First-time buyers
Buying in Toronto means two land transfer taxes, a deposit within a day of your offer and a fee that starts the month you move in. Here is what to look into before you start viewing.
All three have conditions, limits and dates that change. Read the government pages or ask your lawyer and lender before you count on any amount.
Ontario charges land transfer tax on every purchase. Eligible first-time buyers can have some or all of it refunded, usually claimed by your lawyer when the purchase registers.
Check the current rules: who counts as a first-time buyer and the maximum refund.
Inside the city you also pay Toronto’s own land transfer tax. The city offers a separate first-time buyer rebate on it, again handled at closing.
Check the current rules: the city sets its own limits, separate from Ontario’s.
An account where contributions can reduce your taxable income and qualifying withdrawals for a first home come out tax-free. Some buyers use it alongside the RRSP Home Buyers’ Plan.
Check the current rules: annual and lifetime limits, and how long the account must be open.
Your lender looks at the price. These sit on top of it. Your lawyer gives you the final statement of adjustments a few days before closing.
| Cost | When it’s due | In plain words |
|---|---|---|
| Deposit | Usually within 24 hours of acceptance | Part of your down payment, held in trust. Have it ready before you offer. |
| Land transfer taxes | On closing | Ontario’s and Toronto’s, less any first-time rebates you qualify for. |
| Legal fees and title insurance | On closing | Ask two or three lawyers for an all-in quote for a condo purchase. |
| Adjustments | On closing | If the seller prepaid this month’s fee or the year’s taxes, you repay your share. |
| Unit insurance | Before closing | Your lender will ask for it. It covers your contents, upgrades and the building deductible. |
| Move-in costs | Moving day | An elevator booking, sometimes a refundable deposit, and the movers’ insurance papers. |
A typical resale purchase. Timing depends on the market and your closing date.
A lender confirms a budget that includes the monthly fee, not just the mortgage.
We narrow it to buildings first, then suites. Bad buildings drop off early.
Suites, plus the garage, the locker room and the amenity floor.
Price, deposit, closing date and conditions, including the status certificate review.
Your lawyer reviews the certificate and your lender finalises the mortgage.
Funds move, the deed registers, and you collect fobs and keys.
You can read years of budgets and minutes, see the actual suite and move in on a set date. Most of my first-time buyers start here.
Deposits are spread over years, the closing date can move, and you may pay interim occupancy fees before the deed registers. I’ll read the agreement with you, and your lawyer should review it within the cooling-off period.
Start with the call. I’ll explain the monthly picture, fee included, and point you to a mortgage broker if you don’t have one.
