If you live in the GTA and want to know how your credit score measures up, you’re in the right place. The short answer: Toronto borrowers tend to score slightly above the national average, but the city’s cost of living and debt pressures create real headwinds that can pull scores down at any age.
This article focuses strictly on Toronto and the GTA. For the national overview, see our guide to the average credit score in Canada. For a breakdown by age cohort, see our post on the average credit score by age in Canada.
What Is the Average Credit Score in Toronto?
According to Borrowell, based on data from over 170,000 Toronto members, the average credit score in Toronto is 690 on the Equifax Risk Score 2.0 scale (the 300 to 900 scale used by Equifax Canada).
For comparison:
| Geography | Average Credit Score | Source |
|---|---|---|
| Toronto | 690 | Borrowell / Equifax (170k+ members) |
| Canada (national) | 679 | Borrowell / Equifax (4M+ members) |
| Ontario (estimated) | ~685 | WealthNorth lending data estimates |
Toronto sits roughly 11 points above the national average and a few points above the estimated Ontario average. That gap is modest: a 690 and a 679 fall into the same “good” credit tier, but it does reflect some structural differences in how GTA residents manage credit.
One important caveat: neither Equifax nor TransUnion Canada publishes official city-level credit score averages. The 690 figure comes from Borrowell’s member base, which skews toward people actively monitoring their credit. The real Toronto average across all residents may be somewhat different. Think of these numbers as a directional benchmark, not a precise stat.
Why Is Toronto’s Average Slightly Higher Than the National Average?
At first glance, Toronto’s higher score might seem surprising. The city has some of the highest housing costs in the country, and high housing costs typically mean more debt. But a few factors push scores upward:
Higher Average Incomes
Toronto is Canada’s financial hub. Average household incomes in the CMA are meaningfully above the national median, which supports on-time payment records (the single biggest factor in your credit score, at roughly 35% of the total). Torontonians who can cover their bills on time, consistently, build a strong payment history even while carrying larger balances.
Longer Credit Histories Among Established Residents
The GTA has a large proportion of long-term residents who have held credit accounts for decades. A 45-year-old Torontonian with a mortgage, two credit cards, and a car loan from their 20s has a deep, aged credit file that naturally pushes their score up. Credit history length accounts for about 15% of the Equifax score.
Higher Financial Literacy (Correlation, Not Cause)
Urban centres with more access to financial education, credit monitoring apps, and financial services tend to have higher average scores. This is a correlation rather than a cause, but it does affect outcomes.
What Pulls Toronto Scores Down
The city’s cost pressures also create real credit risks that affect a significant share of GTA borrowers:
Mortgage Debt and High Utilisation on Revolving Credit
Toronto homeowners carry some of the largest mortgage balances in the country. While a mortgage itself does not directly hurt your score (it counts as an installment loan, not revolving debt), the financial stress of large monthly mortgage payments often leads to higher utilisation on credit cards and lines of credit. If GTA homeowners carry balances to cover day-to-day costs while servicing a large mortgage, utilisation climbs, and that directly penalizes the score.
Rental Costs and Thin Files Among Newcomers
Toronto has a large newcomer population. Many recent arrivals hold strong financial track records in their home countries, but those records do not transfer to Canadian credit bureaus. A newcomer starts with no Canadian credit file, which means no score, regardless of their actual financial behaviour. This drags down averages in cities with high immigration rates like Toronto.
High Debt-to-Income Ratios
Even for borrowers who pay on time, the sheer volume of debt relative to income in Toronto can signal risk to lenders during adjudication. A borrower with a 690 score but a debt-to-income ratio pushed to the ceiling by a Toronto mortgage and car loan may still find their borrowing options more constrained than that score alone would suggest.
What Does a 690 Score Get You in Toronto?
A score of 690 puts you in the “good” tier on the Equifax scale. In practical terms for a Toronto borrower:
- Most personal loans and lines of credit: Accessible, though rates will vary depending on the lender and your full financial picture
- Mortgages: Eligible for CMHC-insured mortgages (minimum 600 for some lenders; most prefer 680+), though the best conventional rates typically require 720+
- Credit cards: Most mid-tier rewards cards are available; premium travel cards typically want 720-760
- Car loans: Generally accessible through most lenders, though the rate depends on your full profile
A 690 is not a bad score, but it is not the score that unlocks the best rates either. For Toronto borrowers juggling a high cost of living, moving from 690 into the 720+ range can meaningfully reduce the cost of any financing you take on.
If your score is below the Toronto average and you are looking for personal financing options in the city, Lend For All’s personal loans Toronto page connects you with lenders who work across the credit spectrum.
How Does Toronto Compare to Other Major Canadian Cities?
Toronto’s 690 is not the highest among major Canadian cities. According to Borrowell’s data, cities like Montreal, Vancouver, and Markham post higher averages, while cities with higher unemployment or lower average incomes tend to cluster closer to or below the national average of 679. Calgary, for instance, comes in around 671, below the national average despite being a major urban centre.
Toronto’s 690 reflects a city where income diversity is wide: high-earning professionals alongside a large working-class and newcomer population who may be earlier in their credit-building journey.
What Affects Your Score as a Toronto Borrower
The five scoring factors apply to everyone in Canada, but their practical weight looks a bit different in Toronto:
Payment History (35% of score)
In a high-cost city, this is the factor most at risk. One missed payment on a credit card or utility during a tight month hits harder than many Torontonians expect. Set up automatic payments for at least the minimum balance on every account.
Credit Utilisation (30% of score)
Toronto’s cost of living makes this the hardest factor to control. The goal is to keep total revolving utilisation under 30%, and ideally under 10%, of your combined credit limits. If your limits are low relative to your expenses, consider requesting a credit limit increase (without spending more) to improve the ratio.
Credit History Length (15% of score)
Toronto’s newcomer population is disproportionately affected here. If you are newer to Canada, start building your file as early as possible. A secured credit card used for small, consistent purchases and paid in full each month begins establishing history immediately.
Credit Mix and New Inquiries (10% each)
Applying for multiple credit products in a short window creates multiple hard inquiries, which temporarily lower your score. In a high-cost city where many borrowers are actively seeking credit, spacing out applications matters.
If Your Score Is Below 690
Being below Toronto’s average does not mean you cannot access financing. Alternative lenders and loan matching services work with a wider range of credit profiles than traditional banks. Depending on your situation, you may qualify for personal loans, installment loans, or other products even with a score below 690, though the rates will reflect the added risk.
The more useful frame is not whether you are above or below 690, but which specific factors are holding your score down. Often it is one or two items, such as a high utilisation ratio on a single card, or a missed payment from two years ago, that account for most of the gap. Fixing those specifically is faster than trying to improve everything at once.
For a step-by-step look at what affects your score and how to improve it, our guide on what affects your credit score in Canada covers all five factors with actionable context.
Ready to Apply?
Whether your score is above or below Toronto’s 690 average, knowing where you stand is the first step. If you are ready to explore your lending options, get matched with a Canadian lender today. One application, multiple lenders, no credit impact unless you accept an offer.
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