Guides for Canadian home buyers, sellers and owners
Straight answers to the questions every Canadian calculator leaves out: land transfer tax, mortgage mechanics, closing costs, and first-time buyer programs.
Straight answers to the questions every Canadian calculator leaves out — land transfer tax, mortgage mechanics, closing costs, and more.
GuideOntario Land Transfer Tax Explained (2026 Brackets, Rebate, Toronto)Ontario land transfer tax is $10,475 on a $700,000 home, or $6,475 for a first-time buyer. 2026 brackets, the $4,000 rebate, and Toronto's second tax, with calculator examples.
GuideWhy Toronto Buyers Pay Land Transfer Tax Twice (2026 MLTT Rates)Toronto charges a municipal land transfer tax on top of Ontario's, doubling the bill: $40,950 on a $1.2 million home versus $20,475 in Mississauga. 2026 rates, the $4,475 rebate, and the new luxury tiers.
GuideHow Canadian Mortgage Payments Are Calculated (Semi-Annual Compounding)Canadian fixed mortgages compound semi-annually, not monthly. On $500,000 at 4.5% over 25 years that is $2,767 a month, not $2,779. The formula, why it matters, and a worked example.
GuideMortgage Stress Test in Canada Explained (2026 Rate and Examples)The Canadian mortgage stress test qualifies you at your contract rate plus 2% or 5.25%, whichever is higher. At 4.49% that means 6.49%. What it does to your maximum mortgage, with examples.
GuideCMHC Mortgage Insurance Explained (2026 Premiums, PST, Who Pays)CMHC insurance costs 2.80% to 4.00% of your mortgage when you put down less than 20%. What it costs at 5%, 10% and 15% down, the PST due in cash, and who is exempt.
GuideHow Much Are Closing Costs in Canada? (2026 Guide With Examples)Closing costs in Canada run about 1.5% to 4% of the purchase price on top of your down payment. Here's every line item, three worked examples, and what changes the number.
GuideMinimum Down Payment in Canada (2026 Rules by Price, With Examples)The minimum down payment in Canada is 5% up to $500,000, 10% on the portion up to $1.5 million, and 20% at $1.5 million or more. What that means at $750K, $1M and $1.49M.
GuideFHSA vs RRSP Home Buyers' Plan: Which to Use First? (2026)The FHSA wins for new savings: deductible going in, tax-free coming out, never repaid. The HBP is for money already in an RRSP. Use both — up to $100,000 per person. Rules, limits, and a worked example.
GuideWhat Does It Cost to Sell a House in Canada? (2026, With Net Proceeds Example)Selling a $650,000 house in Ontario costs about $38,000: 5% commission ($32,500) plus HST ($4,225), legal fees and mortgage discharge. Net proceeds after a $380,000 mortgage: about $232,000. Every line, from the calculator.
GuideIs a Rental Property Worth It? Cap Rate and Cash Flow Explained (2026)A $500,000 rental at $2,600 a month has a 3.9% cap rate and loses $810 a month with 20% down at 5.5%. What cap rate and cash flow each tell you, why most Canadian rentals are cash-flow negative at today's rates, and what has to be true for one to work.
GuideLand Transfer Tax by Province in Canada (2026 Rates and Examples)Land transfer tax in Canada ranges from about $1,200 in Alberta to $16,950 in Toronto on a $600,000 home. Every province's 2026 rate, with calculator-verified examples.
GuideFirst-Time Buyer Land Transfer Tax Rebates in Canada (2026: ON, Toronto, BC, PEI)Only Ontario ($4,000), Toronto ($4,475 more), BC (up to $8,000, homes under $860,000) and PEI (full exemption) give first-time buyers a land transfer tax break. Who qualifies, with examples.
GuideWhat Your Real Estate Lawyer Actually Invoices (Every Closing Line Item, 2026)A lawyer's closing bill is a fee plus a dozen disbursements: title search, registration, title insurance, tax certificates, couriers. What each line is, what it typically costs, and which ones are rules versus estimates.
GuideTitle Insurance in Canada Explained: Do You Need It? (2026)Title insurance is a one-time premium of $300 to $600 covering title defects, fraud, survey problems and unpaid liens. Lenders require a lender's policy; an owner's policy is optional but cheap. What it covers, what it doesn't, and when to skip it.
GuideLegal Fees When Buying a House in Canada (2026 Ranges by Province)Real estate legal fees run about $1,200 to $2,500 including disbursements for a purchase, less for a sale. What drives the price, what a fixed-fee quote leaves out, and typical ranges by province.
GuideFixed vs Variable Mortgage in Canada: How to Decide (2026)With the Bank of Canada at 2.25% and five-year fixed rates around 4.5%, a variable at prime minus 0.9% starts roughly $255 a month cheaper on $500,000 — and loses that edge if prime rises one point. The decision framework, with numbers.
GuideMortgage Break Penalty: IRD vs 3 Months' Interest Explained (2026)Breaking a fixed mortgage costs the greater of three months' interest and the interest rate differential. On $400,000 at 5.2% with two years left: $5,200 for three months, $5,600 to $7,300 IRD depending on how the lender calculates it. How to estimate yours.
GuideCapital Gains Tax on Selling Property in Canada (2026 Rules and Example)Selling an investment property in Canada taxes 50% of the gain at your marginal rate. A $450,000 rental sold for $700,000 nets a $201,500 gain and about $44,000 to $54,000 in tax, depending on your bracket. How it works.
GuideIs Real Estate Commission Negotiable in Canada? (Yes, Here's How, 2026)There is no fixed commission rate in Canada. Typical totals run 4% to 5% in Ontario and 7%/2.5% in BC and Alberta, but every line in the listing agreement is negotiable. What moves the rate and what a point is worth.
GuideBridge Financing in Canada Explained (Cost, Requirements, Example, 2026)Bridge financing covers the gap when your purchase closes before your sale. On $150,000 for 12 days at prime + 3% it costs about $370 in interest plus a $300 to $500 fee. When you need it, what lenders require, and what it costs.
GuideEvery First-Time Home Buyer Program in Canada (2026, With What Each Is Worth)FHSA ($40,000 tax-free), RRSP Home Buyers' Plan ($60,000), the GST rebate on new homes (up to $50,000), 30-year insured mortgages, and land transfer rebates in ON, Toronto, BC and PEI. Every 2026 program and how they stack.
GuideRRSP Home Buyers' Plan Repayment Explained (2026 Schedule and Example)An HBP withdrawal is repaid at 1/15 a year over 15 years, starting the second year after withdrawal — the fifth year for 2022–2025 withdrawals. Miss a year and that amount becomes taxable income. How the schedule works, with an example.
GuideWhat Rent Do You Need to Break Even on a Rental? (2026 Calculator Example)A $500,000 rental with 20% down at 5.5% needs about $3,450 a month in rent to break even after tax, insurance, maintenance and a 4% vacancy allowance. The formula, the example, and what moves the number.
GuideCash-on-Cash Return vs Cap Rate: Which One to Use (2026)Cap rate ignores the mortgage; cash-on-cash return is built around it. A 3.9% cap rate property returns −8.5% cash-on-cash at 20% down and −2.2% at 35%. When each metric is the right one, with a calculator example.
GuideHow Rental Income Affects Mortgage Approval in Canada (2026)Lenders count 50% to 80% of rental income, never all of it, and use one of two methods — add-back or offset — that give different results. $2,600 of rent adds $15,600 to qualifying income under one and cuts the payment by $2,080 a month under the other. What each lender does, and the 2026 change for rent-dependent borrowers.
GuideToronto Vacant Home Tax: Who Has to Declare and What It Costs (2026)Toronto's vacant home tax is 3% of assessed value on homes empty more than six months — $18,600 on a $620,000 condo. Every owner must declare annually, occupied or not. Exemptions, deadlines, and how it compares to Ottawa and Vancouver.
GuideBC Speculation and Vacancy Tax Explained (2026: 3% → 2027: 4%)BC's speculation and vacancy tax: 1%/3% for 2026, rising to 1%/4% for foreign owners and satellite families from 2027. Who must declare, who is exempt, with examples for both years.
GuideMortgage Pre-Approval vs Pre-Qualification: What Each One Means (2026)Pre-qualification is an estimate from what you tell a lender. Pre-approval is a verified commitment with a rate hold of 90 to 120 days. What each involves, why a pre-approval can still fail, and what to do before making an offer.
GuideAccelerated Biweekly Mortgage Payments: How Much You Save (2026)Accelerated biweekly payments on a $450,000 mortgage at 4.5% pay it off 3.3 years early and save about $45,000 in interest. How it works, why "regular" biweekly saves nothing, and an example.
GuideDo You Need a Condo Inspection? What It Covers and What the Status Certificate Does (2026)A condo inspection covers only the unit — $300 to $500 for plumbing, electrical, appliances and windows. The building's condition lives in the status certificate and reserve fund study. What to order, what each costs, and when to skip the inspection.
GuideIncome Needed for a $700,000 Home in Canada (2026, With the Math)A $700,000 home with 10% down at 4.49% needs about $153,000 of household income to pass the stress test. With 20% down, about $134,000. Every step of the calculation, from the calculator.
GuideStatement of Adjustments Explained (What You Owe the Seller on Closing)The statement of adjustments is the closing-day reconciliation between buyer and seller: prepaid property tax, condo fees, utilities, and your deposit. A worked example for a September 1 closing.
GuidePrincipal Residence Exemption in Canada: When You Lose It (2026)The principal residence exemption makes your home's gain tax-free — but only for years you designate, one home per family, and it must be reported. Change of use, rentals, cottages and the flipping rule, explained.
GuideWhich Provinces Have No Land Transfer Tax? (Alberta, Saskatchewan, NL, 2026)Alberta, Saskatchewan, and Newfoundland and Labrador have no land transfer tax, but they charge registration fees that rise with price: about $1,260 in Alberta and $2,925 in Saskatchewan on $600,000 with 10% down. What you actually pay.
GuideBuying a Home in Ontario: Complete Cost Breakdown (2026)A first-time buyer with 10% down on a $700,000 Ontario home needs about $82,700 in cash: $70,000 down, $6,475 land transfer tax after the refund, $1,562 PST on CMHC, and fees. Every line, from the calculator.
GuideBuying a Home in BC: Complete Cost Breakdown (2026)A $780,000 BC home with 10% down needs about $87,000 in cash for a first-time buyer, or $95,000 for a repeat buyer. Property transfer tax, CMHC, legal fees and monthly costs, from the calculator.
GuideClosing Costs in Atlantic Canada (NS, NB, PEI, NL, 2026)Deed transfer tax on a $450,000 home is $6,750 in Halifax, $4,500 in New Brunswick, $4,500 in PEI (or $0 for first-time buyers) and about $3,666 in fees in Newfoundland. Every Atlantic closing cost, with examples.
GuideWhat a Home Costs to Close in Each Canadian City (2026 Comparison)The same 20% down payment buys very different things across Canada, and the closing costs on top vary just as much: $34,950 in transfer tax on a $1.05 million Toronto home versus $1,180 on a $600,000 Calgary one. Nine cities compared at typical price points.
GuideBC Property Transfer Tax Explained (2026 Rates, Exemptions, Examples)BC property transfer tax is $13,000 on a $750,000 home, or $5,000 for a first-time buyer. 2026 rates, the $835,000 first-time threshold, the new-build exemption, and calculator examples.
GuideQuebec Welcome Tax Explained (2026 Brackets, Montréal Rates, When It's Billed)Quebec's welcome tax (droits de mutation) is $8,611 on a $700,000 home outside Montréal and $9,349 in Montréal, billed by the city two to three months after closing. 2026 indexed brackets and examples.
Guide25 vs 30 Year Amortization in Canada: Real Cost Compared (2026)A 30-year amortization on a $500,000 mortgage at 4.5% cuts the payment by $246 a month and adds $77,000 in interest. Who can get 30 years on an insured mortgage, and when it makes sense.
GuideMortgage Renewal: Why the First Offer Isn't the Best (2026)A lender's auto-renewal letter is a starting point. On a $376,000 balance, 0.30% off the offered rate is $60 a month and $3,600 over the term. Since November 2024 you can switch lenders at renewal without a stress test. How to negotiate.
GuideThe Federal Underused Housing Tax Is Gone: What Still Applies (2026)Canada's 1% Underused Housing Tax was eliminated for the 2025 calendar year onward. Returns for 2022 to 2024 are still owed. What changed, who still has to file, and which vacancy taxes remain.
GuideProperty Tax Rates by Canadian City (2026 Estimates on a $700,000 Home)On a $700,000 home, annual property tax runs from about $2,200 in Vancouver to $8,750 in Winnipeg. Approximate 2026 residential rates for nine cities and why a cheaper house can carry a bigger tax bill.
GuideBuying a Home in Alberta: Complete Cost Breakdown (2026)Alberta has no land transfer tax and no PST, so closing costs on a $500,000 home are about $4,000 plus the down payment. Every cost, from land titles fees to the monthly payment, from the calculator.
GuideBuying a Home in Quebec: What Is Different (Notary, Welcome Tax, 2026 Costs)Quebec closes through a notary under civil law, bills the welcome tax months after closing, and charges 9% tax on CMHC premiums. What a $680,000 purchase in Montréal really costs, from the calculator.
GuideClosing Costs in Alberta, Saskatchewan and Manitoba (2026 Comparison)On a $450,000 home, transfer costs are $970 in Alberta, $2,050 in Saskatchewan and $6,720 in Manitoba. Full closing-cost breakdown for the three Prairie provinces, with calculator examples.
GuideThe Canadian Mortgage Charter & FCAC Guideline, Explained (2026)Six government expectations and the one FCAC guideline that actually gets monitored. What a homeowner in mortgage hardship can ask for: waived relief fees, no interest on interest, and a penalty-free sale to avoid negative amortization.
GuideMortgage Broker vs. Bank: Who Actually Pays? (2026)Most brokers are paid a lender commission, not a borrower fee — except on loans over $400,000 or private files. What FSRA's disclosure rule requires.
GuideWhat Credit Score Do You Need for a Mortgage? (2026)CMHC's insured-mortgage floor is a 600 credit score, but most lenders price best at 680+. What actually moves your score before you apply, verified.