DOWN PAYMENT TABLE

Purchase Price$500,000 $600,000 $700,000 $800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,700,000$1,800,000$1,900,000$2,000,000
Downpayment %20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%
Downpayment in CAD$100,000$120,000$140,000$160,000$180,000$200,000$220,000$240,000$260,000$280,000$300,000$320,000$340,000$360,000$380,000$400,000

Hover and scroll to the right to view higher property values

Down payment requirements:
  • For purchases up to $500,000  – 5% down payment
  • For purchases between $500,000 and $999,999
    • 5% down payment on the first $500,000
    • 10% down payment on the portion above $500,000
  • All purchases above $1,000,000 require a 20% down payment

LAND TRANSFER TAX ESTIMATES

Purchase Price $500,000 $600,000 $700,000 $800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,700,000$1,800,000$1,900,000$2,000,000
Provincial LTT $ 6,475 $ 8,475 $ 10,475 $ 12,475 $ 14,475 $ 16,475 $ 18,475 $ 20,475 $ 22,475 $ 24,475 $ 26,475 $ 28,475 $ 30,475 $ 32,475 $ 34,475 $ 36,475
Toronto LTT $ 6,475 $ 8,475 $ 10,475 $ 12,475 $ 14,475 $ 16,475 $ 18,475 $ 20,475 $ 22,475 $ 24,475 $ 26,475 $ 28,475 $ 30,475 $ 32,475 $ 34,475 $ 36,475
SUBTOTAL $ 12,950 $ 16,950 $ 20,950 $ 24,950 $ 28,950 $ 32,950 $ 36,950 $ 40,950 $ 44,950 $ 48,950 $ 52,950 $ 56,950 $ 60,950 $ 64,950 $ 68,950 $ 72,950

Hover and scroll to the right to view higher property values

If you’re a First Time Home Buyer the following applies:

  • No Land Transfer Tax in the first $368,000
  • Up to $4,000 rebate over $368,000 (Provincial LTT)
  • Up to $4,475 rebate (Municipal LTT)

OTHER COSTS TO CONSIDER

Other costsLowHigh
Legal fees & disbursements $ 1,500 $ 2,500
Appraisal$ 250$ 800
Survey (Not Mandatory)$ 350 $ 1,500
Title insurance$ 500 $ 1,500
Home insurance$ 220$ 500
Closing adjustments $ 1,500 $ 2,500
SUBTOTAL $ 4,260 $ 9,300

*Closing adjustments : Accounts for seller pre-paid amounts for taxes or condo fees (if applicable)

TOTAL CLOSING COSTS

(Combined total of adding the downpayment, LTT and other costs above)
TOTAL CLOSING COSTSLowHigh
A. For a $500,000 purchase$17,210$22,250
B. For a $600,000 purchase$21,210$26,250
C. For a $700,000 purchase$25,210$30,250
D. For an $800,000 purchase$29,210$34,250
E. For a $900,000 purchase$33,210$38,250
F. For a $1,000,000 purchase$37,210$42,250
F. For a $1,100,000 purchase$41,210$46,250
F. For a $1,200,000 purchase$45,210$50,250
F. For a $1,300,000 purchase$49,210$54,250
F. For a $1,400,000 purchase$53,210$58,250
F. For a $1,500,000 purchase$57,210$62,250
F. For a $1,600,000 purchase$61,210$66,250
F. For a $1,700,000 purchase$65,210$70,250
F. For a $1,800,000 purchase$69,210$74,250
F. For a $1,900,000 purchase$73,210$78,250
F. For a $2,000,000 purchase$77,210$82,250

*** Please be advised that these are only estimated values. RE/MAX HALLMARK REALTY LTD and/or Jose Castillo & Claudia Pardo, Sales Representatives, make no representations in regards to the amounts hereby presented. It is advisable that youconsult your mortgage broker, insurance company, accountant and legal advisor, for accurate closing costs pertaining to your particular situation, prior to submitting an offer.

Additional fees to budget for:

  • Condo fees/common elements fees (if any)
  • Annual Property taxes
  • Utilities
  • CMHC premium if downpayment is less than 20%
  • Development/builder’s fees if applicable (varies per builder)
  • Tarion Warranty enrolment if applicable (varies according to property’s sale price)
  • Home inspection ($325 to $800 +/ -) depends on the size/type of the property and type of inspection

 

Links of interest:

First time home buyers are eligible for LTT rebate at the municipal (up to $4,475) and provincial level (up to $4,000).

For information and confirm if you’re eligible for HST rebates on the purchase of a new home, please click on this link.

To calculate the CMCH premium for your mortgage, please click on this link.

A non-resident of Canada is subject to a 15% Non-Resident Speculation Tax (NRST) on the purchase price that’s due on closing

Downpayment requirements for residential real estate purchases