Your down payment is not the number that matters. The number that matters is total cash required on closing day, and in Toronto it is meaningfully higher than most first-time buyers plan for.
| Cost | Typical amount | Notes |
|---|---|---|
| Down payment | 5%–20%+ | Sliding minimum by price |
| Ontario land transfer tax | ~$11,475 on $750K | Less up to $4,000 rebate |
| Toronto municipal land transfer tax | ~$11,475 on $750K | Toronto only; less up to $4,475 rebate |
| PST on CMHC premium | $1,500–$2,500 | Cash only if under 20% down |
| Legal fees & disbursements | $1,800–$2,500 | Varies by lawyer and complexity |
| Title insurance | $300–$500 | Usually required by lender |
| Home inspection | $400–$700 | Optional but recommended on freehold |
| Appraisal | $300–$500 | Sometimes covered by lender |
| Status certificate (condo) | Up to $100 | Ordered by your lawyer |
| Property tax / utility adjustments | Varies | Reimbursing the seller's prepaid amounts |
Buy anywhere else in the GTA — Mississauga, Markham, Vaughan, Brampton — and you pay one land transfer tax. Buy inside the City of Toronto boundary and you pay two, at nearly identical rates. It effectively doubles the single largest closing cost.
With 10% down: $75,000 down payment, $11,475 provincial LTT, $11,475 municipal LTT, less $8,475 in rebates, plus roughly $1,674 PST on the CMHC premium and about $2,900 in legal, title and inspection costs.
The same purchase in Mississauga would cost roughly $11,475 less in land transfer tax before rebates — which is precisely why some first-time buyers end up looking just outside the city line.
The calculator applies both land transfer taxes and your rebates automatically, and shows the PST most tools leave out.
If you put down less than twenty percent, your CMHC premium gets added to your mortgage — but Ontario's eight percent sales tax on that premium cannot be financed. It is due in cash at closing. On a typical high-ratio Toronto purchase that is $1,500 to $2,500 that appears on your lawyer's statement and nowhere in your planning.
If the seller prepaid property taxes or utilities past your closing date, you reimburse them for the portion covering your ownership. It is usually a few hundred to a couple thousand dollars, it varies with timing, and it is almost never in anyone's spreadsheet.
Budget roughly 1.5% to 4% of the purchase price for closing costs beyond your down payment, depending on whether you are inside Toronto and whether you are paying mortgage insurance. Inside the city with less than twenty percent down, plan toward the top of that range.
Typically 1.5% to 4% of the purchase price on top of your down payment. On a $750,000 Toronto condo with 10% down, a first-time buyer needs roughly $94,000 total including the down payment, both land transfer taxes less rebates, PST on the CMHC premium, and legal and inspection costs.
Yes. Purchases inside the City of Toronto are subject to both the Ontario land transfer tax and the Toronto municipal land transfer tax, at nearly identical rates. First-time buyers can claim up to $4,000 back provincially and $4,475 municipally.
Generally $1,800 to $2,500 including disbursements for a straightforward residential purchase. Ask for an all-in quote, since the base fee often excludes title insurance, registration and search costs.
Ontario charges 8% provincial sales tax on the mortgage insurance premium. The premium itself can be added to your mortgage, but the PST on it must be paid in cash on closing — usually $1,500 to $2,500 on a typical Toronto purchase.
Generally yes, because the Toronto municipal land transfer tax only applies within city limits. Buying in Mississauga, Markham or Vaughan avoids it entirely, which on a $750,000 purchase saves roughly $11,475 before rebates.
This page is general information for Ontario buyers, not legal, tax, mortgage, or financial advice, and it is not a guarantee of approval, pricing, or availability. Figures are estimates current as of July 2026 and change frequently. Confirm your own numbers with a licensed mortgage professional and a real estate lawyer before making an offer. Brendan Stewart is a Sales Representative registered with RECO (Lic. 6004758) with Keller Williams Referred Urban Realty, Brokerage.
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