Buying a home
Mortgages for buying a home in Ontario
We compare mortgages for Ontario homes from banks, credit unions and monoline lenders and explain what you will pay. We stay with your application until the lender sends the funds to your lawyer.
To buy a home in Ontario you need a down payment of at least 5% on the first $500,000 of the price and 10% on the part between $500,000 and $1.5 million. At $1.5 million or more the minimum is 20%. With less than 20% down the mortgage must be insured against default. A broker compares lenders for you, and the lender, not the broker, makes the final decision.
Where are you at in your home-buying journey
What we do next depends on where you are in buying a home, so find the moment that matches yours.
You're saving for your first home
For a first home, the First Home Savings Account (FHSA) and the RRSP Home Buyers' Plan can help with the down payment. We explain both, and the land transfer tax refunds for first-time buyers.
You're about to start viewing homes
Before you view homes, we ask a lender for a mortgage pre-approval, with a rate hold where one is available. The pre-approval shows your price range, but it is not yet a commitment to lend.
The seller has accepted your offer
Once the seller accepts your offer, the lender still has to approve the home itself, sometimes with an appraisal. Tell us as soon as you have an accepted offer, and we send the property details to the lender straight away.
You're buying your next home before your current one has sold
If you are moving up or downsizing, we compare the cost of buying before you sell, porting your current mortgage and timing the two closings. If the next home is a cottage or a home for a family member, lenders treat it differently, and we tell you what they will ask.
The kinds of lender we try, in order
We start with the first kind of lender for every client, and move down the ladder only when the kind above can't help yet.
Banks, credit unions, trust companies and monoline lenders
A bank, credit union, trust company or monoline lender usually costs you least. We start here for every client, and compare more than one lender's offer.
How we compare lenders →Alternative ("B") lenders
We look at alternative lenders when your income, credit or property doesn't fit a bank's rules today. Alternative lenders charge higher rates and fees, often for a shorter term, so we plan your move back to a bank.
When an alternative lender fits →Private money, as a short bridge
We look at a private bridge only when no bank or alternative lender can help yet and there's a clear exit. We refer private requests to Stonefield Capital, our private-lending brand.
When private makes sense →
How to take a mortgage from pre-approval to closing on a purchase
Get pre-approved
Before you shop, we review your income, debts and savings and ask a lender for a pre-approval with a rate hold where available. The pre-approval shows your price range; it is not yet a commitment to lend.
Make your offer
Most buyers make the offer conditional on financing. Tell us when you have an accepted offer so we can send the property details to the lender straight away.
Lender approval
The lender reviews the property (sometimes with an appraisal) and your documents, then issues a commitment with its conditions.
Closing
Your real-estate lawyer registers the mortgage; the lender sends the funds to the lawyer on closing day.
What documents and details do I need to have ready?
You need no documents for the first call. Once we know which documents your lender needs, you share them through a secure application and never by e-mail.
- Photo ID
- Recent pay stub and an employment letter (salaried), or two years of tax returns and Notices of Assessment (self-employed)
- 90 days of statements for the account your down payment comes from, or a signed gift letter
- The agreement of purchase and sale, once you have one
Questions about buying a home
How much do I need for a down payment in Ontario?
At least 5% of the first $500,000 of the purchase price, plus 10% of the part between $500,000 and $1.5 million. At $1.5 million or more the minimum is 20%. Example: on a $700,000 home the minimum is $25,000 + $20,000 = $45,000. These are federal rules; we checked them on 2026-10-23.
What is mortgage default insurance and who pays it?
If you put down less than 20%, the mortgage must be insured with CMHC, Sagen or Canada Guaranty. You pay a one-time premium, usually added to the mortgage. In Ontario, provincial sales tax (8%) on the premium is due in cash at closing. Use our mortgage payment calculator to see the premium on your numbers.
Can I get a 30-year amortization?
For an insured mortgage (less than 20% down), 30 years is available to first-time buyers and to buyers of a newly built home. With 20% or more down, many lenders offer 30 years. A longer amortization lowers the payment but increases the total interest you pay.
What closing costs should I budget for?
Budget for land transfer tax (provincial, plus municipal in Toronto), legal fees and title insurance, a home inspection, sales tax on any default-insurance premium, and adjustments for property tax or condo fees the seller prepaid. Our land transfer tax calculator covers the largest item; your lawyer confirms the rest.
Rules described on this page were checked on 2026-10-23. Every mortgage is subject to lender approval. This page is general information, not financial advice.
More questions about buying a home
No cost to talk
Ask a mortgage broker to call you back
Tell us what you're planning for a home in Ontario and a good number to reach you. We call back within one business day, usually sooner. We ask for documents only once we know which ones your mortgage needs.
You can also call us at (416) 371-2077.