Mortgage questions

Current employment details, monthly liabilities, total savings. The more we know about your current financial situation, the better we can guide you in finding the right product.

During our initial call we will be able to provide an approximate amount you could qualify for. If choosing to proceed with the approval process, depending on the lender , it can typically take anywhere from 1 to 5 business days. Depending on the circumstances, we are able to request priority rush reviews for a faster turnaround time.

There are several factors that determine mortgage eligibility such as income, credit, down payment and monthly liabilities. Although every application is unique , we have strong experience in the industry and our advisors are well trained to guide you through this process and make it as seamless as possible.

You may be eligible for options to move over your existing mortgage to another property. Our agents will guide you through that process.

We finance any properties within Canada. If you are looking to purchase property outside of Canada speak to a loan officer

Fixed rates remain constant throughout the whole mortgage term, the interest rate and monthly payment will remain the same. Variable rate mortgage interest rates can fluctuate and the monthly payment may also change as interest rates rise or fall.

Some lenders allow for pre payment options such as lump sum payment amounts to a certain amount or increased regular payments without causing any penalties. If flexible payment terms are important to you let our agents know and they will go through the best options for your scenario.

MKG Mortgages serves clients in English, Hindi, Punjabi and Bengali.

It depends on the price. Under $500,000, the minimum is 5%. Between $500,000 and $1.5 million, it's 5% of the first $500,000 plus 10% of the rest. Illustrative example. That is $70,000 on a $950,000 home.

At $1.5 million or more, it's 20%. With less than 20% down your mortgage is insured, and the premium is usually added to the loan. Lenders can ask for more if you're self-employed or rebuilding credit.

We'll show you the minimum and the smarter number for your plan.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html

Sometimes. Normally the minimum down payment has to come from your own money, like savings, your FHSA or RRSP, the sale of a property, or a gift from family. Some insured programs do accept a borrowed down payment, such as a line of credit, as long as you can carry that payment along with the mortgage.

For a rental property or a second home, using a HELOC on your current home is common. Tell us where your money is coming from early, and we'll match you with a lender that accepts it.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html

An insured mortgage has default insurance from CMHC, Sagen or Canada Guaranty. It's required when you put less than 20% down, and the home has to cost under $1.5 million. You pay a premium, usually added to the loan, but insured mortgages are often priced lower than the same file without insurance.

That comparison is not a rate offer. Conventional means 20% or more down and no premium. Some lenders still insure those in bulk behind the scenes, and that can affect pricing.

The best choice depends on your cash, the price and your plans, and we compare both.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/purchase

The insurance protects the lender if a mortgage goes bad, so the lender takes less risk and usually prices insured mortgages more sharply. You pay for that protection through the premium, so the right comparison is the total cost, not just the rate. That comparison is not a rate offer. Sometimes a buyer with 20% down is better off putting down a little less, and sometimes not.

Business owners can often qualify for insured programs too. We run both options so you see the real difference.

Checked October 18, 2026. https://www.cmhc-schl.gc.ca/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-mortgage-loan-insurance-cost

The premium is a percentage of your mortgage, and the bigger your down payment, the lower the percentage. It's roughly 4% of the loan at 5% down and about 2.8% at 15% to 19.99% down. It's normally added to your mortgage, so you don't pay it upfront. In Ontario, though, provincial sales tax on the premium is due in cash at closing and can't go into the loan.

It's a one-time cost, not monthly. We include it in every number we show you.

Checked October 18, 2026. https://www.cmhc-schl.gc.ca/consumers/home-buying/mortgage-loan-insurance-for-consumers/cmhc-mortgage-loan-insurance-cost

Yes. With 20% or more down, many lenders offer up to 30 years. With less than 20% down, you may qualify for a 30-year insured amortization if you're a first-time buyer or you're buying a brand-new home, subject to lender and insurer approval.

Everyone else is limited to 25 years on an insured mortgage. A longer amortization lowers your payment and can help you qualify, but you pay more interest over time. Prepayment privileges let you pay it down faster when you can.

We show you both payments side by side.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html https://www.canada.ca/en/department-finance/news/2024/09/the-boldest-mortgage-reforms-in-decades.html

As a first-time buyer, you can take up to $60,000 out of your RRSP tax-free to buy or build your home, and a couple buying together can each do it. You pay it back to your RRSP over 15 years. Any amount you skip in a year gets added to your income for that year.

The money has to sit in the RRSP for at least 90 days before you take it out. You can combine it with your FHSA. We'll show you where it fits with your other savings, and your accountant can confirm the tax side.

Checked October 18, 2026. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

The First Home Savings Account lets first-time buyers put in up to $8,000 a year, to a $40,000 lifetime limit. You get a tax deduction going in, and a qualifying withdrawal comes out tax-free. You never pay it back.

The money is yours to use toward buying your first home, so it can cover your down payment and help with closing costs. Couples can each have one. Open it early, because unused room only builds up once the account exists.

Check the details with your accountant.

Checked October 18, 2026. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html

Yes, and it's one of the best moves a first-time buyer can make. You can take up to $40,000 from your FHSA, which you never pay back, and up to $60,000 from your RRSP under the Home Buyers' Plan, which you repay over 15 years, for the same purchase. For a couple that's up to $200,000 toward the home before you count other savings or gifts.

We'll show you how it all fits into your down payment and closing costs, and your accountant can confirm the tax side.

Checked October 18, 2026. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

It depends on the program. For Ontario's land transfer tax refund, and Toronto's, you must never have owned a home anywhere in the world, and your spouse can't have owned one while you were together. For federal programs like the FHSA, the Home Buyers' Plan and the 30-year insured amortization, you usually qualify if you haven't lived in a home you or your spouse owned in the last four years.

So you might count for some programs and not others. We'll go through each one with you.

Checked October 18, 2026. https://www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers https://www.canada.ca/en/department-finance/news/2024/09/the-boldest-mortgage-reforms-in-decades.html https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

It's a federal rule: lenders check that you could still afford your payments at a higher rate. You qualify at whichever is higher, your contract rate plus 2% or 5.25%. It applies to most purchases and refinances, and you pay your actual rate, not the test rate.

It mostly limits how much you can borrow. Ways to qualify for more include a bigger down payment, a longer amortization, paying off a car loan, adding a co-borrower or counting legal rental income. Every approval is subject to the lender's review.

Checked October 18, 2026. https://www.osfi-bsif.gc.ca/en/supervision/financial-institutions/banks/minimum-qualifying-rate-uninsured-mortgages

Not if you renew with your current lender on the same terms. An uninsured mortgage can make a straight switch to another federally regulated lender at renewal without the stress test, as long as you don't borrow more or extend the amortization. If you want to take out equity, add a HELOC or stretch the amortization, the test applies again.

The new lender still checks your income, credit and the property. That flexibility is why it pays to shop your renewal.

Checked October 18, 2026. https://www.osfi-bsif.gc.ca/en/supervision/financial-institutions/banks/minimum-qualifying-rate-uninsured-mortgages https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html

If you stay with your current lender, usually not. They send a renewal offer, and you sign it or negotiate it. Federally regulated lenders have to send it at least 21 days before your term ends.

If you switch lenders, the new one will pull your credit, confirm your income and may order an appraisal, though many cover that cost on a switch. So start shopping about four months before maturity. That gives us time to compare offers without any pressure.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html

It's uncommon, but it happens, usually after missed payments, a property-tax problem or a big change in your situation. If your lender won't renew, or offers terms that don't work, you still have options. Another lender may take the mortgage, an alternative lender may help while you rebuild, or a short private term can buy time.

The key is to call us early, ideally four to six months out, not the week of maturity. Every option depends on approval, and we'll be straight with you about the trade-offs.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html

It depends on you more than on the headlines. A fixed rate keeps your payment the same for the term, which suits a tight budget. A variable rate moves with prime.

It can save money if rates drop, but your payment or amortization can change. Its penalty is usually just three months' interest, which helps if you might sell or refinance. Think about how long you'll keep the home, how much payment change you could handle, and your penalty risk.

We'll compare both before you choose.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html

On a variable mortgage, the penalty is usually three months' interest. On a fixed mortgage, it's usually the greater of three months' interest or the interest rate differential (IRD). The IRD depends on how your lender sets its comparison rate, and banks with high posted rates can charge much more.

Your lender has to tell you how it's calculated. Get the exact figure in writing before you decide. Our penalty calculator gives you a ballpark, and we always weigh the penalty against what you'd save.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html https://www.canada.ca/en/financial-consumer-agency/services/mortgages/break-mortgage-contract.html

Yes, but the new mortgage usually becomes conventional. A refinance can go up to 80% of your home's appraised value, so you need at least 20% equity to borrow more. You'd pay any prepayment penalty on the old mortgage, so we compare that with the benefit.

The exception is CMHC's secondary-suite refinance, which can go up to 90% if you're adding a legal suite. If you only want a better rate, a straight switch at renewal may cost less. We'll show you which path saves the most.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/borrow-home-equity.html https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/refinance

Often, yes, if your mortgage is portable. You move your current balance and rate to the new home and add the extra you need. The lender usually blends your old rate with today's rate on the new money.

You still have to qualify again, and the new home has to meet the lender's rules. Timing matters too, since many lenders expect the sale and purchase to close together. Before you list, we'll compare porting with breaking the mortgage, so you don't pay a penalty you could have avoided.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/break-mortgage-contract.html

Often, yes, especially for a rental or second property. You use the equity in your current home as the down payment, and the lender counts the HELOC payment in your debt ratios. Remember you're borrowing the whole price, so the numbers need to work even if rents dip or rates rise.

For an insured home you'll live in, borrowed down payments are only allowed in certain programs. A HELOC can go up to 65% of your home's value. We'll set it up so the investment stays manageable.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/home-equity-line-credit.html https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html

If you and anyone else on title are 55 or older, you can borrow part of your home's value, generally up to 55%, without monthly payments. You keep ownership and stay in the home. The interest builds up, and the loan is repaid when you sell, move out or pass away, usually from the sale.

You keep paying property tax and insurance and keeping up the home. It isn't right for everyone, so we compare it with a HELOC or downsizing and encourage independent legal advice and a family conversation.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reverse-mortgages.html

The 2026 rules are separate programs, and they do not stack into one number for every buyer. First-time buyers can get back up to $50,000 of the federal GST, in full on a new home up to $1 million and reduced between $1 million and $1.5 million. Ontario's first-time rebate can cover up to $80,000 of the provincial part. Where the older new housing rebate also applies, the first-time rebate is a top-up.

If the agreement with a builder is signed on or after April 1, 2026 and on or before March 31, 2027, and the home is a primary residence, Ontario's enhanced new housing rebate plus the existing Ontario new housing rebate can relieve up to $80,000 of the provincial 8%. That rebate is not limited to first-time buyers. Ontario's new home affordability payment is up to $50,000 of the federal part, and it is reduced by any federal new housing rebate or first-time GST/HST rebate. A first-time buyer claims the federal rebate first. Confirm the agreement with your lawyer.

Checked October 18, 2026. https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/gst-hst-rebates/first-time-home-buyers-gst-hst-rebate.html https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/notice346/ontario-enhanced-new-housing-rebate.html

Private mortgages are a normal short-term tool when the bank route doesn't fit. In Ontario, mortgage brokerages and agents arranging them must be licensed by FSRA, and you can look up any licence on FSRA's public register. A safe private mortgage has clear costs in writing, independent legal advice, a short term and a realistic way out, like a sale, a refinance or a better credit profile.

We only arrange private loans that come with an exit plan, and we'll show you all the fees before you sign.

Checked October 18, 2026. https://www.fsrao.ca/consumers/mortgage-brokering

Often, yes. Lenders look at why your score dropped and what's happened since, not just the number. Depending on your history, we may go to a major bank, an alternative lender that's more flexible about past problems, or a short private mortgage while you rebuild.

A bigger down payment or equity helps a lot. We'll set out a plan to move you back to better rates, usually within one or two terms. Every option is subject to approval, and we're upfront about costs.

Checked October 18, 2026. This answer describes how a file is read. It is not an approval.

Your bank can only offer its own products. As a licensed broker, we compare many lenders: big banks, credit unions, monoline lenders and alternative lenders. That means more choice on rate, rules, penalties and flexibility.

It matters most if you're self-employed, carry rental income, have a credit bump or want a lower-penalty mortgage. For most prime mortgages, the lender pays us, not you, and we tell you upfront if a file involves a fee. You can still compare us with your bank.

Checked October 18, 2026. https://www.fsrao.ca/consumers/mortgage-brokering

The lender pays the broker on most residential mortgages, and any alternative/private-lending fees are disclosed upfront in writing.

Checked October 18, 2026. https://www.fsrao.ca/consumers/mortgage-brokering

A pre-approval usually involves one hard credit check, and the effect is small and temporary for most people. Going through a broker helps, because we can shop many lenders from one application instead of you applying at bank after bank. Before your credit is pulled, we can talk through your situation without one.

Make sure your phone, internet and card payments are up to date before you apply.

Checked October 18, 2026. This answer describes how a file is read. It is not an approval.

Most lenders hold a pre-approval rate for 90 to 120 days. If rates drop before you buy, we ask whether that lender will use the lower rate. A rate hold is not a promise that a later rate will be lower.

A pre-approval isn't a final approval, though. Once you have an accepted offer, the lender still reviews the property, confirms your income and checks that nothing has changed. Don't take on a new car loan or change jobs before closing without calling us first.

If your hold expires, we simply refresh it.

Checked October 18, 2026. This answer describes how a file is read. It is not an approval.

Before you write an offer, if you can. That gives us time to review income, down payment, and which properties fit the way lenders qualify a file.

If you already have an accepted offer, call anyway. The timeline just gets shorter.

The mortgage is the job, and the surrounding pieces matter. We flag closing costs, condition dates, and documents the lender will ask for so nothing important is left to the last week.

A rough price range, where you want to buy, and how you earn your income. You do not need a full document package to start.

Yes. A separate-entrance basement can be part of a first home across the GTA. When the unit is legal, lenders may count a portion of the rent, commonly 50% to 100%, either added to income or offset against the payment. CMHC's published approach for an insured owner-occupied two-unit home uses up to 100% of gross rent. The worked example is in our note on buying a GTA home with a separate-entrance basement. The lender still approves the file.

No. The lender still has to accept the property, the income at that time, and the terms of the offer.

Only as long as the lender's commitment says, and only if your income and debts stay as disclosed. We tell you the date.

If we move from a conversation to an application, we explain when a credit check happens. The first call does not require one.

No. You can use your own broker. The approval that matters is the one that funds when the unit is ready.

It is a tax question with a mortgage consequence on new builds. Read our note on the HST rebate and Toronto new builds, then confirm the tax with your accountant or lawyer.

The gap is your cash, a price change, or a different structure. We would rather know that months ahead.

Some programs are built for that, if the income and the down payment are documented. It is not automatic.

MKG Mortgages serves clients in English, Hindi, Punjabi and Bengali. We do not assign those languages to individual people.

Most purchase programs want to see how the payment will be made. A letter, a contract, or documented savings can be part of that. We say which one your file needs.

Getting pre-approved before seriously shopping for a home can help you understand your potential qualification, purchase budget and expected mortgage payments.

It may also give you time to address documentation or financing concerns before you're working within the deadlines of an accepted offer.

A pre-approval does not guarantee final mortgage approval, since the lender will still need to approve the specific transaction and property.

Documentation varies depending on the borrower and lender, but you may be asked for information relating to your income and employment, down payment and assets, credit and existing debts.

Once you have an accepted offer, documentation relating to the property and purchase will also form part of the mortgage application.

Self-employed buyers and borrowers with more complex income or financial situations may be asked for additional documentation depending on the lender.

Many mortgages roll into a renewal the current lender chooses if you do not respond. That rate is rarely the one we would accept without a comparison.

Often, yes, if the mortgage is in good standing and the new lender approves the switch. At maturity there is usually no prepayment penalty for moving.

No. A renewal is the end of a term, when the mortgage can be continued or moved. A refinance changes the mortgage during the term or replaces it with a different amount or structure, and it can trigger a penalty.

Yes. If the penalty or the new payment does not improve the file, we say so and leave the current mortgage in place.

Not always. A lower monthly payment stretched over a longer amortization can cost more interest overall. We show both numbers before you decide.

Then a mortgage consolidation is not the tool. We will tell you that and talk about what else is realistic.

It is a charge on the home with a revolving limit. Interest is charged on the drawn balance. It is not a credit card.

Sometimes. If you need one lump sum for a defined job, a refinance can be simpler. We compare the two.

Most HELOC rates are variable and tied to a lender's prime. Any figure is on approved credit and is not a standing offer.

Homeowners 55 and older. The exact amount depends on age, the property, and the program. Location in the GTA does not waive the age rule.

No. Title stays with you. The loan is repaid when the home is sold or the agreement ends.

There is no required principal-and-interest payment on a standard reverse mortgage. Interest still accrues and is added to the balance.

Refinancing before your existing mortgage reaches maturity may be possible.

However, ending or changing an existing mortgage before the end of its term can result in a prepayment penalty or other costs depending on the mortgage agreement.

MKG Mortgages can help review these costs before determining whether refinancing is financially worthwhile.

Potentially.

Homeowners with sufficient equity who meet lender qualification requirements may be able to incorporate certain higher-interest debts into a mortgage refinance.

The overall borrowing cost, repayment period and effect on the mortgage should be considered before proceeding.

The amount available depends on your property's appraised value, existing mortgage and other secured debts, applicable lender requirements and your overall borrower qualification.

Income, credit and existing financial obligations can also affect how much financing may be available.

No. You may qualify with less than 20% down, subject to lender and insurer approval. Insured programs from CMHC, Sagen, and Canada Guaranty can allow less than 20% down, as low as 5–10% depending on the program, how the income is verified, and the purchase price. An insured mortgage requires a purchase price under $1.5 million. You do not always have to use an alternative (B) lender. An insured self-employed program may offer lower insured rates, subject to approval. Not every bank offers that policy. MKG shops multiple lenders and matches the file on policy, rate, and flexibility.

Yes, many self-employed borrowers do. The file is notices of assessment, T1 Generals, financial statements, and business bank statements. Stated-income and alternative-lender programs still use those records. We start there.

No. We work with the income you have reported and find the program that can use it. Tax advice belongs with your accountant.

Yes, that is a normal self-employed file. Lenders can look past line 15000 on the T1 when legitimate documents support the business: financial statements, bank statements, GST/HST returns, and articles of incorporation. Insured, conventional, and alternative paths read those documents differently. The full breakdown is in our note on low personal income and strong business cash flow.

Usually no. It covers a period when a bank mortgage is not available. We talk about how you leave it before an application starts.

The property, the mortgage already on it, and why institutional financing is not the fit right now. Income and credit are still part of the file.

Expect a lender fee, a broker fee, and a higher cost than a bank first mortgage. Those amounts are stated before an application starts, and they are on approved credit. They are not a quote until a lender issues one.

The exit, meaning how and when the loan is paid off, is part of that same conversation.

Rent can cover part of the qualification, not the whole story. On a house you will live in, a legal basement suite is often counted at 50% to 100% of the rent. A pure rental is usually stricter. The basement-suite note shows an illustrative with-and-without comparison.

That is usually an owner-occupied purchase with a suite. The down payment and the rent treatment can be kinder than on a property you will not live in. Start with the basement-suite note, then we place the file.

Often it is higher. The program depends on whether you will occupy the property.

When the building allows the rental and the lender accepts the corporation. A rental restriction ends the file.

The lender looks harder at the property income and the business, down payments are often larger, and terms are usually shorter. The documents are heavier, and the timeline should reflect that.

Yes. Both are part of the commercial work, along with files where the property and an operating business need to be explained together.

No. A commercial mortgage is secured mainly by property. A business loan can fund operations, equipment, or expansion, and it may or may not be tied to real estate.

What the money is for, how the business earns it back, and recent financials if you have them. A full package can come after the first conversation.

Commercial mortgages may be used for a range of property types, including retail, office, industrial and warehouse properties, owner-occupied business premises, certain multi-unit and mixed-use properties, and some land, development or construction projects. The financing available will depend on the specific property, its use, the borrower and the structure of the transaction.

There is no single down payment requirement that applies to every commercial transaction. The amount of equity required can depend on factors such as the type of property, purchase price, requested financing, property income, borrower strength and the lender's criteria.

MKG Mortgages can review the proposed transaction and help you understand the level of equity different financing options may require.

Documentation varies depending on the lender and transaction. A commercial mortgage application may require information relating to the borrower or business, financial statements, property details, purchase or financing documents, leases and tenant information for income-producing properties, and a commercial appraisal where required.

More complex transactions may require additional supporting information as the lender completes its due diligence.

Business financing may be used for a range of purposes depending on the lender and financing structure.

Common needs can include working capital, equipment purchases, operating expenses, expansion, renovations, larger projects, business acquisitions or restructuring existing business debt where appropriate.

The intended use of the funds is an important part of determining which financing options may fit the business.

Documentation requirements vary depending on the lender, financing type and complexity of the request.

You may be asked for business financial statements, bank statements, revenue or cash-flow information, details of existing debts, ownership and operating history, and information showing how the financing will be used.

Certain applications may also require projections, a business plan or supporting documentation relating to the purchase or project being financed.

Potentially. Different lenders can have different financing programs, qualification requirements and risk appetites.

Depending on the business and financing request, MKG Mortgages can help explore both traditional and alternative business financing options where appropriate.

The options available will depend on the financial strength of the business, the purpose of the financing, repayment capacity and the lender's requirements.

Yes. North York is part of the City of Toronto, so you pay two land transfer taxes: Ontario's and Toronto's municipal one. On most homes that roughly doubles the bill compared with buying just across Steeles in Vaughan.

First-time buyers get some of it back, up to $4,000 from the province and up to $4,475 from the City, so up to $8,475 in total. We build both taxes into your budget from the first call, and our closing-cost calculator shows the split. Your lawyer confirms the exact amounts.

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/

Three things beyond your income. First, the condo fee: lenders add a share of it to your monthly costs, usually half, so a high fee lowers what you qualify for. Second, the building: the status certificate, the reserve fund and any special assessments.

Some lenders are pickier about very small units or buildings with a lot of investor owners. Third, the appraisal, which matters more when resale values are soft. We check the fee and the building before you firm up, so the approval holds through closing.

Checked October 18, 2026. This answer describes how a file is read. It is not an approval.

Start 6 to 9 months before final closing. We get an early read on the value, line up a lender, and if there's a gap we plan for it. That might mean more cash, a lender that uses a different value, a longer amortization, a co-signer, or short-term private money to bridge the difference while you sell or rent.

Budget for interim occupancy fees and closing adjustments too. Check whether you qualify for the 2026 HST rebates. Nobody can promise a value, but a plan made early keeps your deposit safe.

Checked October 18, 2026. https://www.condoauthorityontario.ca/before-you-buy-or-rent-a-condo/buying-a-condo/pre-construction-condos/ https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/gst-hst-rebates/first-time-home-buyers-gst-hst-rebate.html https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/notice346/ontario-enhanced-new-housing-rebate.html

Yes, and a lot of North York lots are a good fit. Toronto now allows two to four units on most residential lots without a rezoning, and a garden or laneway suite where the lot qualifies. If you live in the home, CMHC's secondary-suite refinance can lend up to 90% of the value once the suite is built, as long as that value is under $2 million and the extra money goes into the build.

It pays out in stages as the work is done. For bigger rebuilds, we look at construction financing. We'll show you the numbers before you hire an architect.

Subject to approval.

Checked October 18, 2026. https://www.toronto.ca/city-government/planning-development/planning-studies-initiatives/multiplex-housing/ 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

It depends on the price, your debts and your down payment, so we'd rather run your real numbers than guess. Lenders usually cap housing costs at about 39% of gross income and total debt at about 44%. Those costs include the mortgage at the stress-test rate, property tax, heat and half of any condo fee.

A condo near North York Centre and a detached home in Bayview Village are very different files. Our affordability calculator gives you a quick range, and a 15-minute call turns it into a pre-approval budget you can shop with.

Checked October 18, 2026. https://www.osfi-bsif.gc.ca/en/supervision/financial-institutions/banks/minimum-qualifying-rate-uninsured-mortgages https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/purchase

North York buyers get the biggest land transfer tax break in the GTA, because you get both refunds: up to $4,000 from Ontario and up to $4,475 from Toronto. To qualify, you can't have owned a home anywhere in the world, and you have to move in within nine months. Add your FHSA (up to $40,000 each), the RRSP Home Buyers' Plan (up to $60,000 each) and a 30-year insured amortization, and the plan gets much easier.

If you're buying a new condo from a builder, ask us about the 2026 HST rebates.

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/ https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/gst-hst-rebates/first-time-home-buyers-gst-hst-rebate.html

Often, yes. We start by finding out why your credit dropped. A late-payment stretch from two years ago is a very different file from a recent consumer proposal.

Depending on your score and history, that could mean a major bank, an alternative lender with more flexible rules, or a short-term private mortgage while you rebuild. Each step should come with a plan to move you to a better rate. We'll be honest about what it costs and how long it should take, and every option is subject to approval.

Checked October 18, 2026. This answer describes how a file is read. It is not an approval.

Yes. Bring the statement or the agreement to 4250 Weston Road. Willowdale, Downsview, and York Mills files are worked from there.

The status certificate, the maintenance fee, and the down payment are read before the condition date. Willowdale, Newtonbrook, and Bayview Village condos follow that path. The lender still reviews the file.

Yes. Etobicoke purchases and refinances are handled from the North York office. The Toronto service pages cover Etobicoke as part of Toronto as well.

Yes. Humber Summit is the neighbourhood around 4250 Weston Road. Those purchases and refinances stay on this North York hub. They are not filed as Etobicoke.

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.

Vaughan doesn't have its own municipal land transfer tax. Buyers in Woodbridge, Maple, Kleinburg and the rest of the city pay only the Ontario land transfer tax. That's one reason a Vaughan home can need less closing cash than a similar one in Toronto.

On a $1.2 million home the provincial tax alone is still a big number, so we put it in your budget from the start. First-time buyers can get up to $4,000 back. Our calculator gives you the estimate, and your lawyer confirms it.

Checked October 18, 2026. https://www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax

You pay deposits to the builder now, but the mortgage is arranged for the closing date, which can be years away. Most lenders will only commit about 90 to 120 days before closing, so we do a full review at signing and again as closing gets closer. Your income, your debts and the appraisal all matter at the end.

A new build may qualify for a 30-year insured amortization, subject to lender and insurer approval. Buyers who sign with a builder between April 1, 2026 and March 31, 2027 may qualify for Ontario's enhanced HST relief on their main home. The builder's lender is one option, not your only one.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/notice346/ontario-enhanced-new-housing-rebate.html https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/gst-hst-rebates/first-time-home-buyers-gst-hst-rebate.html https://www.condoauthorityontario.ca/before-you-buy-or-rent-a-condo/buying-a-condo/pre-construction-condos/

The lender lends on the appraised value, not the price in your agreement. Illustrative example. If a $900,000 VMC condo appraises at $850,000, you need to cover the $50,000 gap on top of your down payment.

Our plan usually starts with an early appraisal and a lender whose valuation fits. Then we look at your cash, any help from family, and whether a short private loan can bridge the gap. If the numbers really don't work, we talk to your lawyer about an assignment early.

The worst plan is finding out two weeks before closing.

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

Since March 2025, Vaughan's zoning by-law has allowed up to two additional units on most serviced residential lots, in the house or in a separate building. They still have to meet parking, entrance and building-code rules, and you need a building permit. Once the unit is legal, it opens up a lot.

On an owner-occupied home with one suite, CMHC-insured programs can add up to 100% of the rent to your income, and conventional lenders use their own formulas. Talk to the City's Building Standards team before you renovate, and talk to us before you buy.

Checked October 18, 2026. https://www.vaughan.ca/residential/secondary-suites https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/rental-income

Here are the real numbers. Under $1.5 million, the minimum is 5% of the first $500,000 and 10% of the rest. Illustrative example.

On a $1,200,000 Woodbridge semi that's $95,000. At $1.5 million and above, you need 20%, so $300,000 on a $1.5 million home. With less than 20% down, the mortgage is insured and you pay a premium that's added to the loan.

Business owners and anyone with a credit bump may be asked for more. On top of the down payment, plan for land transfer tax and legal fees.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/purchase

There isn't a Vaughan-only program, but the federal and Ontario ones all apply here. You may qualify for 5% down on the first $500,000 and a 30-year insured amortization, subject to lender and insurer approval. You can also use your FHSA (up to $40,000 each), the RRSP Home Buyers' Plan (up to $60,000 each), and up to $4,000 back on Ontario land transfer tax. If you're buying a new home from a builder, the federal first-time buyer GST rebate can return up to $50,000 on homes up to $1 million.

We'll stack the programs you qualify for into one plan.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html https://www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/gst-hst-rebates/first-time-home-buyers-gst-hst-rebate.html

Woodbridge is part of Vaughan. It has its own section here because so many files start on those streets. The Vaughan service pages cover Woodbridge, Maple, Kleinburg, Thornhill, Concord, and Vellore.

The deposit is already in. Before closing, the file is checked against the appraisal and the cash still needed. You may qualify on the figures the lender accepts, subject to approval.

Woodbridge, Maple, Kleinburg, Thornhill, Concord, and Vellore. Pre-construction and resale files both use them.

Mississauga has no municipal land transfer tax, so you pay only Ontario's. Buy the same-priced home a few minutes east in Etobicoke and you'd pay Toronto's tax on top, which on many homes roughly doubles the bill. That's real cash you can keep for your down payment or a reserve.

First-time buyers in Mississauga can get up to $4,000 of the Ontario tax back. Our closing-cost calculator shows both scenarios side by side, and your lawyer confirms the final figure.

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/

Condo files come down to the fee, the building and the appraisal. Lenders count part of your monthly condo fee, usually half, so a $700 fee affects what you qualify for. We review the status certificate for the reserve fund and any special assessments.

Some lenders are more careful with very small units or buildings with a lot of renters. If you're buying to rent it out, the rules change: you need at least 20% down, and the rent is counted differently. We sort all of that out before you firm up.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/rental-income

Mississauga calls these additional residential units. Depending on your zoning, you can usually have up to two units in the house, or one in the house and one in a garden suite. You need a building permit with drawings first.

Once the unit is legal, lenders take the rent seriously. On an owner-occupied home with one suite, CMHC-insured programs can count up to 100% of the gross rent, and conventional lenders use their own formulas. If you're buying a home with an existing basement apartment, we confirm it's legal before you rely on the rent.

Checked October 18, 2026. https://www.mississauga.ca/services-and-programs/building-and-renovating/building-more-units-on-your-property/additional-residential-units/ https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/rental-income

It's possible, and the City now allows fourplexes in many cases. A conversion has to stay inside the existing house, and new builds have their own lot and parking rules. If you live in one of the units, CMHC's secondary-suite refinance can lend up to 90% of the value after the work, as long as that value is under $2 million and the money goes into construction.

Bigger projects may need construction financing that pays out in stages. Bring us the plans and the contractor's quote, and we'll show you the financing and the rent before you start.

Checked October 18, 2026. https://www.mississauga.ca/services-and-programs/building-and-renovating/building-more-units-on-your-property/fourplexes/ https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/refinance

Don't worry, plan. Start 6 to 9 months before closing so we can check your income, line up a lender and get an early read on value. If the appraisal comes in under your price, you cover the gap, so we work out where that money comes from: savings, family help, or a short bridge.

Budget for interim occupancy fees and closing adjustments. New-home HST rebates can help a lot in 2026 if you qualify. If the numbers can't work, talk to your lawyer early about options like an assignment.

Checked October 18, 2026. https://www.condoauthorityontario.ca/before-you-buy-or-rent-a-condo/buying-a-condo/pre-construction-condos/ https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/notice346/ontario-enhanced-new-housing-rebate.html https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/gst-hst-rebates/first-time-home-buyers-gst-hst-rebate.html

Start with the numbers that help you most. You need 5% down on the first $500,000 and 10% on the rest up to $1.5 million. As a first-time buyer you may qualify for a 30-year insured amortization, subject to lender and insurer approval.

Your FHSA (up to $40,000 each) and the RRSP Home Buyers' Plan (up to $60,000 each) can work together. You can get up to $4,000 back on Ontario land transfer tax, and there's no Toronto tax here. A condo with a reasonable fee or a townhouse with a legal basement suite are the most common first homes we finance in Mississauga.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html https://www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers

If you and anyone else on title are 55 or older, a reverse mortgage lets you borrow part of your home's value with no monthly payments. In Canada that's generally up to 55%, depending on your age and the property. The interest builds up, and the loan is repaid when you sell, move out or pass away.

It can make sense for long-time Mississauga owners who want to stay put. We always compare it with a HELOC, a refinance or downsizing first, and we encourage you to involve your family and get independent legal advice.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reverse-mortgages.html

Square One and Port Credit condos include the status certificate and the maintenance fee before the condition date. The lender still reviews the file.

Yes. A house in Meadowvale, Erin Mills, Churchill Meadows, Streetsville, or Cooksville is prepared as a house file, without a status certificate.

Port Credit, Streetsville, Meadowvale, Erin Mills, Churchill Meadows, Cooksville, and the Square One area. They share the Mississauga service pages.

It matters a lot. In Brampton a basement apartment is legal once it is registered with the City as an additional residential unit, which means a building permit, drawings, and passing building, fire and electrical inspections. Lenders care because most of them will only count rent from a legal unit, and a registered unit also protects your insurance and resale.

If you're buying, we check the City's second-unit registry before you firm up. If you own already, we can help you plan the financing for the work so you're not paying for it on credit cards.

Checked October 18, 2026. https://www.brampton.ca/EN/residents/Building-Permits/second-dwelling/Pages/Two-Unit-Process.aspx

Yes, and in Brampton this is one of the most useful tools we have. On an owner-occupied home with one legal suite, CMHC-insured programs can add up to 100% of the gross rent to your income, so a $1,800 basement rent can make a real difference to what you qualify for. Conventional lenders have their own formulas, usually between 50% and 100%.

Lenders will want the lease or an appraiser's market-rent estimate and proof the unit is legal. We run your numbers with and without the rent so you see the difference. All of it is subject to lender and insurer approval.

Checked October 18, 2026. https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/rental-income

It does. A home on the registry has a suite the City has signed off on, so we can usually count the rent and the appraiser can value it as a two-unit home. If the basement is finished but not registered, many lenders will ignore the rent completely, and you may be buying a project you'll need to fix.

Before you make an offer, send us the address. We'll check the registry with your realtor, and if the suite isn't registered we'll show you what you qualify for without the rent, so there are no surprises.

Checked October 18, 2026. https://www.brampton.ca/EN/residents/Building-Permits/second-dwelling/Pages/Two-Unit-Process.aspx

Often, yes. Since January 2025, CMHC and the other insurers have offered a refinance for owners who live in the home and want to add a self-contained suite. It can go up to 90% of the home's value after the work, as long as that value is under $2 million and the total is four units or fewer.

The extra money has to go into the build, it's paid out as the work progresses, and the unit can't be a short-term rental. It's also subject to lender and insurer approval. We'll map out the costs, the future rent and the new payment before you call a contractor.

Checked October 18, 2026. 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

Brampton buyers pay only the Ontario land transfer tax. There's no extra municipal tax like the one in Toronto. The tax uses provincial brackets, so it rises faster as the price goes up.

If you've never owned a home anywhere, you can get up to $4,000 back, which wipes out the tax on the first $368,000. Our closing-cost calculator gives you the estimate in seconds, and your lawyer confirms the final number. Keep that cash separate from your down payment so closing day isn't tight.

Checked October 18, 2026. https://www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax

Quite a bit, and it adds up. You can put down as little as 5% on the first $500,000 and 10% on the rest, as long as the price is under $1.5 million. As a first-time buyer you may qualify for a 30-year insured amortization to lower the payment, subject to lender and insurer approval.

You can use your FHSA (up to $40,000 each) and up to $60,000 each from your RRSP under the Home Buyers' Plan, and you can get up to $4,000 back on Ontario land transfer tax. In Brampton we often add a legal basement suite to that plan. Approval depends on your file.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html https://www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers

Call us before you sign the renewal letter. We usually have more options than people expect. We can shop the renewal against other lenders.

If your mortgage is uninsured and you keep the same balance and amortization, a straight switch to a federally regulated lender doesn't require the stress test. We can also look at whether resetting the amortization, rolling high-interest debt into the mortgage, or counting basement rent would lower your monthly costs. If you've missed payments, a short-term plan can buy you time to get back on track.

Everything is subject to approval.

Checked October 18, 2026. https://www.osfi-bsif.gc.ca/en/supervision/financial-institutions/banks/minimum-qualifying-rate-uninsured-mortgages https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html

Yes, when the suite is legal and the program can use the rent. The file still starts with the house. A suite that is not legal is not treated as income. You may qualify subject to lender and insurer approval.

Downtown Brampton, Bramalea, Heart Lake, Springdale, Credit Valley, Mount Pleasant, and Peel Village. They share the Brampton service pages.

Home purchase, refinance, renewal, debt consolidation, self-employed, and private mortgages each have a Brampton page. The other services cover Brampton from the GTA page.

Oakville doesn't charge a municipal land transfer tax, so you pay only the Ontario one. Because Oakville prices are high, though, the provincial tax alone is substantial. On a $1.6 million home it runs into the tens of thousands.

First-time buyers can get up to $4,000 back. It's paid in cash on closing, separate from your down payment, so we build it into your budget before you shop. Our calculator gives you the number, and your lawyer confirms it.

Checked October 18, 2026. https://www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax

At $1.5 million or more, the minimum is 20%, because insured mortgages stop at that price. Illustrative example. A $1.8 million Glen Abbey home needs at least $360,000 down.

Below the cap, the rules are much friendlier. A $1,450,000 home needs about $120,000 with insurance, or 20% if you'd rather skip the premium. Business owners or buyers with complex income may be asked for more.

We'll show you both paths so you can choose the one that keeps your cash where you want it.

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

With a standard refinance, the total mortgage can go up to 80% of your home's appraised value. A home equity line of credit can be up to 65% on its own, or part of an 80% combined setup. On a $1.8 million Oakville home with $600,000 owing, that's a lot of room, but the payment still has to fit your income at the stress-test rate.

Owners use it for renovations, consolidating debt or helping a child with a down payment. We compare a refinance, a HELOC and keeping your current mortgage, including any penalty.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/borrow-home-equity.html https://www.canada.ca/en/financial-consumer-agency/services/mortgages/home-equity-line-credit.html https://www.osfi-bsif.gc.ca/en/supervision/financial-institutions/banks/minimum-qualifying-rate-uninsured-mortgages

Usually, yes. Oakville's zoning allows either two additional units inside the house, or one inside plus one in a detached building like a coach house, subject to the lot and permits. If you live in the home and the value after the work is under $2 million, CMHC's secondary-suite refinance can lend up to 90% of that value for the build, paid out in stages.

Many Oakville homes sit above that value, so we may use a conventional refinance or HELOC instead. Either way, the future rent can help with qualifying.

Checked October 18, 2026. https://www.oakville.ca/getmedia/ae93a884-590a-46bc-8a05-070522d8357f/zoning-by-law-2014-014-part-04-general-provisions.pdf https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/refinance

Yes. Lenders usually add half of your monthly condo fee to your housing costs when they work out what you qualify for. Some newer Oakville buildings with lots of amenities carry higher fees, and on a tight file that can cut your budget noticeably.

We also read the status certificate for the reserve fund and any special assessments. If you're comparing two condos, send us both fees and we'll show you how each one changes your approval and your monthly cost.

Checked October 18, 2026. This answer describes how a file is read. It is not an approval.

Often, yes. If your mortgage is uninsured and you move it to another federally regulated lender at renewal without borrowing more or stretching the amortization, the lender doesn't have to apply the stress test. On a large Oakville balance, even a small rate difference is real money each year.

The new lender still checks your income, credit and the property, and there may be discharge or legal costs, which some lenders cover. Start about four months before maturity and we'll compare offers side by side.

Checked October 18, 2026. https://www.osfi-bsif.gc.ca/en/supervision/financial-institutions/banks/minimum-qualifying-rate-uninsured-mortgages https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html

No. Oakville pays Ontario land transfer tax. Toronto's municipal tax applies inside the City of Toronto. A higher Oakville price makes the Ontario line larger, and it is separate from the down payment. Confirm the figure with your lawyer.

A Bronte condo needs the status certificate and the maintenance fee before a condition is waived. A detached house in Glen Abbey, River Oaks, Joshua Creek, or West Oak Trails does not. An older house in Old Oakville sometimes adds a renovation the lender wants described.

Downtown Oakville, Old Oakville, Bronte, Glen Abbey, River Oaks, Joshua Creek, and West Oak Trails. They share the Oakville service pages.

Yes. Milton is one of the busiest places we work, especially for young families buying their first home or a new build. Most of our Milton clients never need to drive in.

We do the first call by phone or video, collect documents securely, and you sign electronically. If you'd rather meet in person, our office is in North York. We compare lenders for you, explain every number in plain language, and stay with you through closing and every renewal after that.

Checked October 18, 2026. This answer describes how a file is read. It is not an approval.

Milton buyers pay only the Ontario land transfer tax. There's no municipal tax like Toronto's. On a typical Milton townhouse or detached home it's still a few thousand dollars to tens of thousands, paid in cash on closing.

If you've never owned a home anywhere, you can get up to $4,000 back, which covers the full tax on the first $368,000. Our closing-cost calculator gives you the estimate, and we keep that money separate from your down payment so closing day goes smoothly.

Checked October 18, 2026. https://www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax

New builds come with some real advantages. A buyer of a brand-new home may qualify for a 30-year insured amortization, which lowers the payment, subject to lender and insurer approval. If you're a first-time buyer, the federal GST rebate can return up to $50,000 on homes up to $1 million.

If you sign with the builder between April 1, 2026 and March 31, 2027 and it'll be your main home, Ontario's enhanced HST relief may apply too. We review your approval at signing and again before closing, since the lender looks at your income and the appraisal then.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/gst-hst-rebates/first-time-home-buyers-gst-hst-rebate.html https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/notice346/ontario-enhanced-new-housing-rebate.html

On a home under $1.5 million, you need 5% of the first $500,000 plus 10% of the rest. On a $950,000 Milton townhouse that's $70,000. You can use your FHSA (up to $40,000 each), the RRSP Home Buyers' Plan (up to $60,000 each), and gifts from parents with a gift letter.

As a first-time buyer you may qualify for a 30-year insured amortization to lower the payment, subject to lender and insurer approval, and you can get up to $4,000 back on Ontario land transfer tax. We'll put it all on one page for you.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/contributing-your-fhsa.html https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html https://www.canada.ca/en/financial-consumer-agency/services/mortgages/choose-mortgage.html https://www.ontario.ca/document/land-transfer-tax/land-transfer-tax-refunds-first-time-homebuyers

Milton allows up to three additional units on urban lots with town water and sewer, including one in a detached building, as long as the zoning and building-permit rules are met. A legal suite can make a big difference. On an owner-occupied home with one suite, CMHC-insured programs can add up to 100% of the gross rent to your income.

If you own already, the CMHC secondary-suite refinance can help pay for the build. Get the permit first, though. Lenders and insurers want the unit legal before they count the rent.

Checked October 18, 2026. https://www.milton.ca/en/business-and-development/understanding-additional-residential-units-arus-in-milton.aspx 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

It can be. Lower prices mean a smaller down payment, and with 5% down you can get into a Milton condo with much less saved than for a town. Lenders count part of the monthly condo fee, so we compare total monthly costs, not just the price.

We also check the building's reserve fund before you firm up. If you plan to move up in a few years, we'll pick a term and lender with a reasonable penalty and good porting options.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html

If you've built some equity, often yes. A refinance can go up to 80% of your home's appraised value, and replacing card and car payments with one mortgage payment can free up a lot of cash each month. We weigh any prepayment penalty against the savings and show you the total interest, not just the new payment, so you're not stretching debt out forever.

If your term is nearly up, waiting for renewal can be cheaper. It's all subject to lender approval.

Checked October 18, 2026. https://www.canada.ca/en/financial-consumer-agency/services/mortgages/borrow-home-equity.html https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html

The builder's agreement, the deposits already paid, and the completion date go in first. The mortgage has to be available when the house is ready. A resale in Hawthorne Village or Downtown Milton uses the listing instead of a builder schedule.

Yes. The office is in North York, and Milton purchases are handled from there. The down payment and Ontario land transfer tax are planned as separate cash. You may qualify with less than 20% down, subject to lender and insurer approval.

Downtown Milton, Hawthorne Village, Willmott, Harrison, Scott, Coates, and Milton Heights. They share the Milton service pages.

North York, Toronto, Vaughan (including Woodbridge), Mississauga, Brampton, Oakville, and Milton. Each hub has the neighbourhoods, the housing that shows up on that city's files, a local example, and the service pages for that city.

MKG Mortgages is at 4250 Weston Road, North York, ON M9L 1W9. The same team serves the GTA from that office.