In Ontario, minimum down payment is set federally: 5% on the first $500,000 of the purchase price, 10% on the portion between $500,000 and $1.5 million, and 20% above that (CMHC-insured mortgages, the equivalent of low-down-payment loans like FHA, aren't available past $1.5 million). Anything under 20% down requires mortgage default insurance through CMHC, with the premium added to your mortgage rather than paid upfront.

To help save for the down payment, first-time buyers can use the FHSA (up to $8,000/year, $40,000 lifetime, tax-free) and the RRSP Home Buyers' Plan (up to $60,000 tax-free withdrawal), and the two can be combined.

Ontario also charges land transfer tax on closing, though first-time buyers get a rebate of up to $4,000 provincially (Toronto adds its own tax with a further $4,475 rebate for first-timers).

This is general info, not financial advice, so worth confirming current figures with a mortgage broker before a purchase.
 
 
 

Pre-qualification is a quick, informal estimate of what you might be able to borrow, based on self-reported income and debts — helpful for early budgeting but not a lender commitment. Pre-approval is a formal, verified assessment where a lender reviews your credit, income, and documents, and typically holds your rate for 90–120 days. In Ontario's competitive markets, sellers take pre-approved buyers far more seriously, so get pre-approved before you start making offers.

Your credit score is a key factor lenders use to set your mortgage rate — a higher score generally unlocks lower rates and better terms. In Canada, scores above 680 are considered good, and 720+ can qualify you for the best available rates. If your score needs work, paying down balances and avoiding new credit applications in the months before you buy can make a real difference.

Closing costs are the one-time fees paid on closing day, on top of your down payment. In Ontario, budget roughly 1.5–4% of the purchase price — this includes Ontario land transfer tax (plus Toronto's additional municipal tax if buying in the city), legal fees, title insurance, and adjustments for prepaid property taxes or utilities. First-time buyers may qualify for land transfer tax rebates of up to $4,000 provincially.

From first search to closing day, most buyers in the Guelph-to-Toronto corridor take 2–4 months, though it varies with market conditions and your readiness. Getting pre-approved and having your documents organized up front can shorten the timeline considerably. Once your offer is accepted, closing in Ontario is typically set 30–90 days out.

Yes — self-employed buyers purchase homes every day, though lenders will ask for extra documentation. Expect to provide two years of personal and business tax returns (T1s with statements of business activities), notices of assessment, and proof of consistent income. Working with a mortgage broker experienced with self-employed borrowers in Ontario can open up more lender options.

Your monthly payment typically covers principal and interest, and often property taxes and CMHC mortgage default insurance premiums if your down payment was under 20%. It does not include homeowner's insurance, utilities, or condo fees — budget for those separately. Your lender or broker can give you an exact breakdown before you commit.