First-Time Home Buyer Mortgages in Toronto
Down payment, insurance premium, closing taxes and the rebates you qualify for, in plain numbers.
Get my quote →What does a first-time buyer need in Toronto?
A typical home in Toronto costs about $1,050,000. The federal minimum down payment on that price is $80,000: 5% of the first $500,000 and 10% of the portion between $500,000 and $1,500,000. That leaves an insured mortgage of roughly $1,008,800 after the default insurance premium of $38,800.
At 4.14% over a 25-year amortization that is an estimated $5,383 a month in principal and interest, before property tax and heat. Closing taxes come to about $26,475 for a first-time buyer in Toronto, after a first-time buyer rebate of roughly $8,475. One application at 8Twelve is shopped across 65+ lenders, subject to qualification and lender approval.
Rates as of September 16, 2026. Figures are estimates and change with the market.
- Typical Toronto home price: about $1,050,000 (estimate).
- Minimum down payment: $80,000.
- Estimated payment at 4.14% over 25 years: $5,383.
- Estimated closing taxes after first-time buyer rebates: $26,475.
- First Home Savings Account and RRSP Home Buyers' Plan funds can both be used.
First-time buyer numbers in Toronto
- Benchmark purchase price
- $1,050,000
- Minimum down payment
- $80,000
- Mortgage before insurance
- $970,000
- Default insurance premium
- $38,800
- Total mortgage
- $1,008,800
- Estimated monthly payment at 4.14%
- $5,383
- Closing taxes with first-time buyer rebate
- $26,475
All figures are estimates based on a rounded Toronto market value and today's rate, not an offer of credit. Run your own numbers in the payment calculator, read more about first-time home buyers, or see today's Ontario rates.
Best available rates shown are from 8Twelve's lender panel and are subject to your qualification, lender approval, and change without notice. On approved credit (OAC).
What 8Twelve does for Toronto homeowners
- Fully underwritten pre-approvals that hold up in a competitive Toronto offer.
- 30-year insured amortizations where you qualify, to lower the monthly payment.
- FHSA, RRSP Home Buyers' Plan and gifted down payments all documented properly.
- Provincial and municipal first-time buyer rebates applied in Ontario.
- New build and condo assignment purchases, including builder deadline management.
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First-Time Home Buyer Mortgages in Toronto: common questions
How much down payment do I need in Toronto?
On a typical Toronto home at about $1,050,000, the minimum down payment is $80,000. That is 5% of the first $500,000 and 10% of the portion between $500,000 and $1,500,000. Below 20% down the mortgage must be insured, adding a premium of roughly $38,800 to the balance.
What will my monthly payment be as a first-time buyer in Toronto?
At 4.14% over a 25-year amortization, a $1,050,000 purchase with the minimum down payment works out to an estimated $5,383 a month in principal and interest. Property tax, heat and condo fees are additional, and lenders include them when testing whether you qualify.
What first-time buyer rebates apply in Toronto?
First-time buyers in Toronto can reduce closing taxes by roughly $8,475, bringing the estimated total to about $26,475 on a $1,050,000 purchase. You must not have owned a home anywhere in the world, and the rebate is usually credited by your lawyer at closing.
Can I use my FHSA and RRSP for a Toronto purchase?
Yes, and you can use both. The First Home Savings Account allows up to $8,000 a year to a $40,000 lifetime limit, withdrawn tax-free for a qualifying home. The RRSP Home Buyers' Plan allows up to $60,000 per person, repaid over 15 years. Combined with a gift from family, they can cover the $80,000 minimum on a typical Toronto home.
Should a first-time buyer in Toronto use a broker or a bank?
A bank offers only its own products and its own policy on gifted down payments, probationary employment and contract income. 8Twelve submits one application to 65+ lenders, so a Toronto buyer can see the best available approval rather than the only one on offer. Every approval is subject to qualification and lender approval.
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Learn moreBest available rate from 8Twelve's lender panel, subject to qualification and lender approval. OAC.