Down Payment for a House in Toronto 2027: Real Numbers

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

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Street of brick semi-detached and detached houses in east Toronto in late autumn (illustrative)

By Jatin Dua · Broker of Record, RE/MAX Quantum Realty · Updated 2 November 2026 · 9 min read — The minimum down payment on a typical Toronto house is about $86,000 to $101,000. Here is where 20% applies and the extra cash you need to close.

Short answer

At October 2026 prices, the minimum down payment on a typical Toronto house is about $86,000 to $101,000: 5% of the first $500,000 plus 10% of the rest. Homes at $1.5 million or more need 20%, which covered typical detached homes in 17 of Toronto’s 35 TRREB districts. Budget extra cash for land transfer tax.

This guide is for anyone planning to buy a house in Toronto in 2027, whether that is a semi, a townhouse or a detached home, and who wants the real down payment number rather than a rule of thumb. You will get the federal rules, the minimum at today’s Toronto prices, which parts of the city cross the 20% line, and the extra cash you need on closing day.

How much down payment do you need for a house in Toronto in 2027?

At late-2026 prices, the minimum is about $86,000 to $101,000 for a typical Toronto house, and about $29,500 for a typical condo apartment. Those figures use the federal minimum down payment rules and the City of Toronto’s median sale prices for October 2026, the latest full month of data.

Home type, City of Toronto	Median price, Oct 2026	Minimum down payment	Share of price	20% down
Condo apartment	$545,000	$29,500	5.4%	$109,000
Freehold townhouse	$1,110,000	$86,000	7.7%	$222,000
Semi-detached	$1,125,748	$87,575	7.8%	$225,150
Detached	$1,260,000	$101,000	8.0%	$252,000

Source: medians from TRREB Market Watch, October 2026 (City of Toronto, one month of sales); minimum down payment from FCAC and CMHC rules; my arithmetic.

These are minimums, not recommendations. Below 20% you must pay for mortgage default insurance, and you need cash for land transfer tax and other closing costs on top. Both are covered below.

What is the minimum down payment in Canada for 2027?

The rules are federal, so they are the same in Toronto as anywhere else in Canada. As of November 2026:

Up to $500,000: 5% of the price.
$500,000 to under $1.5 million: 5% of the first $500,000, plus 10% of the part above $500,000.
$1.5 million or more: 20% of the price.

The $1.5 million line comes from the Department of Finance, which raised the price cap for insured mortgages from $1 million to $1.5 million on 15 December 2024. CMHC’s own product rules say the purchase price must be below $1,500,000 to be insured. At or above that line, insurance is not available, so lenders need 20% down.

Quick examples: an $800,000 house needs $55,000 down. A $1,000,000 house needs $75,000. A $1,499,000 house needs $124,900. A $1,500,000 house needs $300,000. For every price point in a single table, see my minimum down payment guide.

Which parts of Toronto need 20% down for a detached house?

About half of them. From January to October 2026, the median detached house sold for $1.5 million or more in 17 of Toronto’s 35 TRREB districts. In those districts, a buyer of a typical detached home needed at least 20% down, because the price was too high for an insured mortgage.

TRREB district	Detached median, Jan to Oct 2026	Sales	Minimum down payment
E09 (Scarborough)	$866,500	248	$61,650
W10 (Etobicoke north)	$870,000	206	$62,000
W05 (North York west)	$971,250	170	$72,125
E03 (East York area)	$1,195,000	375	$94,500
C15 (North York)	$1,411,000	225	$116,100
W08 (Etobicoke central)	$1,540,000	440	$308,000 (20%)
E02 (east end)	$1,613,000	144	$322,600 (20%)
W01 (west end)	$1,850,000	111	$370,000 (20%)
C04 (midtown)	$2,352,500	380	$470,500 (20%)

Source: TRREB MLS data via REALM, January to October 2026, median sold prices by Toronto TRREB district (district level, not neighbourhood level); minimum down payment is my arithmetic from the federal rules.

The gap is huge. Moving from a typical detached house in Scarborough’s E09 to one in Etobicoke’s W08 raises the minimum down payment almost five times, from about $62,000 to $308,000. If your savings sit near the low end, semis, townhouses and the eastern and northern districts are where an insured purchase still works. My first-time buyer guide to Toronto for 2027 compares more districts.

Free tool — what can you actually afford?

How much does mortgage insurance add if you put less than 20% down?

CMHC charges a premium that is a share of the loan, and the share falls as your down payment grows. It runs from 0.60% at 65% loan-to-value or less, up to 4.00% between 90.01% and 95%. A 30-year amortization on an insured mortgage, open to first-time buyers and buyers of new builds since 15 December 2024, adds 0.20 points. The premium is usually added to the mortgage, but in Ontario the 8% provincial sales tax on it cannot be added. You pay that tax in cash.

Here is what different down payments do on a $1,100,000 Toronto house, close to the October 2026 median for a semi or a freehold townhouse:

Down payment on $1,100,000	Premium (30-year)	Sales tax on premium, cash	Total mortgage	Monthly payment at 4.5%
Minimum, $85,000 (7.7%)	4.20%, $42,630	$3,410	$1,057,630	$5,333
10%, $110,000	3.30%, $32,670	$2,614	$1,022,670	$5,156
15%, $165,000	3.00%, $28,050	$2,244	$963,050	$4,856
20%, $220,000	None	$0	$880,000	$4,437

Source: premium rates and the sales tax rule from CMHC; 0.20-point surcharge for a 30-year amortization; payments are my arithmetic at an illustrative 4.5% five-year fixed rate over 30 years, compounded semi-annually. Not a rate quote. A 30-year term on an uninsured mortgage is at the lender’s discretion.

Going from the minimum to 20% down saves about $46,000 in premium and tax and roughly $900 a month in this example. Whether that is worth tying up another $135,000 depends on what else that cash could do for you. My guide to CMHC insurance costs in Ontario goes deeper.

How much cash do you need on top of the down payment in Toronto?

More than most people expect, because Toronto charges its own land transfer tax on top of Ontario’s. First-time buyers can get up to $4,000 back from Ontario and up to $4,475 from the City of Toronto. Here is the cash needed for the three house types at the October 2026 medians, for a first-time buyer putting down the minimum:

Toronto house at Oct 2026 median	Minimum down	Sales tax on CMHC premium	Both land transfer taxes after first-time rebates	Cash before legal fees
Freehold townhouse, $1,110,000	$86,000	$3,441	$28,875	$118,316
Semi-detached, $1,125,748	$87,575	$3,488	$29,505	$120,568
Detached, $1,260,000	$101,000	$3,894	$34,875	$139,769

Source: my arithmetic using Ontario and City of Toronto land transfer tax brackets, the $4,000 Ontario and $4,475 Toronto first-time buyer rebates, and CMHC’s 4.20% premium for a 30-year insured mortgage. A buyer who has owned before gets no rebate and pays $8,475 more.

Add legal fees, title insurance, an inspection, moving and adjustments. My list of buyer closing costs in Ontario for 2027 covers each one, along with the full land transfer tax brackets.

Where can your down payment come from?

CMHC accepts savings, money from selling a property, and a non-repayable gift from a relative as traditional down payment sources. It also allows some non-traditional sources, such as an unsecured personal loan or line of credit, but the premium is higher at 4.50% when you put down the minimum that way. Two registered plans help most first-time buyers:

First Home Savings Account (FHSA): $8,000 of contribution room in the year you open it, with unused room carrying forward (up to $8,000) and a $40,000 lifetime cap, per the Canada Revenue Agency.
RRSP Home Buyers’ Plan (HBP): the CRA says you can currently withdraw up to $60,000. For a first withdrawal made from 1 January 2026 to 31 December 2028, the 15-year repayment period starts in the fifth year after the withdrawal, not the second.

If family is helping, the lender will want a signed gift letter and proof the money is in your account. See gifted down payment rules and FHSA vs Home Buyers’ Plan.

Should you put down more than the minimum in 2027?

It depends on three things. First, rates: the Bank of Canada raised its policy rate to 2.50% on 28 October 2026 and said it may need to go higher, so a smaller loan gives you more room if your payment rises at renewal. Second, the premium tiers: crossing into a lower premium band, such as 10% or 15% down, saves real money. Third, your cash cushion: emptying your savings to reach 20% leaves nothing for repairs, a job change or an appraisal that comes in low.

My take

For most first-time buyers in Toronto, I would rather see a down payment that reaches the next premium band and still leaves three to six months of costs in the bank, than a 20% down payment that leaves you with nothing. If you are shopping near $1.5 million with less than 20%, set your search ceiling below that line and stick to it.

Watch out

At $1,499,000 the minimum down payment is $124,900. At $1,500,000 it is $300,000. If you bid up in a competing offer and cross that line without 20% in hand, your insured mortgage approval no longer works, and if your offer was firm you may not be able to close.

What to do next

Pick your target home type and district, and work out the minimum down payment at its median price.
Add land transfer tax, the sales tax on any CMHC premium, and legal costs to get your true cash number.
Open an FHSA now if you qualify, so the room starts building for 2027.
Get a mortgage pre-approval that names your down payment sources, including any gift.
Keep a cash cushion after closing; do not put every dollar into the down payment.

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 down payment do you need for a house in Toronto?

At October 2026 prices, a first-time buyer needs at least $86,000 for a median freehold townhouse ($1,110,000), $87,575 for a median semi ($1,125,748) and $101,000 for a median detached house ($1,260,000) in the City of Toronto. Houses at $1.5 million or more need 20% down, which applied in 17 of Toronto’s 35 TRREB districts in 2026.

What is the minimum down payment in Canada in 2027?

As of November 2026, Canada’s minimum down payment is 5% of the first $500,000 and 10% of the portion from $500,000 to under $1.5 million. Homes priced at $1.5 million or more need 20% down because they cannot be insured. These federal rules apply in Toronto and across Canada until Ottawa changes them.

How much down payment do I need for a $1 million house in Toronto?

$75,000. That is 5% of the first $500,000 ($25,000) plus 10% of the remaining $500,000 ($50,000). With less than 20% down, you also pay a CMHC premium, which is added to the loan, plus 8% Ontario sales tax on that premium in cash. Toronto’s two land transfer taxes come on top.

How much down payment do I need for a $1.5 million house in Toronto?

$300,000, which is 20% of the price. Since 15 December 2024, insured mortgages are only available on homes priced below $1.5 million, so a $1.5 million Toronto house cannot use a 5% or 10% minimum. Just below the line, at $1,499,000, the minimum is $124,900.

Do you need 20% down to buy a house in Toronto?

No, unless the house costs $1.5 million or more. Below that price you can put down the federal minimum and buy with an insured mortgage, paying a CMHC premium of up to 4.00% of the loan (plus 0.20 points for a 30-year term). With 20% or more down, no mortgage insurance premium is needed.

Can I use a gift from my parents for a down payment in Ontario?

Yes. CMHC accepts a non-repayable financial gift from a relative as a traditional down payment source in Ontario. Lenders typically ask for a signed gift letter confirming the money does not have to be paid back, and proof the funds are in your account before closing. A gift that must be repaid is treated as a loan.

How much can I take out of my RRSP for a down payment in 2027?

Up to $60,000 under the Home Buyers’ Plan, according to the Canada Revenue Agency. For a first withdrawal made between 1 January 2026 and 31 December 2028, repayments start in the fifth year after the withdrawal, and you then have 15 years to repay. You can also use a First Home Savings Account, with a $40,000 lifetime limit.

How much cash do I need to buy a house in Toronto as a first-time buyer?

About $118,000 to $140,000 before legal fees for a median Toronto house at October 2026 prices. For a $1,125,748 semi, that is a $87,575 minimum down payment, $3,488 sales tax on the CMHC premium and $29,505 in Ontario and Toronto land transfer tax after first-time buyer rebates of up to $8,475.

Is the sales tax on CMHC insurance paid in cash in Ontario?

Yes. CMHC says provincial sales tax applies to mortgage insurance premiums in Ontario and cannot be added to the loan. The rate is 8%, so a $42,630 premium on a $1.1 million Toronto purchase carries $3,410 in tax, paid on closing. The premium itself is normally added to your mortgage.

Sources

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How Much Down Payment Do You Need for a House in Toronto in 2027?