Buyer Planning & Calculators
Everything you need to know about what you can afford and what it costs to close in Ontario.
Know Your Buying Power
Before you fall in love with a home, you need to know what the bank will approve. Lenders look at your Gross Debt Service (GDS) and Total Debt Service (TDS) ratios.
- The 32% Rule: Your housing costs shouldn’t exceed 32% of your gross income.
- Down Payment Tiers: Remember, homes over $1M require a full 20% down payment.
How much home can I afford?
Ontario Land Transfer Tax
Provincial tax calculator (excludes Toronto Municipal LTT).
Tax Rebates & Incentives
Ontario’s Land Transfer Tax is a tiered system. If you are buying in the GTA but outside of Toronto, you only pay the Provincial portion.
| First $55,000 | 0.5% |
| $55k – $250k | 1.0% |
| $250k – $400k | 1.5% |
| $400k – $2M | 2.0% |
First-Time Buyers: You receive an automatic rebate of up to $4,000. This covers the full tax on a home priced at $368,000.
The “Hidden” Costs of Buying
Many buyers focus only on the down payment, but you should budget 1.5% to 4% of the purchase price for closing costs. These are paid out-of-pocket and cannot be rolled into your mortgage.
- Legal Fees: Usually $1,500 – $2,500 including disbursements.
- Title Insurance: A one-time fee protecting your ownership rights.
- Adjustments: Reimbursing the seller for prepaid property taxes or utilities.
Closing Cost Estimator
*Estimate only. Final figures provided by your solicitor.