Ontario Home Buying Quick Guide
Ontario Home Buying Quick Guide
Helpful information for Ontario homebuyers to better understand the mortgage process and costs involved.
Minimum Down Payment Requirements in Canada
Purchase Price
Up to $500,000
$500,000–$1,499,999
$1.5M+
Minimum Down Payment
5%
5% on first $500,000 + 10% on remaining amount
20%
Ontario Closing Costs to Budget For
In addition to your down payment, buyers should plan for:
✓ Ontario Land Transfer Tax
✓ Legal Fees
✓ Title Insurance
✓ Home Inspection Costs
✓ Appraisal Fees (if applicable)
✓ Moving Expenses
✓ Utility Set-Up Costs
A good rule of thumb is to budget approximately 1.5–4% of the purchase price for closing costs.
Ontario First-Time Home Buyer Programs
Land Transfer Tax Rebate
Eligible first-time home buyers in Ontario may qualify for a rebate to help reduce land transfer tax costs.
First Home Savings Account (FHSA)
A registered savings account designed to help eligible Canadians save for their first home with tax advantages.
Home Buyers' Plan (HBP)
Eligible buyers may withdraw funds from their RRSP to help purchase a home.