These are the questions GTA buyers ask us most often, answered in plain language for the 2026 market. For a step-by-step walkthrough, start with our first-time home buyer guide.
How much do I need for a down payment?
At least 5 per cent of the first $500,000 and 10 per cent of the part between $500,000 and $1.5 million. At $1.5 million or more you need 20 per cent. On a $700,000 home the minimum is $45,000.
How much will a lender approve me for?
It depends on your income, debts and the stress test. Lenders qualify you at the higher of 5.25 per cent or your contract rate plus 2 per cent. A pre-approval from a bank or broker gives you a firm number and holds a rate for 90 to 120 days.
What closing costs should I expect?
Land transfer tax is the largest. Ontario charges it on every purchase, and Toronto adds a municipal land transfer tax on homes inside the city. First-time buyers get refunds of up to $4,000 from Ontario and up to $4,475 from Toronto. Add legal fees, title insurance, an inspection and adjustments for prepaid property tax. Try our land transfer tax calculator.
Do I pay the real estate agent as a buyer?
Commission arrangements are set out in your written buyer representation agreement, which Ontario has required since December 2023. Often the buyer’s agent is paid from the seller’s commission, but the agreement will say what happens if it is not. Read it before you sign.
How much deposit do I need when my offer is accepted?
In the GTA, deposits are commonly around 5 per cent of the price, due within 24 hours of acceptance. The amount is negotiable. The deposit goes toward your down payment.
Should I include conditions in my offer?
In most 2026 situations, yes. A financing condition and an inspection condition protect you. On a condo, add a condition for your lawyer to review the status certificate. In a multiple-offer situation you may choose to remove some; see our bidding war guide.
What happens if I cannot close?
Once your offer is firm, failing to close can cost you your deposit, and the seller can sue for any loss if they resell for less. Never go firm unless your financing is confirmed.
Is it better to buy new or resale?
It depends on taxes, timing and risk. New homes carry HST, often with generous rebates for first-time buyers, but can take years to close. Resale homes have no HST and a firm closing date. Our new vs resale guide compares them in detail.
How long does the process take?
Most buyers spend one to three months searching once they are pre-approved. A typical resale closing is 30 to 90 days after the offer is accepted.
Can I buy a home with a basement apartment to help pay the mortgage?
Yes, and it is common in Brampton and parts of Mississauga. Some lenders count part of the rent toward your qualifying income. Confirm the unit is registered with the City, and read our inspection checklist for what to check.
Is now a good time to buy?
In August 2026, TRREB reported GTA sales down 2.1 per cent from a year earlier, the average price at $993,410, down 2.7 per cent, and new listings down 14.1 per cent. Fewer new listings can mean less choice ahead, while prices are still below their 2022 peak. The right time is when you have stable income, savings for closing costs and a plan to stay at least five years. See our GTA home price history for the long view.
Have a question we did not answer? Ask us. HomeLife Landmark Realty Inc., Brokerage.