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 applies first-time buyer rebates automatically.
Lenders qualify you at 6.04%, not your contract rate. At that rate your payment would be $0/mo, and you would likely need a household income around $0 to qualify.
Estimates only — not a mortgage approval, appraisal, or financial advice. Property tax estimated at 0.72% of purchase price annually; rates vary by municipality. Legal, title, inspection and appraisal estimated at $2,900 combined. Confirm every figure with your mortgage broker and real estate lawyer before making an offer.
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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. On a typical high-ratio purchase that is $1,500 to $2,500 nobody budgets for.
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%. That gap is the most common reason a pre-approval comes back lower than people expect.
Five percent only applies to the first $500,000. Above that it is ten percent on the portion up to $1.5 million, and twenty percent beyond. 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. It is the most efficient savings vehicle available to first-time buyers in Canada. If you have not opened one, opening it even with a small deposit starts your contribution room accumulating.
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.
A federal First-Time Home Buyers' GST/HST rebate received Royal Assent in March 2026, offering eligible buyers of newly constructed homes up to $50,000 back. Eligibility rules are specific — worth confirming with your lawyer or builder early if you are considering pre-construction.
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. I will tell you what is realistic in your range, what is holding your approval back if anything is, and whether buying actually beats renewing your lease this year.