Good to Know
What the Payment Doesn’t Tell You
The Down Payment
In Canada, the minimum down payment is 5% on the first $500,000 of the purchase price and 10% on the portion above that, up to $1.5 million — homes over $1.5 million require at least 20% down. Put down less than 20% and mortgage default insurance applies, added to the loan itself.
Land Transfer Tax
Ontario charges land transfer tax on every purchase, on a sliding scale — often the single largest closing cost, and one buyers forget to budget for. First-time buyers may qualify for a rebate, and purchases within Toronto carry a second, municipal land transfer tax on top of the provincial one.
Closing Costs
Beyond the down payment, plan for roughly 1.5% to 4% of the purchase price in closing costs — legal fees, title insurance, adjustments, and the move itself. Before you ever write an offer, we will walk you through the real number for your situation.
The Stress Test
Lenders must qualify you at a rate higher than the one you will actually pay. It protects you from rate shock — but it also means your true maximum budget sits below what the calculator alone suggests. Better to know that before you fall for a house.
General guidance only, not financial advice — rules and figures change, so confirm the current details with your lender, mortgage broker, or lawyer.
Beyond the Calculator
Numbers Are the Easy Part
The harder questions — how much is wise, which lender suits you, how to structure an offer around financing — deserve a conversation. We are glad to make introductions to mortgage professionals we trust, and to talk through your plans with no strings attached.