Borrowing in Toronto, Ontario

Toronto, Ontario, recorded a population of 2,794,356 in the 2021 Census; the rules that govern a loan signed there are provincial.

Products compared here

The product pages behind this city cover the following borrowing categories, among the 20 products compared nationally.

• Unsecured loans: Borrowing with no asset pledged, priced for the risk the lender is taking on your file alone.
• Business loans: Commercial borrowing, what lenders read in a business file, and how the assessment differs from personal credit.

How borrowing works locally

A payday advance is repaid on a pay date, while an instalment loan is repaid over a set number of payments.

A revolving product charges interest on the outstanding balance, while an instalment product charges a fixed schedule of payments. A consumer proposal or a bankruptcy is administered by a licensed insolvency trustee rather than by a lender.

The Ontario rules that apply

Licensing for consumer credit in Ontario sits with the province or territory, and the Financial Consumer Agency of Canada maintains the public list of provincial and territorial regulators.

The federal Payday Lending Regulations (SOR/2024-114) list Ontario among the provinces that regulate payday lending, where the federal Payday Lending Regulations (SOR/2024-114) cap the cost of borrowing at $14 per $100 advanced.

Communities in the top band are grouped here; the province still sets the licensing and payday rules.

The census figures for Toronto

Statistics Canada's 2021 Census gives Toronto a population of 2,794,356. Its land area is 631.1 square kilometres.

The arithmetic gives 4427.8 people per square kilometre.

By population it ranks 1 among the Ontario places covered here.

Compared with the other 527 covered Ontario places, Toronto ranks 1 by population.

The density figure for Toronto, 4427.8 people per square kilometre, is calculated from the population and land area above.

Toronto is one of 527 covered Ontario places, counted at 2,794,356 residents with a land area of 631.1 square kilometres.

Where a figure for Toronto could not be verified, the page names the publisher instead of printing a number.

At 2,794,356 residents in the 2021 Census, Toronto is listed alongside the other covered places in Ontario.

Toronto appears in the census record with 2,794,356 residents, and the density of 4427.8 people per square kilometre follows from it.

For Toronto, the two census fields above are the only local statistics used anywhere on the page.

Readers comparing Toronto with another community can use the same four census fields.

The Toronto page follows the same structure as every other place page, with population, land area, density and rank.

Toronto sits at rank 1 within Ontario in this data set, and the provincial rules apply as they do elsewhere.

The land area recorded for Toronto is 631.1 square kilometres, and the population is 2,794,356 residents in the 2021 Census.

Toronto ranks 1 by 2021 Census population among the covered places in Ontario.

loanmoose.ca is not a lender and does not make credit decisions. The lowest rates are only available to the most qualified applicants.

Statistics Canada's 2021 Census of Population supplies the population and land-area figures, and the federal Payday Lending Regulations (SOR/2024-114) supply the payday position.

Lending rules change, and the Financial Consumer Agency of Canada publishes the list of provincial and territorial regulators where the current position is confirmed.