The Ontario buyer's guide
What buying actually costs in Ontario, step by step — with calculators for your monthly mortgage payment, the minimum down payment lenders require, and closing costs including land transfer tax and first-time buyer rebates.
Six steps from saving to keys
1. Set a real budget
Start with what you can carry monthly, not the maximum a lender will approve. Add property tax, condo fees, insurance and utilities before you fall in love with a listing.
2. Get pre-approved
A pre-approval holds a rate for 90 to 120 days and tells you the price range sellers will take seriously. Ontario buyers also qualify at a stress-tested rate above the one they're offered.
3. Save for down payment and closing
Down payment is only part of it — budget roughly 1.5% to 4% of the price for land transfer tax, legal fees, inspection and adjustments.
4. Shortlist neighbourhoods, then homes
Commute, schools and weekend life change more between neighbourhoods than between two similar houses. Read the local guide before you book showings.
5. Offer with the right conditions
Financing and inspection conditions protect you. In tight Ontario markets your agent should know which conditions are realistic on a given listing.
6. Close and move
Your lawyer handles title, land transfer tax and adjustments. Expect a final walkthrough, key handoff on closing day and utility transfers the same week.
Calculators
Numbers update as you type. Everything is an estimate for planning — your lender and lawyer confirm the final figures.
Calculator 01
Mortgage payment
Payments use semi-annual compounding, the standard for Canadian mortgages. Lender rates and qualifying rules differ — treat this as an estimate, not an approval.
Calculator 02
Down payment
Canadian minimums: 5% on the first $500,000, 10% on the portion between $500,000 and $1.5M, and 20% at $1.5M or more. Anything under 20% requires mortgage default insurance.
Calculator 03
Closing costs
Excludes your down payment, moving costs and HST on new-build purchases. Rebates are capped at $4,000 provincially and $4,475 in Toronto. Confirm final figures with your lawyer.
Know your number? Start looking.
Search live Ontario listings, save the ones worth a second look, and book showings when you're ready.