Down payment, FHSA, the Home Buyers' Plan, both land transfer tax rebates and the rest of your closing costs - worked out, sourced and dated.
On a $700,000 home in Toronto, a first-time buyer needs at least $45,000 for the down payment and pays about $12,475 in land transfer tax after the first-time rebates - $8,475 less than anyone else. On a $900,000 home it is $65,000 down and about $20,475 in land transfer tax. Then add legal fees, title insurance and the other closing costs below. Every figure on this page comes from a government source and was checked on 2 November 2026.
The minimum depends on the price. It is the same for every buyer, first-time or not.
| Purchase price | Minimum down payment |
|---|---|
| $500,000 or less | 5% of the price |
| $500,000 to $1.5 million | 5% of the first $500,000, plus 10% of the rest |
| $1.5 million or more | 20% of the price |
So the minimum is $45,000 on a $700,000 home ($25,000 + $20,000) and $65,000 on a $900,000 home ($25,000 + $40,000).
With less than 20% down you will usually need mortgage loan insurance. The premium is 0.6% to 4.5% of the mortgage, depending on your down payment, and can be added to the mortgage. Ontario charges provincial sales tax on that premium, and that tax cannot be added to the mortgage - you pay it at closing.
Source: Financial Consumer Agency of Canada, How much you need for a down payment.
A First Home Savings Account lets you put in $8,000 a year, up to $40,000 in total. Contributions are generally tax-deductible, like an RRSP, and a qualifying withdrawal to buy your first home is tax-free, like a TFSA. Unused room carries forward, up to $8,000 at a time - so if you open one this year and don't use it, you can put in $16,000 next year. The room only starts once you open the account, so it is worth opening one early even with a small deposit.
Source: Canada Revenue Agency, Participating in your FHSAs.
The Home Buyers' Plan lets you take up to $60,000 out of your RRSPs to buy your first home, without paying tax on it, and repay it over 15 years. For a first withdrawal made in 2026, 2027 or 2028, repayments don't start until the fifth year after - a 2026 withdrawal is first repaid in 2031. You can use the Home Buyers' Plan and your FHSA for the same home.
Source: Canada Revenue Agency, The Home Buyers' Plan.
In Toronto you pay land transfer tax twice: once to Ontario and once to the City. Up to $2 million on a house or condo, both use the same rates. A first-time buyer gets up to $4,000 back from Ontario and up to $4,475 back from the City. Your lawyer claims both when the sale registers, so the saving comes off what you pay at closing.
| Land transfer tax | $700,000 home | $900,000 home |
|---|---|---|
| Ontario land transfer tax | $10,475 | $14,475 |
| Toronto land transfer tax | $10,475 | $14,475 |
| Total, any buyer | $20,950 | $28,950 |
| Ontario first-time refund | - $4,000 | - $4,000 |
| Toronto first-time rebate | - $4,475 | - $4,475 |
| Total, first-time buyer | $12,475 | $20,475 |
Who counts as a first-time buyer for these rebates: you are at least 18; you have never owned a home, or part of one, anywhere in the world; your spouse has not owned one while you have been together; you are a Canadian citizen or permanent resident; and you move in within nine months. If only one of two buyers qualifies, the rebate is reduced in proportion. If it is not claimed at closing, you have 18 months to apply.
Sources: Ontario Ministry of Finance, Calculating Land Transfer Tax and Land Transfer Tax Refunds for First-Time Homebuyers; City of Toronto, MLTT rates and fees and MLTT rebate opportunities. Worked out at the rates for one or two single-family residences, which includes condo units.
New homes carry 13% HST; resale homes don't. For agreements with a builder signed between 1 April 2026 and 31 March 2027, Ontario's temporary relief returns up to $130,000 of HST on a new home of $1 million or less - the full 13%. The 8% provincial part comes back through an enhanced HST rebate, and an amount equal to the 5% federal part through the Ontario New Home Affordability Payment, which Ontario expects to start paying in early 2027. You have to live in the home as your main residence; investors claim the rental rebate after closing instead. The relief is for all eligible buyers, not only first-time buyers. Confirm with your lawyer, before you sign, that the home and the agreement qualify - the difference shows up as a five-figure line at closing.
Source: Ontario Ministry of Finance, 2026 Fall Economic Statement, annex (enhanced HST relief for new homes).
| Cost | What to expect |
|---|---|
| Land transfer tax | See section 4 - the biggest closing cost for most buyers. |
| Toronto MLTT administration fee | $102.56 plus HST (City of Toronto). |
| Legal fees and disbursements | Your lawyer's fee plus searches and registration. Ask for a written quote before you make an offer. |
| Title insurance | Arranged by your lawyer; usually a one-time premium. Ask for it in the same quote. |
| Tax on mortgage insurance | Only with less than 20% down. Ontario sales tax on the premium, paid at closing. |
| Home inspection | Recommended for any house; get a price before you book. |
| Status certificate (condos) | Up to $100 including taxes, ordered from the condo corporation. Read what to look for. |
| Adjustments | Your share of property tax, condo fees or utilities the seller has prepaid, on the statement of adjustments. |
We don't publish typical dollar figures for legal fees, title insurance or inspections because they vary by firm and by home, and we would rather you get a real quote than plan around a guess.