After a $20,000 deposit: $36,758 still to fund
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Toronto condo buyers · 2026 closing cash
The down payment isn't the whole budget.
Buying a $600,000 resale condo? Ontario and Toronto taxes, an offer deposit, mortgage insurance and closing adjustments all affect how much cash you need—and when.
Actual 2026 tax ratesEditable buyer calculatorHonest assumptions
Calculate your cash to close ↓A realistic buyer question
Suppose you find a $600,000 condo in Humber Bay Shores.
You have saved $35,000 and your lender says that may satisfy the insured mortgage minimum down payment for an eligible purchase. The seller wants a $20,000 offer deposit. You might think you need only $15,000 more on closing day. But that leaves out land transfer taxes, mortgage-insurance premium tax and the lawyer's final bill.
For a Toronto resale condo, the cash-to-close figure is a separate calculation from the down payment. A deposit already paid normally counts toward the purchase rather than being an extra charge. The key is to avoid both missing a tax and counting the same deposit twice.
One hypothetical $600,000 condo · two buyer situations
First-time buyer relief can change the closing funds materially.
After a $20,000 deposit: $28,283 still to fund
Both use $35,000 down, $2,000 hypothetical legal/title charges, $1,000 hypothetical adjustments, and an estimated $1,808 Ontario sales tax on a $22,600 financed standard mortgage-insurance premium. The $8,475 difference assumes maximum eligibility for both tax relief programs. The examples exclude additional fees and circumstances listed below; they are not a lawyer's closing statement or a lending quote.
Explore your own assumptions
From accepted offer to the keys: estimate the cash.
Interactive Ontario + Toronto estimate
How much money would you need before closing?
Change the assumptions. This is an educational worksheet—not a mortgage approval, a legal closing statement or a promise of rebate eligibility.
Illustrative total buyer cash required$56,758Down payment + estimated net transfer taxes + estimated mortgage-insurance RST + your legal and adjustment assumptions. Does not include every possible closing expense.
Additional cash to have available at closing$36,758After crediting the $20,000 offer deposit already paid. Your lawyer will provide the actual amount and deadline.
Ontario land transfer tax$8,475
Toronto municipal land transfer tax$8,475
Net transfer tax in example$16,950
Estimated mortgage insurance premium$22,600
Estimated ON 8% premium sales tax payable in cash$1,808
Your legal / title budget$2,000
Your adjustment budget$1,000
This example assumes any estimated mortgage-insurance premium is financed into the loan rather than paid upfront. It would increase the approximate mortgage principal to $587,600. The 8% Ontario tax cannot be added to the mortgage. Lenders and insurers confirm actual insurance requirements and premium.
What is behind the tax number?
Toronto has two separate land transfer taxes.
At an illustrative $600,000 eligible resale condo inside Toronto, the province calculates $8,475 Ontario land transfer tax and the city calculates another $8,475 municipal land transfer tax at the applicable 2026 bands. That is $16,950 combined before available rebates. The separate taxes still apply when the unit is in Etobicoke or North York, because those neighbourhoods are inside the City of Toronto.
Qualifying first-time purchasers may receive up to $4,000 from Ontario and $4,475 from Toronto. They are not simply cashback because someone has never purchased in Toronto. Ownership of a home anywhere in the world, spouse history, citizen/PR eligibility, occupancy and shared purchases all need exact review. Do not assume eligibility or full refunds before your lawyer confirms the conditions.
For owner-occupied insured loans below $1.5 million, the general minimum down-payment formula is 5% on the first $500,000 and 10% on the portion above $500,000. Hence the example minimum of $35,000 at $600,000. Your lender may require more. Standard mortgage loan insurance can add to mortgage principal; Ontario 8% tax on the premium needs separate cash and cannot simply be rolled into the loan.
A four-stage buyer plan
Have the right money ready at the right time.
Before offering
Know your approved budget and available cash
Compare the minimum down payment with the amount your lender actually needs, then hold back funds for both land transfer taxes and closing expenses. Confirm residency and any rebate entitlement with your lawyer.
When the offer is accepted
Provide the agreed deposit
The deposit is part of—not additional to—the purchase funds. Confirm the recipient, trust instructions and timing in the signed agreement. Do not send money using unverified text-message wiring instructions.
Before the closing appointment
Get the full lawyer and lender calculations
Your lawyer prepares the statement of adjustments and amounts due. Your lender confirms mortgage insurance, premium tax, appraisal or lender charges. Verify certificate, title, financing and insurability conditions.
After taking possession
Keep an operating reserve
Condo fees, electricity, property taxes, contents/liability insurance, internet, moving expenses and repairs do not stop when the keys are handed over. Reserve a realistic buffer.
Why a resale condo is not a pre-construction condo
Confirm which transaction you are actually buying.
This worksheet assumes an ordinary resale condominium purchase inside Toronto, rather than a new construction, assignment or pre-construction contract. Builder transactions may have different HST treatment, development charges, occupancy costs, deposits and purchase-price adjustments. If you are buying from a builder, read our separate guide to interim occupancy fees and final closing before treating this resale worksheet as your budget. For a resale unit, you still need to review the status certificate, condo fee, building finances and any conditions.
Other expenses can include municipal MLTT administration fees ($102.56 plus HST under the current city schedule), legal disbursements, title insurance, appraisals or lender costs, condo document charges when requested, inspection, movers and tax/condo-fee adjustments. Verify them with the people providing the services. A low transfer-tax estimate is not permission to empty your emergency fund.
Frequently asked buyer questions
Check the full amount before you sign.
How much cash do I need to purchase a $600,000 Toronto resale condo?
For a hypothetical $600,000 condo, the insured minimum down payment is generally $35,000. Ontario and City of Toronto land transfer taxes total $16,950 before eligible first-time buyer relief. A fully qualifying first-time buyer could receive $8,475 combined relief, subject to legal confirmation. Illustrative legal, tax-on-mortgage-insurance and adjustment costs add to the cash required.
Is my offer deposit extra on top of the down payment?
No. A purchase deposit paid under an Agreement of Purchase and Sale is ordinarily credited toward the purchase price and your contribution to closing. In the sample, a $20,000 deposit is included within the $35,000 down payment; it is not $20,000 extra. Your lawyer reconciles the statement of adjustments and trust funds.
Does Toronto really have its own land transfer tax?
Yes. City of Toronto land transfer tax applies to eligible purchases inside Toronto municipal boundaries in addition to Ontario provincial land transfer tax. A property in Mississauga, Brampton or Vaughan does not become subject to Toronto tax just because it is part of the Greater Toronto Area.
Who qualifies for the provincial and Toronto first-time buyer rebates?
Eligibility is not based simply on being a first-time buyer in Canada. Prior ownership or an interest in a home anywhere in the world, spouse ownership while married, principal-residence occupancy and citizenship or permanent-residency requirements can matter. Toronto and Ontario each have distinct program details. Have your lawyer confirm your full entitlement before applying rebates to your closing budget.
Can I finance mortgage insurance and its Ontario sales tax?
For an eligible insured mortgage the CMHC premium may commonly be added to the loan principal, which increases borrowing and interest costs. Ontario applies 8% retail sales tax to taxable mortgage insurance premiums, and this provincial sales tax cannot be included in the mortgage. Your lender must give the actual premium and cash tax due.
Does this calculator include HST on a new or pre-construction condo?
No. It addresses typical resale condominium acquisition costs only. Newly built and pre-construction homes can involve HST treatment, occupancy fees, development levies, adjustments, incentives and other contractual considerations. Have your lawyer review those separately before committing.
What other costs should I budget for?
Budget for title insurance, legal disbursements, municipal administration charges, lender/appraisal fees if applicable, home inspection or condo status certificate costs where paid, property-tax and condo-fee adjustments, insurance, utility setup, moving and an emergency cash buffer. Amounts depend on the actual contract and building.
Primary 2026 sources and follow-up guides
Read the rules, then verify your transaction with your lender and lawyer.
City of Toronto · 2026 municipal transfer tax rates ↗City of Toronto · First-time purchaser rebate ↗Ontario · Provincial land transfer tax calculation ↗Ontario · First-time buyer tax refunds ↗Canada · Mortgage down payment and insurance tax ↗CMHC · Mortgage premium schedule ↗Local nine-building condo fee study →Resale condo status certificate: seven checks →
Last checked October 15, 2026. The price and expenses above are educational examples, not market price quotations, a full schedule of every tax or an assessment of borrower or rebate eligibility. Provincial and federal foreign-buyer restrictions or additional taxes are not included. Seek transaction-specific professional advice.
A better first-time purchase conversation
Compare what you can afford—not only the listing price.
Tell me your price range, preferred Etobicoke neighbourhood, down-payment plan, desired timeline and the condo features that matter. I can help find realistic alternatives and coordinate the information your lender and lawyer will need.