What can you actually close on?
With $60,000 saved you could close on a $685,000 home in Toronto — but only $43,500 of that cash is the down payment. The other $16,428, 27% of your savings, goes to land transfer tax, the sales tax on your mortgage insurance, registration and legal fees. Enter your own number below.
Know the price rather than the budget? See the cash needed on a $600,000 home, province by province →
The same money, somewhere else
Closing costs vary enough across Canada to change what you can own by six figures.
| Where | You could close on | vs your choice |
|---|
What this includes, and what it assumes
- The minimum down payment is tiered, not flat. 5% of the first $500,000, 10% between $500,000 and $1,500,000, and 20% above that because nothing over $1.5M can be insured.
- The CMHC premium goes on your mortgage; the sales tax on it does not. Ontario 8%, Quebec 9%, Saskatchewan 6% — payable in cash on closing day.
- Land transfer tax is after first-time buyer rebates where they apply, and the rebate is pro-rated to your share of title, so a non-qualifying co-buyer reduces it.
- Legal fees are estimated at $2,500. It's the one figure here we can't take from a statute, so we're naming it rather than burying it. Get a quote.
- We don't include moving, the home inspection, or the deposit — the deposit forms part of your down payment rather than adding to it.
- You still have to qualify. This answers what your cash allows, not what a lender will lend. The two are different constraints and you need both.
Common questions
How much cash do I need to buy a house in Canada?
Far more than the down payment. On a $685,000 home in Toronto the down payment is $43,500, but you need $59,927.80 in total on closing day once land transfer tax, the sales tax on your CMHC premium, registration and legal fees are counted. That's $16,428 — 27% of your cash — that isn't the down payment.
What is the minimum down payment in Canada?
5% of the first $500,000 and 10% of the portion between $500,000 and $1,500,000. Above $1,500,000 nothing is insurable, so 20% is required. On a $700,000 home the minimum is $45,000 — not $35,000, which is what a flat 5% would suggest.
Can CMHC insurance be added to my mortgage?
The premium yes, the sales tax on it no. In Ontario, Quebec and Saskatchewan that tax is due in cash on closing day and cannot be financed. It catches people out because almost no calculator shows it.
Why can I afford less house in Toronto than in Alberta with the same savings?
Closing costs. With $60,000 you could close on $685,000 in Toronto and $808,000 in Alberta — a difference of $123,000 of house for identical money, driven mostly by land transfer tax and the sales tax on mortgage insurance.
Land transfer tax rates verified against provincial statutes and municipal bylaws; CMHC premiums from CMHC's published schedule. The underlying data is public domain on GitHub if you want to check it. Information, not advice.