How to Buy a Home in Toronto

From your first talk with me to the day you get your keys at closing (the day you pay the rest and the home becomes yours), here is how buying a home in the GTA works and what it costs. Read the steps you care about most. Then I can check your real numbers together.

Book a Consultation Estimate Your Costs (647) 778-2860

I plan your showings as one route, so one day covers many homes
I negotiate more than price: closing date, deposit (money you pay to hold the deal) and what is included
Before you sign, I explain every part of the contract in plain words, in English or Korean

Where to start

Pick the one that fits you today.

Just looking

You want to see what homes are in which areas first

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Check your budget first

You want to know your down payment, taxes and monthly payment first

Cost calculator

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You know what you want and are ready to book showings (home visits)

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The GTA market now

Numbers as of September 2026.

5,040GTA home sales in September, down 9.0% from the same month last year (5,540)

-14.4%New GTA listings in September, compared to last year

-7.7%Average GTA condo apartment price in September, compared to last year

2.50%Bank of Canada key rate, raised by 0.25 percentage points on Oct 28

Sales and new listings both went down, and the average condo price is lower than last year. There may be room to negotiate on price. It is also a good time to look closely at terms like the closing date and conditions. On Oct 28, the Bank of Canada raised its key rate from 2.25% to 2.5%. Mortgage (home loan) rates may go up too, so check your pre-approved rate again.

Sources: TRREB (September market report), Bank of Canada. See the source list below.

6 steps to buy a home

For resale homes (homes someone has lived in) in Ontario. Some steps are different for new homes and pre-construction (homes you buy before they are built).

Sign a buyer agreement with your realtor
Since December 1, 2023, an Ontario realtor can only work with buyers as clients. The old “customer” option (getting some help from a realtor who does not represent you) has ended. So you sign a Buyer Representation Agreement (a contract that says the realtor works for you). I explain how long it lasts and how the fee works before you sign.
Get mortgage pre-approval
Ask a bank or mortgage broker how much you can borrow. Canada has a stress test (a check to see if you could still pay at a higher rate than your real rate). So your pre-approved amount may be lower than you expect.
Search and see homes
I narrow down homes that fit what you want, and we go see them together. For condos, I check the monthly fees and building condition. For houses, I check big-cost items like the roof and heating.
Make an offer and negotiate
Your offer goes in an Agreement of Purchase and Sale. It sets the price, closing date, what is included and any conditions. If the seller accepts, you pay a deposit by the deadline. The deposit amount and deadline can also be negotiated.
Check your conditions
You check conditions like financing (getting your loan) and a home inspection (a check of the home’s condition) within the set time. For a condo, your lawyer reviews the Status Certificate (a paper from the condo office about the building’s money and upkeep).
Closing and keys
On closing day, your lawyer sends the rest of the money, pays the land transfer tax and registers you as the owner. Once that is done, you get your keys.

Home buying cost calculator

Enter a price to get a rough idea of your minimum down payment, land transfer tax (a tax you pay when you buy a home), monthly payment and the cash you need at closing.

Monthly mortgage payment-

Cash needed at closing-

Down payment	-
Mortgage insuranceIf your down payment is under 20%; added to your loan	-
Loan amountIncludes insurance	-
Sales tax on mortgage insuranceOntario 8%, paid in cash at closing	-
Ontario land transfer tax	-
First-time buyer refund (Ontario)	-
Toronto land transfer tax	-
First-time buyer rebate (Toronto)	-
Other costs	-
Total cash needed at closing	-

This is a rough estimate. Your bank and lawyer will confirm the real rate, insurance, taxes and property tax adjustments. A 30-year loan is usually allowed on insured mortgages for first-time buyers or buyers of new homes. A 30-year loan adds 0.20% to the insurance premium; this is included above.

First-time home buyer benefits

To get the land transfer tax refund (Ontario and City of Toronto): you must be at least 18. You must never have owned a home anywhere in the world (and your spouse must not have owned one while you were spouses). You must be a Canadian citizen or permanent resident. If you become one within 18 months after closing (registration), you can apply then. And you must move in and make it your main home (principal residence) within 9 months.

Up to $4,000

Ontario land transfer tax refund

First-time buyers get back up to $4,000 of the Ontario land transfer tax.

Up to $4,475

Toronto land transfer tax rebate

If the home is in the City of Toronto, you get back up to $4,475 more from the city land transfer tax.

$8,000 a year

First Home Savings Account (FHSA)

Save up to $8,000 a year and $40,000 in total. Take it out tax-free when you buy your home.

Up to $60,000

RRSP Home Buyers’ Plan (HBP)

Take up to $60,000 tax-free from your RRSP (retirement savings account) for your down payment. Then pay it back over 15 years.

Ontario rules to know

Rules that may be new to you, or that can cost you a lot if you miss them.

In Toronto, you pay land transfer tax twice

The City of Toronto adds its own land transfer tax on top of Ontario’s. In Vaughan, Richmond Hill, Markham and Mississauga, you pay only the Ontario tax.

25% Non-Resident Speculation Tax if you are not a citizen or PR

Across Ontario, an extra 25% of the price is added when you buy a home with 1 to 6 units. There are some exceptions, such as Ontario Immigrant Nominee Program (OINP) nominees. In the City of Toronto, the city adds its own 10% non-resident speculation tax on top.

Limits on foreign buyers

The federal ban on non-Canadians buying homes has been extended to January 1, 2027. After that date, it may be extended again or changed. There are also exceptions. If this may apply to you, talk to a lawyer first.

You can cancel a new condo within 10 days

If you buy a new condo straight from the builder, you can cancel within 10 days after you get the contract and disclosure papers. Resale homes do not have this cooling-off period.

Help for each type of buyer

First-time buyers

I make sure you get the tax refunds, FHSA and HBP. Insured mortgages can also have a 30-year loan length. I help you plan, step by step, how to save for your down payment.

See first-time buyer benefits

Newcomers and people moving from Korea

Your taxes, and whether you can buy, depend on whether you have permanent residence. Even with a short Canadian credit history, many banks have mortgages for newcomers. I look at them with a mortgage broker.

See Ontario rules

Investment buyers

First, I work out your real return: expected rent minus condo fees, property tax and mortgage interest. Because I handle many rentals, I can tell you real rent prices and tenant demand on the ground.

Ask me to run the numbers

Pre-construction

I check the contract early for the deposit schedule, move-in timing and extra costs at closing. For a new condo, I review the contract with you in plain words within the 10-day cooling-off period.

See projects for sale

Tell me what home you want

Share what you are looking for, and I will send you homes that fit. In a hurry? Call me now.

(647) 778-2860 joonghyun.ahn88@gmail.com

Common questions

What is the minimum down payment?

For homes $500,000 or less, it is 5% of the price. For homes between $500,000 and $1,500,000, it is 5% of the first $500,000 plus 10% of the rest. For $1,500,000 or more, you need 20%, and you cannot use mortgage insurance. If your down payment is under 20%, you pay mortgage insurance.

How much cash do I need on top of the down payment?

You will pay land transfer tax, lawyer fees, title registration and title insurance, a home inspection and more. In the City of Toronto, you pay land transfer tax twice, so the total is much higher. Enter a price in the cost calculator above to see a rough amount.

How long does it take to buy a home?

From pre-approval to an accepted offer depends on how fast you find the right home. The time from an accepted offer to closing is set in the contract. For resale homes, it is usually around one to two months.

Do buyers pay a realtor fee?

Most of the time, the buyer’s realtor is paid from the fee the seller pays. But if the amount in your buyer agreement is different from what the seller offers, you may have to pay the difference. I explain this clearly before you sign.

Can I buy a home without permanent residence?

The ban on non-Canadians buying homes has some exceptions. If you are not a citizen or permanent resident, you pay the 25% Non-Resident Speculation Tax. In the City of Toronto, the city adds its own 10% non-resident speculation tax on top. The answer depends on your status, so be sure to check with a real estate lawyer before you make an offer.

Can I get a mortgage with a short Canadian credit history?

Many banks have mortgages for newcomers. The down payment and proof-of-income rules are different at each bank. I suggest getting pre-approved with a mortgage broker first.

Is a condo or a house better?

A condo has monthly fees, but you do not fix the outside yourself. A house has no condo fees, but you pay for upkeep like the roof, heating and yard. I help you compare based on your family size, commute, schools and budget.

Let’s find your home together

Just tell me the area, budget and timing. That is enough to start. Contact me in English or Korean.

(647) 778-2860

The numbers and rules on this page are as of Oct 29, 2026. Taxes and loan rules can change, so check with a lawyer and a mortgage expert before you sign. This is not legal or tax advice.