Most calculators skip the parts that hurt: land transfer tax at two levels, the CMHC premium, and the PST you owe on that premium in cash at closing. This one includes them, uses the real 2026 Toronto brackets, and lets you apply confirmed land transfer tax rebates.
Owner-occupied 1–2 unit property; traditional down payment. Confirm eligibility with your lender.
This estimate uses a qualifying rate of 6.04%, not your contract rate. At that rate your payment would be $0/mo, and an estimated annual gross household income of $0 under a 39% GDS / 44% TDS screen. This is not an approval.
Planning estimates for an owner-occupied resale home with 1–2 units. Mortgage payments assume a fixed rate with Canadian semi-annual compounding; use a lender quote for your product. Tax, heating and rate defaults are illustrative, not current quotes. Uses 39% GDS and 44% TDS including your entered debts; lenders may assess obligations differently. Monthly subtotal excludes other utilities, home insurance, repairs and special assessments. Cash estimate includes a $2,900 allowance for legal/title/inspection/appraisal, but excludes adjustments, moving, any brokerage fees owed, non-resident taxes and new-build HST. Confirm figures with your lender and lawyer.
I will send this breakdown plus next steps to discuss with a mortgage professional. No spam, no drip sequence.
Your information is used to reply with guidance. No public posting, no lead lists.
Buy inside Toronto's boundary and you pay the provincial land transfer tax and the municipal one, effectively double. On a $750,000 condo that is roughly $11,475 provincially plus another $11,475 to the City. First-time buyers get up to $4,000 back provincially and $4,475 from Toronto.
Put down less than 20% and your mortgage insurance premium gets added to the loan, but Ontario's 8% sales tax on that premium cannot be financed. You pay it in cash at closing. The amount depends on your loan size, premium rate and amortization.
You do not qualify at the rate you are quoted. Lenders test you at the greater of your rate plus two percent, or 5.25%. Your income, debts, credit, property and lender rules also affect the assessment.
Five percent only applies to the first $500,000. For prices below $1.5 million, add ten percent of the portion above $500,000. At $1.5 million or more, the minimum is twenty percent of the entire price. On an $800,000 purchase the true minimum is $55,000, not $40,000. A $15,000 gap that catches people mid-search.
First-time buyers can claim up to $4,000 back on the Ontario land transfer tax and, buying inside the City of Toronto, up to $4,475 more on the municipal tax, $8,475 combined. You must be 18 or older, a Canadian citizen or permanent resident, occupy the home within nine months, and never have owned a home anywhere in the world. Your lawyer usually claims it at registration so you never front the money.
Contributions are tax-deductible like an RRSP and withdrawals toward a home are tax-free like a TFSA. Check contribution and qualifying withdrawal rules, eligibility and account time limits before opening an FHSA.
You can withdraw up to $60,000 from your RRSP tax-free toward a first home, and a couple can combine for $120,000. You repay it over 15 years. It stacks with an FHSA, which is how many buyers bridge the gap toward a larger down payment.
First-time buyers and buyers of newly built homes can take a 30-year amortization on an insured mortgage instead of 25. It lowers the monthly payment and can raise what you qualify for, though you pay more interest over the life of the loan. Toggle amortization above to see the tradeoff on your own numbers.
Eligible new-home buyers may qualify for up to $50,000 of federal tax relief and up to $80,000 of Ontario provincial HST relief under CRA’s first-time home buyers’ rebate rules. Price, buyer, agreement and construction dates matter. Ordinary resale homes are not covered. Check the CRA rules and any rebate already included in the builder’s price.
Reviewed September 11, 2026. Sources: CMHC premiums, Home Start eligibility and premiums, Toronto tax schedule, CRA new-home rebate.
General information only, not legal, tax, or financial advice. Program rules and eligibility change, confirm current details with your mortgage professional, lawyer, or the CRA before relying on any of it.
Run your numbers above, then send them over. We can review your search budget and prepare questions for your lender before you decide what to do next.