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Updated with December 2024 Mortgage Reforms.
Broker Tip: “Many buyers forget that CMHC insurance is subject to provincial sales tax (8% in Ontario), which is paid at closing. Even if the insurance is added to your mortgage, the tax on that insurance is an upfront cost!”
What are the typical closing costs in Ontario?
Beyond your down payment, you should budget between 1.5% and 4% of the purchase price for closing costs. This includes land transfer taxes, legal fees, title insurance, and home inspections. Our calculator helps you pin down the largest of these: the Land Transfer Tax.
How much down payment do I really need?
In Canada, the minimum down payment is:
5% on the first $500,000.
10% on the portion between $500,000 and $999,999.
20% for homes priced at $1 million or more. Note: Any down payment under 20% requires CMHC mortgage default insurance.
What is the First-Time Home Buyer Tax Rebate?
Eligible first-time buyers in Ontario can receive a provincial rebate of up to $4,000. If you are buying in the City of Toronto, you may also be eligible for an additional municipal rebate of up to $4,475, for a combined total of $8,475 in savings.
Can I add my Land Transfer Tax to my mortgage?
No. Land Transfer Tax must be paid in full on the day of closing. Unlike CMHC insurance premiums (which are added to your loan), taxes and legal fees must be paid as “out-of-pocket” cash through your lawyer.
Why is the Toronto Land Transfer Tax higher?
The City of Toronto is the only municipality in Ontario that charges its own municipal land transfer tax in addition to the provincial one. Essentially, if you buy within the “416” area code, you pay two separate taxes. Our calculator automatically handles this math when you select “Toronto” as your location.
Try Our Land Transfer Tax Calculator
Avoid "closing day sticker shock." Get an instant, accurate breakdown of your land transfer taxes
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