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How much do I need to buy a home?
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benchmark · 2026-10 · TRREB Market Watch（大多伦多综合基准价）
Property tax estimate: about $6,520 – $8,821 a year (≈ $639/month), using a typical residential rate of about 0.77% × price. Actual tax depends on the city's assessment and that year's rate.
More options (debts, property tax, legal fees…)
Total cash to prepare
$114,910
Cash breakdown
- Down payment7.5%$75,000
- Provincial land transfer tax / registrationOntario · City of Toronto$16,475
- Municipal land transfer taxOntario · City of Toronto$16,475
- Provincial tax on insurance premium8% provincial sales tax on the premium (ON 8%, QC 9%, SK 6%), paid in cash at closing; it can't be added to the mortgage$2,960
- Legal fees$2,000
- Inspection / appraisal$500
- Title insurance, moving, adjustments$1,500
Total$114,910
Mortgage and income needed
- Principal (price − down payment)$925,000
- Mortgage insurance premium (added to loan)Under 20% down; premium 4.00%$37,000
- Total mortgage$962,000
- Monthly payment (contract rate)$5,722
Household income needed
$234,282
At the 7.23% qualifying rate, GDS ≤ 39% and TDS ≤ 44%.
Estimates only: transfer taxes use published provincial / municipal rates (first-time buyer relief applied for Ontario, Toronto, BC and PEI); premiums use standard CMHC rates; property tax uses typical local rates; legal and other fees are typical estimates you can change. Actual costs are confirmed by your lawyer and lender.