Mortgage strategy for St. Michael's Hospital and Unity Health Toronto physicians. Built for the downtown trauma centre practice and Toronto cost structure.
A physician program could add
$0
to the home you can buy.
Estimate at 4.49%, stress tested at 6.49%, with 10% down, below the $1.5M insured limit.
St. Michael's Hospital is in Toronto, Ontario. Affiliation: Unity Health Toronto / University of Toronto. Other hospitals nearby: University Health Network, The Hospital for Sick Children, Mount Sinai Hospital and Sunnybrook Health Sciences Centre.
Price: Toronto Regional Real Estate Board, Market Watch July 2026, City of Toronto. Tax: Ontario Ministry of Finance, calculating land transfer tax; City of Toronto, municipal land transfer tax rates and fees; City of Toronto, MLTT rebate opportunities; Ontario, land transfer tax refunds for first-time homebuyers. Rates reviewed August 2026.
Physician mortgages in TorontoHighest purchase price, 10% down, no student debt, 4.49% stress tested at 6.49%, kept below the $1.5M insured limit. Resident pay: PARO-OTH arbitration decision, September 24, 2024, in effect July 2025. The agreement expired June 30, 2026. PARO states its terms, including salary, stay in effect until a new agreement is reached. No 2026 grid had been published when this table was reviewed. Program figures: Physician projected-income program factsheet, September 2023 edition.
How do emergency medicine residents at St. Michael's qualify for a mortgage?
The same way as other specialties: $185,000 in PGY-1 and PGY-2, $225,000 from PGY-3, and $300,000 for Emergency Medicine in the final year or within 36 months of finishing. Student loans and your line of credit still count as monthly payments.
See the projected income scheduleDo locum emergency physicians at St. Michael's qualify for physician mortgage rates?
Yes. Locum emergency physicians qualify with T4A income and billing history through the right lender. The paperwork is heavier than for a salaried staff job, so start gathering slips and statements early.
Read the locum guideIs St. Michael's treated as a U of T teaching site for mortgage programs?
Yes. St. Michael's, St. Joseph's, and Providence Healthcare all fall under Unity Health Toronto, which is a University of Toronto teaching affiliate. All major physician programs treat Unity Health residents and staff the same as any U of T academic site.
What are the closing costs on a downtown Toronto condo for a St. Mike's resident?
On a $750,000 condo near St. Michael's (Distillery District, Corktown, King East), Ontario and Toronto land transfer tax together come to $22,950 before first-time buyer refunds of up to $8,475. Legal fees, title insurance and adjustments come on top.
Closing costs in TorontoCan I use projected fellowship income for a St. Michael's mortgage?
Yes. Fellows qualify on the program schedule for their year, and a signed staff offer can also count as income. Lenders use the projected figure only when it is higher than what you actually earn.
Buying on a signed staff offerWhich neighbourhoods work for St. Michael's staff without a car?
Cabbagetown, Corktown, Distillery District, King East, and Regent Park are walking or short-transit distance. The Financial District and Church-Wellesley also offer condo options with sub-15-minute commute.
