GTA Real Estate FAQ — Your Buying, Selling & Financing Questions Answered

The minimum is tiered: 5% on the first $500,000, 10% on the portion from $500,000 to $1.5 million, and 20% at $1.5 million and above. On a $700,000 home that is $45,000. Anything under 20% down requires CMHC mortgage default insurance, which is added to your mortgage.

Insured mortgages are available on homes valued up to $1.5 million as of 15 December 2024. Above that threshold there is no insurance option, so 20% is a hard floor. Use the mortgage calculator to see how your down payment changes the monthly cost.

Source: Financial Consumer Agency of Canada.

Buyers inside the City of Toronto pay two land transfer taxes: the Ontario provincial tax and a municipal tax on top, which roughly doubles the bill compared with buying elsewhere in the GTA. Both are calculated on a sliding scale and both are due in cash on closing day.

Buying outside Toronto — in Markham, Ajax, Pickering or Whitby — means you pay the provincial tax only. That difference alone can be worth five figures on a typical GTA purchase, so budget for it from the start of your search rather than discovering it at closing.

Sources: Ontario Ministry of Finance and City of Toronto.

Yes. First-time buyers can claim up to $4,000 back on the provincial land transfer tax, and in Toronto a further $4,475 on the municipal tax — up to $8,475 combined. Your real estate lawyer applies the rebate at closing, so you never pay the money out and wait for it.

To qualify you must:

• Be at least 18 years old
• Be a Canadian citizen or permanent resident
• Have never owned a home anywhere in the world
• Occupy the home as your principal residence, generally within nine months of closing

If your spouse has owned a home while you were together, that can affect your eligibility. Raise it with your lawyer early rather than at closing.

Sources: Ontario Ministry of Finance and City of Toronto.

Budget roughly 1.5% to 4% of the purchase price on top of your down payment. Land transfer tax is the largest item and doubles inside Toronto. Legal fees, title insurance, a home inspection and prepaid tax or utility adjustments make up most of the remainder.

First-time buyers should also factor in the rebates above, which offset up to $8,475 of the land transfer tax in Toronto. Contact me and I can prepare a personalised closing-cost estimate for any specific property you are considering.

In most transactions the seller pays the commission, which is then shared between the listing brokerage and the buyer's brokerage. That means buyers usually do not pay commission directly.

If you are selling, budget also for legal fees, any mortgage discharge costs, and preparing your home for market. Ask for a net-proceeds estimate before you list so there are no surprises on closing day.

Your home's value depends on location, size, condition, recent comparable sales nearby and current buyer demand. Automated online estimates can be well off the mark because they cannot see your upgrades or the actual condition of the property.

The most accurate approach is a comparative market analysis (CMA) that looks at what similar homes in your area have actually sold for. I offer a free, no-obligation home evaluation so you know exactly where your property stands in today's market.

Yes. Pre-approval confirms how much you can borrow, often holds an interest rate for a set period, and makes your offers far more competitive because sellers take pre-approved buyers more seriously.

It is free to get and worth doing before you start viewing homes, so you shop with a clear and realistic budget. Try the mortgage calculator to estimate payments first.

Note that a pre-approval is not a pre-qualification. A pre-qualification is an estimate based on what you tell the lender; a pre-approval involves document verification and carries far more weight in a multiple-offer situation.

Buyers typically spend anywhere from a few weeks to a few months searching, and closing usually happens 30 to 90 days after an offer is accepted.

Well-priced homes in strong locations can sell within days, while others take considerably longer. A clear pricing and marketing strategy makes the biggest difference to how quickly a home sells, and for how much.

Yes — for both tenants and landlords across Scarborough and the wider GTA.

For tenants that means finding and securing the right rental. For landlords it means listing, marketing and screening qualified applicants. Browse rental listings.

Eleven steps, typically spread over two to four months from starting your search to closing day. Getting pre-approved first is what makes the rest of it move quickly.

1. Get pre-approved for a mortgage
2. Define your budget and wish list
3. Search for properties, online and through your agent
4. View homes in person
5. Make an offer (Agreement of Purchase and Sale)
6. Negotiate terms
7. Complete a home inspection and any other conditions
8. Waive conditions by the agreed deadline
9. Arrange your final mortgage and home insurance
10. Do a final walkthrough
11. Close with your lawyer on the agreed date

CMHC insurance — also called mortgage default insurance — is required whenever your down payment is under 20% of the purchase price. It protects the lender, not you. The premium is a percentage of the mortgage amount and is normally added to your balance rather than paid up front.

Insured mortgages are available on homes valued up to $1.5 million. Above that, insurance is not offered, so a 20% down payment becomes mandatory. Ontario also charges PST on the premium, and unlike the premium itself that PST is payable in cash at closing.

Source: CMHC. Premiums and thresholds change — confirm with your lender.

A professional examination of a property's physical condition — structure, roof, plumbing, electrical, HVAC and insulation. Inspections are optional in Ontario but strongly recommended. Typical cost is $400 to $600 for a standard residential property.

A qualified inspector will identify issues that could cost you thousands after closing, from foundation cracks to outdated wiring. In competitive situations a pre-offer inspection lets you bid firm with confidence rather than dropping the condition blind.

With a freehold — detached, semi-detached or freehold townhouse — you own the land and the building outright, with no monthly fee to a corporation. With a condominium you own your unit and share the common areas through a condo corporation, paying monthly maintenance fees.

Those fees cover shared costs such as building insurance, landscaping, some utilities and reserve fund contributions. A healthy reserve fund matters more than a low fee — underfunded corporations lead to special assessments. Search both property types.

A comparative market analysis is the most accurate method: it looks at recently sold properties similar to yours in size, condition, location and features. Sold prices, not asking prices, are what matter.

Online automated valuations give a ballpark but are often off by 10% or more because they cannot account for upgrades, condition or hyper-local factors like which side of a street you are on. I provide a free CMA that gives you a far more reliable number.

Yes, though additional rules apply. The federal Prohibition on the Purchase of Residential Property by Non-Canadians Act has been extended through January 2027, with exemptions that include permanent residents and qualifying temporary residents.

These rules change frequently and the penalties for getting them wrong are significant, so work with an agent and a lawyer who follow the current regulations. There may also be non-resident speculation tax implications depending on your status and the property location.

Verify the current status of the Act before relying on this answer.

If the home was your principal residence for every year you owned it, the profit is tax-free under Canada's principal residence exemption — but you must still report the sale on your tax return to claim it.

If the property was a rental, an investment, or was not your primary home for the entire ownership period, you may owe capital gains tax on part of the profit. Consult a tax professional for advice specific to your situation.

Property tax is your home's assessed value multiplied by the municipal rate. Toronto — which includes Scarborough — sits around 0.65% to 0.75%, so a home assessed at $800,000 pays roughly $5,200 to $6,000 a year. Several surrounding municipalities charge noticeably more.

Toronto has among the lowest residential rates in the GTA, which partly offsets its higher purchase prices and its double land transfer tax. Assessed value is set by MPAC and is not the same thing as current market value.

Sources: City of Toronto and MPAC. Replace the placeholder rows with verified figures per municipality before publishing.

A seller's market has more buyers than available homes, pushing prices up and producing multiple offers. A buyer's market has more homes for sale than active buyers, giving purchasers more negotiating power.

The GTA shifts quickly and varies by neighbourhood and property type. Condos in one area can be in a buyer's market while detached homes a few kilometres away are in a seller's market at the same time, so a citywide headline number rarely describes your street.

Declutter and depersonalise, handle minor repairs, deep clean, and consider staging the key rooms. Curb appeal and professional photography matter more than most sellers expect.

Most buyers see your home online before they see it in person, so the photographs are effectively the first showing. A tidy lawn, a clean front entrance and a fresh welcome mat make a disproportionate first impression. Contact me for a preparation checklist customised to your property.

Your lawyer does most of the work: transferring the remaining funds to the seller's lawyer, registering the deed in your name, and arranging release of the keys — usually by late morning or early afternoon.

Before closing day you will have signed your mortgage documents, provided proof of home insurance, completed a final walkthrough of the property, and deposited any remaining funds with your lawyer.

It depends on your finances, how long you plan to stay, and your goals. Buying generally makes sense with stable income, a solid down payment, and a horizon of at least three to five years.

Renting can be the better choice if you are still building a down payment, expect to relocate soon, or value the flexibility. Use the mortgage calculator to compare what you would pay monthly as an owner against your current rent.

A unit bought directly from the builder before or during construction. Deposits are typically 15% to 20% paid in instalments over one to two years, with the balance due on completion three to five years later.

The advantages are locking in today's price and choosing your layout. The risks are construction delays, market shifts before possession, and occupancy fees during the interim period between move-in and final closing. Read the disclosure statement carefully within your ten-day cooling-off period.

Yes — it is a legal requirement in Ontario. Your lawyer reviews the Agreement of Purchase and Sale, conducts the title search, transfers funds, registers the deed, and handles land transfer tax and any rebates.

Legal fees for a standard residential purchase typically run $1,500 to $2,500 plus disbursements. Engage one early rather than the week before closing, so there is time to review the agreement properly.

A bidding war happens when multiple buyers submit competing offers on the same property, usually on a set offer date. Preparation matters far more than nerve.

• Get fully pre-approved, not just pre-qualified
• Have your deposit funds ready to move immediately
• Decide your maximum price before emotions take over
• Understand how the strength of your conditions affects your offer

Your agent's experience in multiple-offer situations is the variable that matters most — knowing when to push, when to escalate, and when to walk away.