A YYZ Mortgage Guide · No. 01
Keys, Please!
The friendly, complete guide to buying your first home in Toronto and the GTA
Who it's for: You're saving for (or dreaming about) a first home in the GTA and the internet is a mess of opinions.
Download the PDF — 37 pages, 840 KB
Free, no email required. Every figure is sourced, and nothing in it is a sales pitch.
The short version
- Minimum down payment is tiered: 5% of the first $500K, 10% up to $1.5M — on $800K that's $55,000, not $40,000.
- The stress test checks you at your rate +2% (or 5.25%). Paying off one small car loan can add ~$70K of buying power.
- Stack the free help: FHSA + Home Buyers' Plan + land transfer rebates + the $1,500 credit + the new-build GST rebate.
- Get pre-approved before you shop — and keep a financing condition unless you fully understand the risk.
- Budget 1.5%–3% of the price for closing costs, and keep an emergency fund after the keys.
Before you download
This guide was checked in August 2026. Program rules and dollar limits change, so the sources are listed at the back of the book and the links there always beat the printed page. All the people and numbers in the examples are illustrative, not actual clients.
The rest of the library
- The Big Switch — Selling and buying at once — penalties, porting, bridges, renewals.
- Your House, Your Backup Plan — The honest HELOC handbook: the tool, the trap, the payback plans.
- The Family Money Talk — Reverse mortgages, care costs, POAs — for adult kids and their parents.
- Money Smarts, Toronto Edition — The everyday money habits that work in Canada's priciest city.
This content is general information, not financial, legal or tax advice. Mortgage products are subject to lender approval (OAC). Speak with a licensed mortgage professional about your situation.