Mortgage planning and lender comparisons for Ontario first-time and move-up buyers.
Purchasing a home is a major financial decision. Mortgage Wave compares available products across multiple lender channels and explains the rates, terms, penalties, and conditions relevant to your application.
If this is your first home purchase, Ontario and federal programs may help with eligible costs or savings:
We can review potentially applicable programs and their current eligibility rules with you. Read our complete First-Time Buyer Guide for Ontario.
Understanding how much you need to put down is critical for planning your purchase:
| Purchase Price | Minimum Down Payment |
|---|---|
| Up to $500,000 | 5% of purchase price |
| $500,001 – $1,499,999 | 5% on first $500K + 10% on remainder |
| $1,500,000+ | 20% of purchase price |
With less than 20% down, mortgage default insurance is typically required, subject to lender and insurer rules. This protects the lender, not the borrower. The Ontario down payment guide is the dedicated resource for current minimums, examples, and official sources.
Already own a home and looking to upgrade? We can help you navigate the process of selling and buying simultaneously, including:
We review your finances, goals, and timeline to create a plan.
Review your budget and financing options before you house-hunt.
Shop with confidence knowing exactly what you can afford.
We handle the mortgage paperwork so you can focus on moving in.
The federal minimum is 5% for homes up to $500,000. From $500,000 to under $1.5 million, it is 5% of the first $500,000 plus 10% of the portion above $500,000. Homes priced at $1.5 million or more require 20%. A lender may require more. See the Ontario down payment guide for examples and official sources.
Timing depends on whether the application and supporting documents are complete, as well as lender review. A pre-approval can help you understand a preliminary purchasing budget, but it is not a guarantee of final mortgage approval.
Budget 1.5% to 4% of the purchase price for closing costs. These include land transfer tax (Ontario + Toronto municipal if applicable), legal fees ($1,500-$2,500), title insurance ($300-$500), home inspection ($400-$600), appraisal ($300-$500), and moving costs. First-time buyers may qualify for land transfer tax rebates.
It depends on your risk tolerance and financial situation. Fixed rates offer payment certainty, while variable rates have historically saved borrowers money over time. Read our detailed comparison of fixed vs variable rates to help you decide.