Frequently asked questions.

In Canada, the minimum down payment depends on the purchase price. For homes under $500,000, the minimum is 5%. For homes from $500,000 up to $1,499,999, it is 5% on the first $500,000 and 10% on the remaining amount. For homes at $1.5 million or more, a minimum of 20% is required. A larger down payment can reduce monthly payments and may avoid mortgage default insurance.

Beyond the down payment, budget for land transfer tax, legal fees, title insurance, inspection costs, property tax adjustments, and moving costs. A rough planning range is often 1.5% to 4% of the purchase price depending on location and circumstances. First-time buyers may qualify for land transfer tax rebates.

You do not legally need it before viewing, but it is strongly recommended before offers. A pre-approval helps define your budget, strengthens your offer, and prevents wasted time on homes that do not fit your financing.

A conditional offer includes conditions that must be satisfied before the sale is binding, such as financing or inspection. A firm offer has no conditions and is legally binding once accepted. Conditions can protect you and should be considered carefully.

A home inspection is a review of the property condition by a qualified inspector. It can cover structure, roof, electrical, plumbing, HVAC, and more. It is one of the most useful buyer protections when the situation allows.

Many buyers take two to four months from active search to closing, but timing depends on financing, inventory, how quickly the right home appears, and the closing date negotiated in the offer.

It depends on equity, financing flexibility, risk tolerance, and local market conditions. Selling first gives a known budget but may require temporary housing. Buying first gives more time to find the next home but can add financial pressure if your current home takes longer to sell.

Bridge financing is a short-term loan that helps complete the purchase of your new home before proceeds from your current home arrive. It usually requires that your current home is already sold firm, and it comes with fees and interest.

Start with expected sale price, subtract mortgage payout and selling costs, then add any cash you plan to contribute. That gives a rough down payment pool for the next purchase. The move-up calculator can help frame the estimate.

Yes. Land transfer tax applies to every purchase in Ontario. If you previously used a first-time buyer rebate, you generally cannot use it again. Toronto purchases may also include municipal land transfer tax.

A Comparative Market Analysis reviews recent similar sales, active competition, condition, layout, timing, and neighbourhood-specific demand. Online estimates are rough and often miss local details.

Not always, but presentation matters. Decluttering, cleaning, and small repairs can improve first impressions. Professional staging may be useful depending on the home, price point, and competition.

Common costs include negotiated commission, legal fees, mortgage discharge fees, preparation costs, cleaning, staging, repairs, and moving. Sellers do not pay land transfer tax.

Permanent residents generally have the same home buying rights as Canadian citizens. Work permit and study permit situations can be more specific, and federal non-resident purchase restrictions may apply in some cases. A mortgage broker and lawyer familiar with newcomer files can help confirm your situation.

Land transfer tax is paid by the buyer when purchasing property in Ontario. Toronto buyers also pay a municipal land transfer tax. Some first-time buyers may qualify for rebates depending on eligibility.

The mortgage stress test requires lenders to qualify borrowers at a higher rate than the contracted mortgage rate. It is meant to test whether payments would still be manageable if rates increased.

Canadian mortgages usually have a term, often one to five years, and an amortization period, often 25 to 30 years. At the end of each term, the mortgage renews at a new rate. Mortgage default insurance is usually required when the down payment is under 20%.

Occupancy closing is when the unit is ready and you can move in, but title has not fully transferred yet. Final closing happens when ownership transfers, the mortgage begins, title is registered, and final closing costs are paid.

Closing adjustments are developer charges paid at final closing. They can include development charges, levies, Tarion fees, utility connection fees, and other adjustments. A lawyer should review the agreement during the cooling-off period.

Pre-construction deposits are often paid in installments over time. Total deposits are commonly 15% to 20%, but each project is different. The timing and cash flow matter as much as the total amount.

Ontario new condo buyers generally have a 10-day cooling-off period after signing. After that, backing out can be difficult and may involve legal and financial consequences.

Commission is negotiated and disclosed through representation agreements and listing agreements. Ask clearly how compensation works before signing anything.

RECO is the Real Estate Council of Ontario, the regulator for real estate agents and brokerages in Ontario. You can verify registration status through RECO.

Yes. In Ontario, a real estate lawyer completes the legal transfer, reviews key documents, manages title work, handles funds, and registers the transaction.