Frequently Asked Questions

In Canada, the minimum down payment depends on the purchase price of the home. For homes under $500,000, the minimum is 5%. For homes between $500,000 and $999,999, it's 5% of the first $500k and 10% of the remainder. For homes $1 million or more, a strict minimum 20% down payment is required.

Closing costs typically range from 1.5% to 4% of the purchase price. These include land transfer taxes (in Toronto, you pay both Provincial and Municipal land transfer taxes), legal fees, title insurance, and potential appraisal or inspection fees. We always provide our clients with a detailed closing cost estimate before making an offer.

In the vast majority of standard real estate transactions in Ontario, the buyer does not pay out-of-pocket commissions to their agent. The seller's agent typically splits the total commission (paid by the seller from the proceeds of the sale) with the buyer's agent.