First-Time Buyer Guide to the Queensway in 2027

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

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Empty one-bedroom condo living room with balcony view over Etobicoke rooftops (illustrative)

By Jatin Dua · Broker of Record, RE/MAX Quantum Realty · Updated 2 November 2026 · 9 min read — Starter condo prices, down payment, income, closing costs and rebates for first-time buyers on The Queensway in Etobicoke in 2027.

Short answer

A typical starter condo on The Queensway cost about $525,000 to $584,000 in 2026 (W08 and W07 medians, TRREB MLS data via REALM). At $525,000, the minimum down payment is $27,500, first-time land transfer tax after rebates is about $5,475, and you would need roughly $117,000 of household income to pass the stress test, depending on fees and debts.

This guide is for first-time buyers who want a condo on The Queensway in Etobicoke in 2027. You will see what starter condos cost, how much cash and income you need, the closing costs with every rebate applied, and what to check in a building before you sign.

How much does a starter condo on the Queensway cost in 2027?

The Queensway runs through two TRREB districts. The east end, from about Park Lawn Road to Islington Avenue, is W07 (Stonegate-Queensway). The west end, from Islington to Kipling and Sherway, is W08 (Islington-City Centre West). W08 also includes the towers near Kipling and Islington stations.

Home type and district	Median 2025	Median 2026	Change	Sales 2026
Condo apartment, W07 Stonegate-Queensway	$615,000	$584,000	-5.0%	41
Condo apartment, W08 Islington-City Centre West	$575,000	$525,000	-8.7%	507
Condo townhouse, W08 Islington-City Centre West	$817,500	$747,500	-8.6%	54

Source: TRREB MLS data via REALM, January to October 2026 vs the same period of 2025. District medians, not street or building prices. W07 had no condo townhouse sales in that period.

For a first-time buyer, falling prices are welcome. A condo that cost $575,000 at the W08 median in 2025 was closer to $525,000 in 2026. Smaller suites usually sell below the median and larger ones above it. For a borough-wide view, see my first-time home buyer guide for Etobicoke.

How much down payment do I need for a Queensway condo?

In Canada, the minimum down payment is 5% of the first $500,000 and 10% of the part between $500,000 and $1.5 million. With less than 20% down you need mortgage default insurance, such as CMHC’s. First-time buyers can get an insured mortgage with a 30-year amortization, which lowers the monthly payment.

Example: $525,000 condo, first-time buyer	Amount
Minimum down payment (5% of $500,000 + 10% of $25,000)	$27,500
Mortgage before insurance	$497,500
CMHC premium: 4.00% for 90.01% to 95% of the price, plus 0.20% for 30 years	$20,895, added to the mortgage
Total mortgage	$518,395
8% Ontario sales tax on the premium, paid in cash at closing	$1,672
Monthly payment at 4.5%, 30 years	about $2,614

My calculation using CMHC’s premium table and standard Canadian mortgage math. The 4.5% rate is an example, not a quote.

If you can reach 20% down ($105,000 on this example), you skip the insurance premium and its sales tax.

How much income do I need to buy a $525,000 condo in Toronto?

Lenders test whether you can afford the mortgage at a higher rate than you will actually pay. For uninsured mortgages, OSFI sets the qualifying rate at the greater of your contract rate plus 2% or 5.25%. Insured mortgages use the same type of test. At a 4.5% contract rate, you qualify at 6.5%.

CMHC’s limits are 39% of gross income for housing costs (gross debt service, or GDS) and 44% for all debts (total debt service, or TDS). Housing costs include the mortgage payment, property tax, heat and half of the condo fee.

Using the example above: the qualifying payment at 6.5% is about $3,247 a month. Add a placeholder $256 for property tax, $50 for heat and half of a $500 fee ($250). That is about $3,803 a month. Divided by 39%, you would need roughly $117,000 a year in household income, if you have no other debts. Car loans and credit card balances push the number up through the 44% TDS limit. My guide to the mortgage stress test explains each step.

What does it cost each month to own a Queensway condo?

The mortgage is only part of the monthly bill. Using the $525,000 example, here is how the budget builds up:

Mortgage: about $2,614 at 4.5% over 30 years.
Maintenance fee: varies by building and suite size. The status certificate and listing show the exact amount.
Property tax: Toronto’s 2026 residential rate is 0.767311% of the assessed value. Ask for the seller’s last tax bill.
Home insurance and hydro: condo owners need their own unit policy, and hydro is often billed separately.

Compare the total with your rent today. In TRREB’s Q2 2026 rental report, one-bedroom condos on the street leased for about $2,170 to $2,200 a month. Part of each mortgage payment builds equity, so owning is not all cost, but the monthly cash outlay is usually higher than renting the same suite. More on fees is in the Etobicoke condo maintenance fee guide.

Free tool — what can you actually afford?

What closing costs will a first-time buyer pay in Toronto?

Inside the City of Toronto you pay two land transfer taxes: Ontario’s and Toronto’s. First-time buyers get a refund on each.

Closing cost on a $525,000 condo	Before rebate	After first-time rebate
Ontario land transfer tax (refund up to $4,000)	$6,975	$2,975
Toronto municipal land transfer tax (rebate up to $4,475)	$6,975	$2,500
Sales tax on CMHC premium (cash)	$1,672	$1,672
Status certificate	up to $100	up to $100
Legal fees, title insurance and adjustments	get quotes	get quotes

My calculation from the Ontario and Toronto rate tables. Both use the same brackets up to $2 million: 0.5% to $55,000, 1% to $250,000, 1.5% to $400,000 and 2% above that. Eligibility rules apply to each rebate.

So on top of the $27,500 down payment, plan for about $7,250 in land transfer tax and premium sales tax, plus legal fees and adjustments. A full breakdown is in land transfer tax on an Etobicoke purchase.

Which first-time buyer programs can I use in 2027?

First Home Savings Account (FHSA). You can contribute up to $8,000 a year, to a lifetime limit of $40,000. Contributions are generally tax-deductible, and the CRA says the account lets you save for a first home tax-free, within limits. Unused room of up to $8,000 can carry forward.
Home Buyers’ Plan (HBP). You can withdraw up to $60,000 from your RRSP. For first withdrawals made from 2026 to 2028, repayments start in the fifth year after the withdrawal, then run over 15 years.
Land transfer tax rebates. Up to $4,000 from Ontario and up to $4,475 from Toronto, as shown above.
Rebates on brand-new homes. If you buy a new condo from a builder, the federal first-time home buyers’ GST rebate may apply, and Ontario’s enhanced new housing rebate covers agreements signed from 1 April 2026 to 31 March 2027. Have a lawyer confirm eligibility before you sign.

If you are buying with a partner, ask whether each of you can use them. Which to use first depends on your tax bracket and timeline. See FHSA vs the Home Buyers’ Plan.

Should a first-time buyer choose resale or pre-construction on the Queensway?

For most first-time buyers in 2027, I lean to resale. With a resale condo you can read the status certificate, see the real maintenance fee and move in on a known date. On this street, only one new condo, BLVD Q at 935 The Queensway, was under construction with a 2027 occupancy target when I checked UrbanToronto in November 2026. Others, such as Maxium at 875, were still listed as pre-construction.

Pre-construction can still make sense if you have time, can carry a deposit for years and qualify for the new-home rebates above. Compare the two paths in pre-construction vs resale condos in Etobicoke.

What should I check in a Queensway building before I buy?

The status certificate. It shows the reserve fund, the budget and any special assessment. A corporation can charge up to $100 including tax and must provide it within 10 days. Have a lawyer review it.
The maintenance fee. Half of it counts in your mortgage qualification, so a high fee lowers what you can borrow. Ask what it includes.
Parking and locker. Many suites on this street have neither. Decide if you need them before you shop.
Transit. The Queensway west of Humber Loop is served by buses, led by the 80 Queensway. Time your commute at rush hour.
Construction nearby. Several large sites are approved for new towers. Check what could rise in front of your view.

Watch out

Rates are moving up again. The Bank of Canada raised its policy rate to 2.50% on 28 October 2026, the big banks moved prime to 4.70%, and the Bank said another increase could be needed. If you take a variable-rate mortgage, your payment or amortization can change. Get a pre-approval with a rate hold, and leave room in your budget for a higher payment at renewal.

My take

The Queensway is one of the more realistic places in Toronto for a first condo in 2027. Prices are lower than two years ago, the newer buildings are in decent shape, and the land transfer rebates take a real bite out of closing costs. Start with your income and cash, not with listings. Then buy the best-run building you can afford, even if it means a slightly smaller suite.

What to do next

Open an FHSA now if you have not, so this year’s $8,000 of room starts counting.
Get a mortgage pre-approval that shows your maximum price and monthly payment.
Use the affordability tool above to test your budget at a rate one point higher.
Shortlist three buildings and read the recent sales and fees for each.
Book a lawyer before you make an offer, so the status certificate review is fast.

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 is a first condo on the Queensway in 2027?

Most starter condos sit around $525,000 to $584,000. From January to October 2026, the median condo apartment price was $525,000 in Toronto W08 (Islington-City Centre West) and $584,000 in W07 (Stonegate-Queensway), per TRREB MLS data via REALM. One-bedroom suites usually sell below those medians and two-bedrooms above. Prices fell 5% to 9% from 2025, which helps first-time buyers.

How much down payment do I need for a $525,000 condo in Toronto?

The minimum is $27,500. Canada’s rules require 5% of the first $500,000 and 10% of the amount above $500,000, so a $525,000 Toronto condo needs $25,000 plus $2,500. With less than 20% down you also pay a mortgage insurance premium, about $20,895 on a 30-year insured mortgage, which is added to the loan.

What income do I need to buy a condo on the Queensway?

Roughly $117,000 a year for a $525,000 condo with the minimum down payment and no other debts. That is my estimate using a 6.5% stress-test rate, a $518,395 insured mortgage over 30 years, placeholder property tax and heat, and half of a $500 condo fee, against CMHC’s 39% gross debt service limit. Your number changes with fees, debts and the rate you are offered in 2027.

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

About $5,475 on a $525,000 condo after rebates. Ontario’s tax is $6,975 less a first-time refund of up to $4,000, leaving $2,975. Toronto’s municipal tax is also $6,975 less a first-time rebate of up to $4,475, leaving $2,500. Above about $400,000, every extra $1,000 of price adds roughly $40 across both taxes.

Is PST charged on CMHC insurance in Ontario?

Yes. Ontario applies its 8% retail sales tax to insurance premiums, and the tax on a mortgage default insurance premium is usually paid in cash at closing rather than added to the mortgage. On a $20,895 premium for a $525,000 Queensway condo with 5% down, that is about $1,672. Ask your lawyer to include it in your closing statement.

How much can I put in an FHSA in 2027?

Up to $8,000 a year, with a lifetime limit of $40,000, according to the Canada Revenue Agency. If you do not use all of a year’s room, up to $8,000 can carry forward to the next year. Contributions are generally tax-deductible, and the account is designed to let you save for a first home, such as a Queensway condo in 2027, tax-free within limits.

How much can I take from my RRSP for a first home in 2027?

Up to $60,000 under the Home Buyers’ Plan. The Canada Revenue Agency says first withdrawals made between 1 January 2026 and 31 December 2028 do not need repaying until the fifth year after the withdrawal, then over 15 years. This can help a 2027 Queensway buyer keep more cash in the first years of owning.

Is the Queensway a good place for first-time buyers?

It is one of the more affordable condo areas in the City of Toronto. Its condo medians for January to October 2026 were $525,000 in W08 and $584,000 in W07, against $607,500 in neighbouring W06 on the lakeshore (TRREB MLS data via REALM). Buyers get newer mid-rise buildings and a bus connection to Line 2, but should check parking, fees and nearby construction.