How Condo Cost Ontario works

Mortgage payments are estimated using the purchase price, down payment, interest rate and amortization period entered in the calculator. Where applicable, mortgage default insurance is added to the mortgage balance before the payment is calculated.

The result is an estimate. Actual payments can vary based on the lender, mortgage product, compounding conventions, payment frequency and the rate ultimately offered to the borrower.

The calculator checks the entered down payment against Canada's minimum down-payment rules.

• 5% for a home priced at $500,000 or less.
• For homes above $500,000 and below $1.5 million, 5% applies to the first $500,000 and 10% to the portion above $500,000.
• Homes priced at $1.5 million or more generally require at least 20% down.

Official source: Financial Consumer Agency of Canada — Down payments ↗

A mortgage with less than 20% down will typically require mortgage loan insurance. The calculator estimates the applicable insurance premium and adds it to the mortgage where appropriate.

Mortgage loan insurance protects the lender rather than the borrower. In Ontario, provincial sales tax applies to the insurance premium and cannot normally be added to the mortgage, so the calculator treats that tax as an upfront cost.

Official source: Government of Canada — Mortgage loan insurance ↗

Ontario land transfer tax is estimated using the province's graduated tax brackets. The tax increases as portions of the property's purchase price enter higher brackets.

The calculator uses the purchase price as its estimate of the value of consideration. Special transactions or circumstances may be treated differently under Ontario law.

Official source: Ontario Ministry of Finance — Calculating Land Transfer Tax ↗

Properties located in Toronto may also be subject to the City of Toronto's Municipal Land Transfer Tax (MLTT), in addition to Ontario land transfer tax.

When Toronto is selected in the calculator, the applicable municipal tax estimate is included in the cash required to purchase the property.

Official source: City of Toronto — Municipal Land Transfer Tax rates ↗

Eligible first-time buyers may qualify for a refund of some or all Ontario land transfer tax, up to the program maximum. Eligibility is not determined solely by whether someone personally considers themselves a first-time buyer.

Ontario applies specific requirements involving previous home ownership, age, residency, occupancy and, in some cases, a spouse's ownership history. The calculator's result should therefore be treated as an estimate rather than confirmation of eligibility.

Official source: Ontario — First-Time Homebuyer Land Transfer Tax Refund ↗

Buying a condo involves costs beyond the down payment. Condo Cost Ontario can include estimates for items such as legal fees, title insurance and other closing expenses.

These costs vary by transaction and service provider. They are shown separately so buyers can distinguish upfront cash requirements from ongoing monthly ownership expenses.

The monthly ownership estimate goes beyond the mortgage payment. Depending on the values entered, it can include condo fees, property taxes, home insurance, utilities, internet, parking and other recurring costs.

This is intended to help buyers compare the mortgage payment with the broader cost of actually owning and occupying the condo.

The five-year outlook estimates how the mortgage balance and property value could change over 60 monthly payments. Users can adjust assumptions such as annual property appreciation and condo-fee growth.

Estimated equity is calculated from the projected property value and remaining mortgage balance. Appreciation is an assumption, not a prediction. Property values may rise, remain flat or fall.

The ownership-cost section also separates mortgage principal from costs that do not directly reduce the mortgage balance, helping illustrate the difference between cash paid and equity built.