Whether you're a first-time buyer or upgrading to your forever home, we'll find you the best rate from 50+ lenders.
Purchasing a home is the biggest financial decision most Canadians will ever make. You deserve an expert in your corner — someone who works for you, not the bank. At Mortgage Wave, we shop your mortgage across 50+ lenders to ensure you get the lowest rate and the best terms for your situation.
If this is your first home purchase, congratulations! Ontario offers several incentives to help first-time buyers:
We'll walk you through every incentive you qualify for and help you maximize your savings. 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, you'll need CMHC mortgage default insurance (also called mortgage insurance). This protects the lender and allows you to purchase with as little as 5% down. Learn more in our down payment guide.
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.
Get approved and lock your rate for up to 120 days while 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 minimum down payment in Canada is 5% for homes up to $500,000. For homes between $500,000 and $1,499,999, you need 5% on the first $500K and 10% on the remainder. Homes priced at $1.5 million or more require a full 20% down payment. If you put less than 20% down, you'll need CMHC mortgage insurance.
At Mortgage Wave, we can typically get you pre-approved within 24 hours. Pre-approval involves a credit check and income verification, and it locks in your rate for up to 120 days, protecting you from rate increases while you shop for your home.
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.