First-Time Home Buyer Guide for Toronto (2027)

Published 2 November 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty

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Toronto street of semi-detached brick houses with condo buildings behind in autumn (illustrative)

By Jatin Dua · Broker of Record, RE/MAX Quantum Realty · Updated 2 November 2026 · 10 min read — Toronto prices by home type and district, the cash you need, both land transfer tax rebates worked out, and the Toronto-only costs new owners miss.

Short answer

A first-time buyer in Toronto needs about $29,500 down for a median condo apartment ($545,000 in October 2026) and $101,000 for a median detached house ($1,260,000). First-time buyers get up to $8,475 back in land transfer tax ($4,000 Ontario, $4,475 Toronto), and can use the FHSA and Home Buyers’ Plan for the down payment.

This guide is for first-time buyers who want to own in the City of Toronto in 2027, whether you rent downtown now or are weighing Toronto against a cheaper suburb. It covers what each home type sold for in late 2026, the cash you need, Toronto’s double land transfer tax and both rebates, the programs you can stack, and the Toronto-only costs that catch new owners out.

What does a first home cost in Toronto in 2027?

The latest full month of data is October 2026. These are City of Toronto median sale prices by home type for that month, from TRREB’s Market Watch.

Home type	Sales, Oct 2026	Median price	Sold vs list price	Avg days on market
Condo apartment	949	$545,000	97%	36
Condo townhouse	137	$690,000	97%	40
Freehold townhouse (att/row)	80	$1,110,000	100%	23
Semi-detached	266	$1,125,748	102%	18
Detached	741	$1,260,000	97%	24

Source: TRREB Market Watch, October 2026, City of Toronto municipal breakdown. One month of sales; medians move from month to month.

Two things stand out for a first-time buyer. Condo apartments are the clear entry point at a median of $545,000, and buyers paid 97% of the asking price on average, so there is room to negotiate. Semi-detached houses were the opposite: they sold for 102% of list on average in October, which means competition for good semis has not gone away. Across all home types, the City of Toronto median for January to October 2026 was $820,000.

Where in Toronto can a first-time buyer find lower prices?

Prices vary widely across the city’s TRREB districts. This table shows year-to-date medians for a few districts that first-time buyers often compare. These are district figures, not neighbourhood prices.

TRREB district	Condo apartment	Semi-detached	Detached
C01 (downtown)	$600,000	$1,395,000	$1,500,000
C15 (North York)	$526,750	$927,500	$1,411,000
W05 (North York)	$450,000	$835,000	$971,250
W08 (Etobicoke)	$525,000	$1,010,000	$1,540,000
W10 (Etobicoke)	$401,000	$768,500	$870,000
E04 (Scarborough)	$415,786	$772,500	$870,000
E09 (Scarborough)	$450,000	$745,000	$866,500

Source: TRREB MLS data via REALM, January–October 2026, median sold prices by Toronto district (codes as shown).

A semi or detached house under $900,000 still exists in parts of Scarborough and north Etobicoke, while downtown condos cost more but sell in far greater numbers (2,138 condo apartment sales in C01 alone this year). My lists of the most affordable Toronto areas to buy a condo and the cheapest houses in Toronto go district by district.

How much down payment do I need to buy in Toronto?

Canada’s minimum is 5% of the first $500,000 and 10% of the part between $500,000 and $1.5 million. Homes at $1.5 million or more need 20% down. With less than 20% down you pay a mortgage insurance premium, which is added to your loan, but in Ontario the 8% provincial sales tax on that premium must be paid in cash on closing.

Home at the October 2026 median	Minimum down	Insurance premium (4.00%)	Sales tax on premium, cash
Condo apartment, $545,000	$29,500	$20,620	$1,650
Condo townhouse, $690,000	$44,000	$25,840	$2,067
Freehold townhouse, $1,110,000	$86,000	$40,960	$3,277
Detached, $1,260,000	$101,000	$46,360	$3,709

Source: my calculations using the federal minimum down payment rules and CMHC’s 4.00% premium for 90.01–95% loan-to-value; medians from TRREB Market Watch, October 2026.

First-time buyers can choose a 30-year amortization on an insured mortgage, which lowers the monthly payment but adds 0.20% to the premium. Insured mortgages are only available on homes priced under $1.5 million.

How much land transfer tax does a first-time buyer pay in Toronto?

Inside the City of Toronto you pay two land transfer taxes: Ontario’s and the City’s municipal land transfer tax (MLTT). Up to $2 million, both use the same brackets: 0.5% to $55,000, 1% to $250,000, 1.5% to $400,000, then 2%. First-time buyers get up to $4,000 back from Ontario and up to $4,475 from Toronto, a total of $8,475. That covers the Ontario tax on the first $368,000 and the Toronto tax on the first $400,000.

Price	Ontario tax	Toronto MLTT	Total before rebates	Total after both rebates
$400,000	$4,475	$4,475	$8,950	$475
$545,000	$7,375	$7,375	$14,750	$6,275
$690,000	$10,275	$10,275	$20,550	$12,075
$1,110,000	$18,675	$18,675	$37,350	$28,875
$1,260,000	$21,675	$21,675	$43,350	$34,875

Source: my calculations from Ontario’s land transfer tax brackets and the City of Toronto MLTT rate table, with the $4,000 Ontario refund and $4,475 Toronto rebate, as of November 2026.

To qualify for both, you must be at least 18, a Canadian citizen or permanent resident (or become one within 18 months), never have owned a home anywhere in the world, and move in within nine months. If your spouse owned a home while you were together, the rules change. If your lawyer does not claim the rebates at registration, you have 18 months to apply. My full guide to land transfer tax in Toronto has more worked examples.

Free tool — what can you actually afford?

Which first-time buyer programs can Toronto buyers use?

Toronto buyers use the same federal and Ontario programs as everyone else in the province, on top of the city’s MLTT rebate:

First Home Savings Account (FHSA): up to $8,000 of contribution room a year and $40,000 in total, with up to $8,000 of unused room carried into the next year. Room starts only once you open the account, so open it early.
RRSP Home Buyers’ Plan: withdraw up to $60,000 from your RRSP for a first home and repay it over 15 years. If your first withdrawal is between 2026 and 2028, repayments start in the fifth year after; a 2026 withdrawal means a first repayment year of 2031.
Land transfer tax rebates: up to $4,000 from Ontario and $4,475 from Toronto, as above.
New-home tax relief: if you buy a newly built condo or house, federal and Ontario rebates can cut the HST sharply, depending on the price and the date you sign. My guide to the HST and GST rebates on new condos explains who qualifies; have your lawyer confirm before you sign.

A couple who each have a full FHSA and RRSP room can bring a large share of a condo down payment from these two accounts alone. My comparison of the FHSA and the Home Buyers’ Plan shows which to fill first.

Should a first-time buyer in Toronto buy a condo or a house?

For most first-time buyers the numbers point to a condo or a condo townhouse first. In October 2026 a median condo apartment needed $29,500 down, against $87,575 for a median semi at $1,125,748. Condo buyers also have more choice: there were 5,251 active condo apartment listings in the City of Toronto at the end of October against 949 sales that month.

A house makes sense if you can carry it and plan to stay. Toronto has allowed up to four units on most residential lots city-wide since May 2023, so some buyers look at houses with a basement or garden suite that could add rental income later. Count that income only once a unit is legal and built.

With a condo, budget for the monthly fee and have your lawyer review the status certificate before you firm up. With an older house, a home inspection matters more, and the City’s basement flooding subsidy pays 80% of the cost of work such as a backwater valve or sump pump, within set limits per item, up to $6,650 per property for work done on or after 12 November 2025.

What Toronto-only costs should new homeowners plan for?

Two land transfer taxes, as shown above, even after your rebates on most homes over $400,000.
Property tax. Toronto’s 2026 budget raised the combined residential tax and City Building Fund by 2.2%, about $91.53 a year on an average home assessed at $692,140. Your bill is based on your MPAC assessment, not your purchase price, so ask for the seller’s latest bill.
The Vacant Home Tax declaration. Every Toronto residential owner must declare each year whether the home was occupied. The declaration for 2026 is due by 30 April 2027.

Watch out

The Vacant Home Tax catches owners who live in their home but forget to declare. If no declaration is made by the 30 April deadline, the City treats the property as vacant and bills a tax of 3% of its assessed value. On a $692,140 assessment that is about $20,764. A principal residence for at least six months of the year is not taxed, but you still have to declare it. Set a calendar reminder every spring.

Is 2027 a good time to buy a first home in Toronto?

Buyers have more leverage than they had a few years ago. TRREB reported 5,603 GTA sales in October 2026, down 7.9% from a year earlier, and the composite benchmark price was down 4.3%. In the City of Toronto there were 4.6 months of inventory in October, and condo buyers paid 97% of list on average.

Borrowing costs are moving the other way. The Bank of Canada raised its policy rate to 2.50% on 28 October 2026, its first increase in more than three years, and the big banks’ prime rate rose to 4.70%. The Bank said a further increase could be needed; its next decision is on 9 December 2026. TRREB’s chief information officer said lower prices have softened the effect of higher rates on monthly payments.

My take

My cautious view: in Toronto the first-time buyer’s best tools are the two rebates and patience. A condo under $545,000 costs about $6,275 in land transfer tax after rebates, and condo sellers are negotiating. I would get a pre-approval with a rate hold, test the payment at a rate at least one point higher, and buy where you want to live for five years or more. If rates rise again, a smaller mortgage you can carry beats a bigger home you are worried about. Nobody can promise prices have bottomed.

What to do next

Open an FHSA now if you have not, and check your RRSP room for the Home Buyers’ Plan.
Use the affordability tool on this page to see your price range today and at a higher rate.
Get a mortgage pre-approval and decide between a condo and a house using the district prices above.
Choose a real estate lawyer who will claim both land transfer tax rebates at closing and review any status certificate.
Read my list of first-time buyer mistakes in Toronto before you write your first offer.

Need help with this? Talk to me.

I’m Jatin Dua, Broker of Record at RE/MAX Quantum Realty, and I’m the best agent to do this kind of work for you in Toronto and across the GTA. Over $100 million in GTA sales and 100+ families helped sell. Feel free to contact me any time: call or text 833-330-1925 or email [email protected].

Book a free call Call 833-330-1925

Frequently asked questions

How much do you need for a down payment in Toronto?

At October 2026 City of Toronto medians, the minimum down payment is $29,500 for a $545,000 condo apartment, $44,000 for a $690,000 condo townhouse and $101,000 for a $1,260,000 detached house. Canada’s rule is 5% of the first $500,000 and 10% of the rest up to $1.5 million, with 20% needed at $1.5 million or more. Closing costs come on top.

How much is the Toronto first-time home buyer land transfer tax rebate?

Up to $4,475, as of November 2026. That is the City of Toronto’s municipal land transfer tax rebate for first-time buyers, and it covers the city tax on the first $400,000. Ontario adds its own refund of up to $4,000, so a first-time buyer in Toronto can get up to $8,475 back in total. Both require that you have never owned a home anywhere.

Do first-time buyers pay land transfer tax in Toronto?

Yes, on most homes, but much less. Toronto buyers pay both Ontario’s tax and the city’s municipal land transfer tax. After the $4,000 Ontario refund and $4,475 Toronto rebate, a first-time buyer pays $475 in total on a $400,000 home and $6,275 on a $545,000 condo. On a $1,260,000 house the total after rebates is $34,875, based on 2026 rates.

What is the average price of a condo in Toronto in 2026?

The median City of Toronto condo apartment sold for $545,000 in October 2026, according to TRREB’s Market Watch, with 949 sales that month. The average was $659,214, pulled up by larger and luxury units. Buyers paid 97% of the asking price on average, and there were 5,251 active condo apartment listings at month end, which gives buyers room to negotiate.

Are there first-time home buyer programs in Toronto?

Yes. Toronto first-time buyers can use the city’s land transfer tax rebate of up to $4,475, Ontario’s refund of up to $4,000, the First Home Savings Account of up to $40,000, and the RRSP Home Buyers’ Plan of up to $60,000. Buyers of newly built homes may also qualify for federal and Ontario HST relief. These were available as of November 2026.

Can a first-time buyer afford a house in Toronto?

Some can, mostly in the outer districts. In January to October 2026 the median semi-detached house sold for $745,000 in district E09 in Scarborough and $768,500 in W10 in Etobicoke, while the city-wide median detached house sold for $1,260,000 in October. At $870,000, the minimum down payment is $62,000, plus closing costs and the cash sales tax on mortgage insurance.

What is the Vacant Home Tax in Toronto for new owners?

It is a yearly City of Toronto tax of 3% of a home’s assessed value on homes left vacant, and every residential owner must file a declaration each year, even if they live in the home. The declaration for the 2026 year is due by 30 April 2027. If you miss it, the City treats the home as vacant and sends a tax bill.

How long do I have to claim the Toronto land transfer tax rebate?

18 months. If your lawyer does not claim the City of Toronto first-time buyer rebate when the deed is registered, you can apply to the City within 18 months of closing. Ontario’s $4,000 refund has the same 18-month limit. You will need the deed, the agreement of purchase and sale, proof of citizenship or permanent residence and proof you live in the home.

Should a first-time buyer buy in Toronto in 2027 or wait?

It depends on your finances more than the calendar. Toronto buyers have more choice than in recent years, with 4.6 months of inventory in October 2026 and condo buyers paying 97% of list on average. But the Bank of Canada raised its rate to 2.50% in October 2026 and said more increases could follow. Buy only what you can carry at a higher rate.