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Buying a home in Toronto is a big decision, and the details matter. I bring nearly 20 years of negotiating experience and street-level knowledge of North York, Etobicoke, Midtown, Downtown and York Region, so you can buy with a clear plan and no surprises at closing. Not sure where to start? Book a free buyer consultation and we’ll map out your budget, neighbourhoods and offer strategy before you start booking showings.

Buying with Marc

Is now the right time to buy your first condo or house? Which neighbourhoods are still undervalued, and which buildings have healthy reserve funds? I track the market across North York, Etobicoke and central Toronto so I can answer those questions with recent sales data, not guesses.

New to buying? Start with my first-time home buyer guide for Toronto. If you already own, read should you sell first or buy first and find out what your current home is worth.

Costs to Consider

Down Payment

Minimum down payment in Canada is 5% on the first $500,000, 10% on the portion from $500,000 to $1.5 million, and 20% on homes priced at $1.5 million or more. You’ll also pay a deposit when your offer is accepted, usually around 5% in Toronto, which counts toward your down payment.

Legal Fees

Your lawyer reviews the agreement, runs title searches, arranges title insurance and registers the transfer. In Toronto, expect roughly $1,500 to $2,500 including disbursements, due on closing.

Land Transfer Tax

Toronto buyers pay two land transfer taxes: Ontario’s and the City of Toronto’s. Eligible first-time buyers get a rebate of up to $4,000 on the Ontario tax and up to $4,475 on the Toronto tax, which together cover the full tax on homes up to about $400,000. Above that, you pay the difference. Use this calculator to estimate your land transfer tax on closing.

Home Inspection Fees

An inspection is your chance to catch red flags before you commit. In Toronto, inspections usually start around $400 to $600 for a condo and more for a house.

Mortgage Insurance

With less than 20% down, you’ll need an insured (high-ratio) mortgage. Since December 15, 2024, insured mortgages are available on homes up to $1.5 million, and all first-time buyers can choose a 30-year amortization.

Prepaid Expenses

You might need to consider expenses the seller prepaid on the home, which could include things like property taxes, utility bills or condo fees. Before you take ownership of the property, you will need to reimburse the seller for these costs from the closing date forward.

First-time buyers: Start here

Buying your first home is a big step! Check out these frequently asked questions to ease you into your search.

When is the best time to buy?

Choosing when to buy depends on many variables like local market conditions, current mortgage rates and ultimately when you can comfortably afford to jump in.

Should I meet with a mortgage professional first?

Absolutely! It is strongly recommended that you meet with a mortgage specialist as the first step of the real estate process. Getting pre-approved will help you understand exactly how much you can afford to spend on a home, your available financing options, and what kinds of fees are associated with buying property. Lastly, being pre-approved means you’re a serious buyer who’s ready to make a move, which might come in handy during the negotiation process.

Do I need a Realtor to represent me on the buying side?

One of the benefits of being on the buying side is the seller pays the commission for both the buyer’s and seller’s agents in a real estate transaction. It’s important to remember that regardless of this, a buyer will always benefit from having a knowledgeable Realtor on their side of the transaction. It comes in handy with negotiating the price and conditions that work for them.

Let’s connect and discuss your options.

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