Straight answers to the questions people ask about buying, selling, renting and owning real estate in Toronto, the GTA and Ontario — each one answered in its first sentence, with the 2026 rules and numbers, a link to the full guide and a free tool where one helps.
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The most-asked questions
How much down payment do I need to buy a home in Ontario?
The minimum is 5% of the first $500,000 of the price and 10% of the portion from $500,000 up to $1.5 million; at $1.5 million or more you need 20%.
How much is land transfer tax on a $1 million home in Toronto?
About $32,950: $16,475 in Ontario land transfer tax plus a matching $16,475 in Toronto’s municipal land transfer tax, because a Toronto purchase pays both.
What is the average home price in the GTA right now?
In August 2026 the average GTA home sold for $993,410 and the median for $850,000, on 5,057 sales, according to TRREB’s Market Watch.
Full answerTry it: Monthly market report
How much is my house worth in Toronto?
It is worth what comparable homes nearby have recently sold for, adjusted for size, lot, condition, upgrades and parking — not what a portal estimate or the list price down the street says.
Full answerTry it: Home value estimator
How much is my condo worth in Toronto?
Look at recent sales of similar suites in your own building first — same layout, floor range, exposure and parking — then in comparable nearby buildings.
Full answerTry it: Condo value estimator
How much do real estate agents charge in Ontario?
There is no standard or legally set commission in Ontario — it is negotiable and agreed in writing in your listing or buyer representation agreement, plus 13% HST.
Full answerTry it: What I charge
What does it cost to sell a house in Ontario?
The main costs are real estate commission plus 13% HST on it, legal fees, any mortgage discharge or prepayment penalty, and staging, repairs or moving.
Full answerTry it: Home value estimator
What is the mortgage stress test in Canada in 2026?
You must qualify at the greater of your contract rate plus 2 percentage points or 5.25%.
How much is the first-time home buyer land transfer tax rebate in Ontario?
Up to $4,000 off the Ontario land transfer tax, which wipes out the tax completely on homes up to $368,333.
Will Toronto house prices drop in 2027?
No one can tell you for certain, and anyone who sounds sure is guessing.
Full answerTry it: Monthly market report
Can a buyer back out of an accepted offer in Ontario?
Only through an unfulfilled condition in the agreement, or by mutual release.
Do I pay capital gains tax when I sell my house in Ontario?
Not on your principal residence: the principal residence exemption usually makes the whole gain on the home you lived in tax-free, though you still must report the sale on your tax return.
What is a condo status certificate in Ontario?
A status certificate is the condominium corporation’s official package on the building and the unit: the reserve fund, budget, any special assessments, lawsuits, insurance, rules and whether the unit’s fees are paid up.
Do buyers pay realtor fees in Ontario?
Usually not directly: in most sales the seller pays the commission and the listing brokerage shares part of it with the buyer’s brokerage.
What is the best month to sell a house in Toronto?
Spring — roughly March to June — usually brings the most buyers, with a smaller second wave in September and October; December and January are typically the quietest months.
How much deposit do you pay when you buy a house in Ontario?
There is no fixed rule; on a resale home it is commonly around 5% of the price, negotiated in the offer.
Does Mississauga have a municipal land transfer tax?
No.
Can I rent out my condo in Toronto?
Generally yes for long-term rentals, subject to your building’s declaration and rules and to the Residential Tenancies Act.
Why isn’t my house selling in Toronto?
Almost always price relative to the competition, then presentation, then exposure.
Full answerTry it: Home value estimator
What is TRESA in Ontario real estate?
TRESA, the Trust in Real Estate Services Act, replaced Ontario’s old real estate law on 1 December 2023.
What is the non-resident speculation tax in Ontario?
Ontario’s Non-Resident Speculation Tax is 25% of the purchase price on residential property bought anywhere in Ontario by a foreign national, foreign corporation or taxable trustee.
How much is a condo in Toronto?
The median City of Toronto condo apartment sold for $550,000 in August 2026 on 885 sales, per TRREB.
Full answerTry it: Condo value estimator
How much over asking should I offer in Toronto?
Base it on recent sales of comparable homes, not on the list price.
How much can a landlord raise the rent in Ontario in 2026?
By no more than the 2026 rent increase guideline of 2.1% for a rent-controlled unit, and 1.9% in 2027.
How does the First Home Savings Account (FHSA) work?
The FHSA lets a first-time buyer contribute up to $8,000 a year, to a lifetime maximum of $40,000; contributions are tax-deductible and qualifying withdrawals to buy a first home are tax-free and never repaid.
Should I choose a fixed or variable mortgage in 2026?
A fixed rate gives a payment that cannot change for the term; a variable rate moves with your lender’s prime rate and usually has a much smaller penalty if you break it.
Full answerTry it: Mortgage calculator
How does an N12 notice for landlord’s own use work in Ontario?
A landlord can end a tenancy if the landlord, a close family member or a caregiver genuinely intends to live in the unit for at least a year.
Does a Toronto investment condo cash-flow in 2026?
Usually not with a typical down payment.
Full answerTry it: Condo value estimator
How much is probate tax in Ontario?
Ontario’s Estate Administration Tax is $15 per $1,000 (1.5%) of the estate’s value above $50,000, with nothing charged on the first $50,000.
What are the best neighbourhoods in Etobicoke for families?
Families most often look at the Kingsway, Islington Village, Humber Valley, Sunnylea, Markland Wood, Alderwood and Long Branch for detached homes and schools, and at Humber Bay Shores and Islington City Centre for larger condos.
Full answerTry it: Neighbourhood guides
How much is my restaurant worth?
Buyers price a restaurant mainly on its owner’s earnings — seller’s discretionary earnings — then adjust for rent, the years left on the lease, the licences and the equipment.
How much is my land worth in the GTA?
Development land is valued on what can legally be built on it — units or floor area permitted — and how far it is through approvals, compared with recent sales of similar sites.
Full answerTry it: Land value estimator
How do I become a real estate agent in Ontario?
Complete the pre-registration education delivered by Humber Polytechnic on behalf of RECO — a series of courses, simulations and exams — then find a brokerage to employ you and register with RECO as a salesperson within the required time after finishing.
Full answerTry it: Join RE/MAX Quantum
What is the penalty for breaking a mortgage in Canada?
On a variable-rate mortgage it is usually three months’ interest.
What happens if a buyer can’t close in Ontario?
The buyer is in breach: the seller can usually keep the deposit and sue for further losses, such as a lower resale price and carrying costs.
Free tools that answer “what is mine worth?”
Looking for something deeper? Browse every article on this site, the monthly market report or the Etobicoke condo directory.
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Jatin Dua · Broker of Record · RE/MAX Quantum Realty · Toronto and the GTA