards and no NSF fees, KOHO is popular with Toronto's younger demographics. First-time homebuyers should compare mortgage pre-approvals from all the Big 5 banks.
How much is land transfer tax in Toronto? ▾
Toronto is unique in Canada — buyers pay both the Ontario provincial Land Transfer Tax (LTT) and the Toronto Municipal Land Transfer Tax (MLTT), effectively doubling the tax burden. On a $500,000 home, the Ontario LTT is approximately $6,475 and the Toronto MLTT adds another $6,475, for a combined total of roughly $12,950. On a $900,000 Toronto condo, combined LTT approaches $29,475. Use the calculator above for a precise estimate based on your purchase price.
Do first-time homebuyers get a discount in Toronto? ▾
Yes — Toronto first-time buyers are eligible for two rebates. The Ontario First-Time Homebuyer Rebate offers up to $4,000 off provincial LTT (full rebate on homes up to $368,333, partial up to ~$400K). Toronto also offers a Municipal LTT rebate of up to $4,475. Combined, first-time buyers in Toronto can receive up to $8,475 back — a meaningful offset in one of Canada's most expensive markets. You must be a Canadian citizen or permanent resident who has never owned a home anywhere in the world.
Which bank has the most branches in Toronto? ▾
TD Bank operates Canada's largest branch network and has the most locations across the Greater Toronto Area, with branches in every major neighbourhood from downtown's Financial District to suburban Scarborough and Etobicoke. RBC and Scotiabank are close runners-up, both with strong presences across the GTA. For those who rarely need a branch, digital banks like EQ Bank and KOHO offer superior rates and no fees — accessible from anywhere in Toronto via mobile app.