Mortgage broker in Toronto

In Toronto you pay both the Ontario and the City land transfer tax, but first-time buyers get both refunds: up to $4,000 from Ontario and up to $4,475 from Toronto, so up to $8,475 off. On a home around $368,000 or less, that can mean little or no tax at all. Above that, you pay the difference.

To qualify, you can't have owned a home anywhere in the world, you must move in within nine months, and you must be a citizen or permanent resident (Toronto gives you 18 months to become one). Your lawyer claims the refunds on closing.

Checked October 18, 2026. https://www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers https://www.toronto.ca/services-payments/property-taxes-utilities/municipal-land-transfer-tax-mltt/municipal-land-transfer-tax-mltt-rebate-opportunities/

Pretty much, yes. Inside the City of Toronto, including North York, Scarborough and Etobicoke, you pay the Ontario land transfer tax plus Toronto's municipal tax, and the brackets are similar. So on most homes the total is about double what you'd pay in Vaughan, Mississauga or Brampton.

Toronto also added higher rates on luxury purchases. It's a big cash item that isn't part of your down payment and can't be added to the mortgage, so we budget it on the first call.

Checked October 18, 2026. https://www.toronto.ca/services-payments/property-taxes-utilities/municipal-land-transfer-tax-mltt/municipal-land-transfer-tax-mltt-rebate-opportunities/ https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax

If you're going to live in it, the minimum is 5% of the first $500,000 and 10% of anything above that. Illustrative example. So a $650,000 condo needs $40,000 down, plus the insurance premium added to the loan.

If it's a rental and you won't live there, plan for at least 20%. Lenders also count part of the condo fee in your monthly costs, so the fee affects how much you can borrow. Keep land transfer tax and legal fees separate.

In Toronto that's two taxes, minus any first-time refunds.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html https://www.toronto.ca/services-payments/property-taxes-utilities/municipal-land-transfer-tax-mltt/municipal-land-transfer-tax-mltt-rebate-opportunities/

Yes, and there's a program built for it. If you live in the home, CMHC's secondary-suite refinance can lend up to 90% of the value after the suite is built. That value has to be under $2 million, there can be no more than four units in total, and the money goes into construction, paid out in stages.

You can't use it as a short-term rental. Toronto allows one garden or laneway suite on qualifying lots. We work out the build cost, the future rent and the new payment together so you know it works before you sign a contract.

Subject to approval.

Checked October 18, 2026. https://www.toronto.ca/city-government/planning-development/planning-studies-initiatives/garden-suites/ https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/refinance https://www.canada.ca/en/department-finance/news/2024/10/mortgage-insurance-rule-changes-to-enable-homeowners-to-add-secondary-suites.html

Yes. Toronto now allows two to four units on most residential lots without a rezoning, and five or six in some wards. To buy an existing duplex to fourplex and live in one unit, insured financing can go up to 95% for two units and 90% for three or four, as long as the price is under $1.5 million.

Part of the rent can help you qualify. To convert a house you own, we look at the CMHC suite refinance or construction financing. Rental-only multiplexes usually need 20% down or more.

Checked October 18, 2026. https://www.toronto.ca/city-government/planning-development/planning-studies-initiatives/multiplex-housing/ https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/purchase https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/rental-income https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/refinance

Nobody can tell you where prices go next, and we won't pretend to. What we can do is make sure the mortgage works no matter what. If you're buying, that means a payment you're comfortable with, a building we've checked, and a plan to stay at least five years.

If you're closing a pre-construction unit, it means getting an early read on value, planning for any appraisal gap, and knowing what the unit rents for. Soft markets reward buyers who plan, so let's run your numbers.

Checked October 18, 2026. https://www.condoauthorityontario.ca/before-you-buy-or-rent-a-condo/buying-a-condo/pre-construction-condos/

In Toronto, a legal basement unit needs a building permit and has to meet Building Code and Fire Code rules for ceiling height, exits, fire separation and windows. Once it's legal, the rent can really help. On an owner-occupied home with one suite, CMHC-insured programs can add up to 100% of the gross rent to your income, and conventional lenders have their own formulas.

If you're buying a house with a basement already rented, we ask for the permits and the lease before we count it, so your approval holds.

Checked October 18, 2026. https://www.toronto.ca/city-government/planning-development/planning-studies-initiatives/multiplex-housing/ https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/rental-income

At exactly $1.5 million or more, insured financing isn't available, so the minimum is 20%: $300,000 on a $1.5 million home. Just under the cap it changes completely. Illustrative example.

A $1,490,000 home needs about $124,000 down with insurance. So pricing your offer matters, and we'll show you both options. Above the cap there's no insurance premium, and the lender sets the amortization, often up to 30 years.

You still qualify at the stress-test rate. Keep closing cash separate.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html https://www.canada.ca/en/department-finance/news/2024/09/the-boldest-mortgage-reforms-in-decades.html https://www.osfi-bsif.gc.ca/en/supervision/financial-institutions/banks/minimum-qualifying-rate-uninsured-mortgages

Yes. A purchase in the City of Toronto pays Ontario land transfer tax and Toronto's municipal land transfer tax. On a $500,000 single-family residence, each is $6,475 under the published brackets, so the two together are $12,950 before any rebate. Confirm the figure with your lawyer.

Yes, when the suite is legal and the program can use the rent. A multiplex is treated the same way: the unit has to be permitted. You may qualify subject to lender and insurer approval.

Downtown, Midtown, Leslieville, the Annex, Liberty Village, Etobicoke, and Scarborough. They share the Toronto service pages.