Toronto Home Buying Guide · 2026

How to buy a home in Toronto

Buying in Toronto comes with its own rules: two land transfer taxes, tight offer timelines and condo paperwork most buyers have never seen before. This guide walks through each step, what it all costs and the programs that help first-time buyers, from the team at 14B Harbour St.

Email us to book a consultation First-time buyer guide

5%Minimum down payment on the first $500,000
$1.5MHomes priced below this can be bought with less than 20% down
$8,475Most a first-time buyer can get back in Toronto land transfer tax
30–90Days from accepted offer to closing, typically

Federal and Ontario rules as of 2026.

The Process

Six steps to buying in Toronto

From pre-approval to keys. Most purchases take one to three months once your offer is accepted, depending on the closing date you agree.

01
Get pre-approved
A mortgage pre-approval sets your budget and usually holds a rate for 90 to 120 days. Sellers take offers more seriously when you have one.
Mortgage calculator CMHC insurance calculator
02
Choose your agent
Before we can write an offer for you, Ontario rules require a written buyer representation agreement. It sets out what we do for you, for how long and how we're paid.
Meet the team
03
Decide what you need
Condo or freehold, size, neighbourhood and commute. Condos range from one-bedrooms to condo townhouses; freeholds from townhouses to detached homes.
Where we work
04
Tour and compare
Most buyers see 5 to 10 homes before offering. We pull recent sales for each one so you know what a fair price looks like.
Search all listings
05
Make an offer
Your offer sets the price, deposit, closing date and any conditions, such as financing, a home inspection or a condo status certificate review. The time on each condition is negotiated.
06
Firm up and close
Your lender issues a mortgage commitment, your lawyer reviews the paperwork, and you sign a waiver to make the deal firm. On closing day your lawyer registers the transfer and you get the keys.
Land transfer tax calculator

What It Costs

Costs to budget for beyond the price

Your down payment is only part of it. Here's what Toronto buyers pay and when.

Cost	What to know	When you pay
Down payment	5% of the first $500,000, plus 10% of the part from $500,000 to $1.5M. Homes at $1.5M or more need 20%.	Before closing
Mortgage default insurance	Required with less than 20% down. Usually 2.8% to 4% of the mortgage, added to the loan.	Added to mortgage
PST on that insurance	Ontario charges 8% sales tax on the insurance premium. It can't be added to the mortgage.	At closing
Ontario land transfer tax	Charged on every Ontario purchase, on a sliding scale. First-time buyers can get up to $4,000 back.	At closing
Toronto land transfer tax	Charged on top of the Ontario tax for homes in the City of Toronto. First-time buyers can get up to $4,475 back.	At closing
Deposit	Part of your down payment, often 5% in Toronto, usually due within 24 hours of an accepted offer.	On acceptance
Legal fees and title insurance	Your lawyer's fee, searches, registration and title insurance. Get a quote before you offer.	At closing
Home inspection	For houses especially. Book it within your inspection condition period.	Before firming up
Condo status certificate	Shows the building's finances, reserve fund and any special assessments. Ontario caps the fee at $100.	Before firming up
Adjustments	Your share of property tax, condo fees or utilities the seller already prepaid.	At closing

Run your numbers:Land transfer tax CMHC insurance Mortgage payments

First-Time Buyers

Programs that help first-time buyers

You can use several of these together. Eligibility rules differ for each one, so confirm with your lender or accountant.

First Home Savings Account (FHSA)
Save up to $8,000 a year, $40,000 in total. Contributions are tax-deductible and withdrawals for your first home are tax-free.
Home Buyers' Plan (HBP)
Borrow up to $60,000 from your RRSP for a down payment, tax-free. You repay it over 15 years. Can be combined with an FHSA.
Land transfer tax rebates
Up to $4,000 back on the Ontario tax and up to $4,475 back on the Toronto tax, so up to $8,475 on a Toronto home.
Home buyers' tax credit
Claim $10,000 on your tax return the year you buy, worth up to $1,500 back.
30-year amortization
First-time buyers can spread an insured mortgage over 30 years instead of 25, which lowers monthly payments.
New-home tax relief
Federal and Ontario programs can rebate sales tax on newly built homes for eligible buyers. Rules and price limits change, so check current details before you buy.

For Ontario's land transfer tax refund, you can't have owned a home anywhere in the world, and neither can your spouse while you were together.Read our first-time buyer guide →

Our Listings

Homes for sale right now

A few of the condos and houses our team is currently selling. Tour any of them with one of our agents.

See all our listings

FAQ

Toronto home buying questions

Rules and amounts as of 2026. Your lender, lawyer and our agents can confirm what applies to you.

The buying process

What is the first step to buying a home in Toronto?

Get a mortgage pre-approval. It tells you what you can afford, holds a rate while you shop and makes your offers stronger. Then choose an agent and start touring.

Do I need a real estate agent to buy in Toronto?

It isn't required, but an agent gives you recent sales data, books showings, writes and negotiates the offer and keeps the conditions on track. In Ontario you'll sign a written buyer representation agreement before your agent writes an offer.

How long does it take to buy a home in Toronto?

Finding the right home can take weeks or months. Once an offer is accepted, closing is usually 30 to 90 days away, depending on the date you and the seller agree.

What documents do I need?

Your mortgage pre-approval, government ID, proof of income, proof of your down payment and deposit, and your lawyer's contact details.

What are closing costs in Toronto?

Plan for both land transfer taxes, legal fees, title insurance, an inspection, adjustments and, if you put less than 20% down, the 8% PST on your mortgage insurance. See the cost table above for each one.

Market and property

How competitive is the Toronto market right now?

It depends on the property. Well-priced houses and family-sized homes can still draw multiple offers, while the condo market has more supply and gives buyers more room to negotiate. We pull current sales for every home you consider.

Are Toronto condos a good investment?

It depends on the building, price and how long you hold. Condo prices have fallen from their peak, and rents and carrying costs vary widely. Compare the rent you could charge against your mortgage, condo fees and property tax before you buy.

Which neighbourhoods are good for first-time buyers?

Buyers often look at Leslieville, Liberty Village, the Junction and East York for a mix of price, transit and amenities. The right choice depends on your budget, commute and whether you want a condo or freehold.

Should I buy resale or pre-construction?

Resale lets you see exactly what you're buying and move in on closing. Pre-construction gives you years to save, but completion dates can slip and the final price can include development charges. Assignments let you buy a pre-construction unit from the original buyer.

Can non-residents or foreign buyers purchase in Toronto?

Federal rules ban most non-Canadians from buying residential property until January 1, 2027, with some exceptions. Ontario also charges a 25% Non-Resident Speculation Tax on foreign buyers. Talk to a lawyer before you start.

Financing and legal

How much down payment do I need in Toronto?

5% of the first $500,000 of the price, plus 10% of the portion from $500,000 to $1.5 million. Homes at $1.5 million or more need at least 20% down. Less than 20% down means you also pay mortgage default insurance.

Are there programs for first-time buyers in Ontario?

Yes: the First Home Savings Account, the Home Buyers' Plan, land transfer tax rebates of up to $8,475 in Toronto, the home buyers' tax credit and 30-year amortizations on insured mortgages. The First-Time Home Buyer Incentive ended in 2024.

Do I need a lawyer to buy property in Toronto?

Yes. A real estate lawyer reviews the agreement and condo documents, searches title, arranges title insurance, handles your mortgage funds and registers the purchase.

Working with RE/MAX Plus City

How can RE/MAX Plus City help me buy?

We handle the search, showings, pricing research, offer and negotiation, and coordinate with your lender and lawyer through closing. Our agents work across the GTA and speak several languages.

How do I start working with your team?

Email info@remaxpluscity.com or call 647-259-8806 to book a buyer consultation, and one of our agents will follow up.