The two closing costs that surprise Ontario buyers most: land transfer tax (paid twice in Toronto) and the CMHC insurance premium when your down payment is under 20%.
*Cash at closing here = net land transfer tax + PST on the insurance premium. Budget extra for legal fees, title insurance, appraisal, and development levies on new builds.
Minimum down payment: 5% on the first $500,000 of the price, 10% on the portion from $500,000 to $1,499,999, and 20% on homes priced $1,500,000 or more (insured mortgages aren't available at $1.5M+).
Ontario land transfer tax is graduated: 0.5% on the first $55,000, 1% to $250,000, 1.5% to $400,000, and 2% above that. Toronto charges the same structure again, plus higher rates on the portion above $3 million. First-time buyers get up to $4,000 back from Ontario and up to $4,475 from Toronto.
CMHC insurance premiums run from 0.60% to 4.00% of the mortgage based on your loan-to-value (plus a surcharge for 30-year amortizations). The premium itself is added to your mortgage, but Ontario's 8% PST on it is due in cash at closing.
How much home you can afford on your salary — GDS/TDS limits, qualified at the stress-test rate like a lender does.
Open calculator →Your exact payment with Canadian semi-annual compounding, all frequencies, CMHC insurance and a full amortization schedule.
Open calculator →Your qualifying rate, the payment you're actually tested on, and a clear pass/fail under the federal B-20 rules.
Open calculator →Rent or buy in the GTA? The true net cost of each — land transfer tax and CMHC included — over your time horizon.
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