What $500,000 Buys Across Canada, and What It Costs to Close (2026)
The same $500,000 purchase needs very different cash in each city: Toronto, Vancouver, Calgary and more compared side by side, with land transfer tax included.
In Toronto or Vancouver, $500,000 is a one-bedroom condo or a small two-bedroom outside the core. In Calgary, Edmonton or Winnipeg, it is a detached house with a garage. In Halifax or St. John's, a good detached home in an established neighbourhood; in Montréal, a two-bedroom condo or a plex share. The price is the same everywhere; the cash to close is not. With 10% down, a first-time buyer needs about $66,800 in Toronto, $60,500 in Vancouver, $60,400 in Ottawa, $53,600 in Calgary and $56,300 in St. John's. The monthly mortgage payment ($2,565 at 4.49%) is identical in every city; property tax is what changes the monthly cost.
Figures come from the CostToClose guided buying flow. Descriptions of what $500,000 buys are general characterizations, not statistics; check your local board's report for current prices.
Cash to close on $500,000, 10% down, repeat buyer
| City | Transfer tax or fees | PST on CMHC premium | Legal, title, inspection (est.) | Down payment | Cash to close |
|---|---|---|---|---|---|
| Toronto | $12,950 | $1,116 | $2,775 | $50,000 | $66,841 |
| Winnipeg | $7,778 | $977 | $2,275 | $50,000 | $61,030 |
| Vancouver | $8,000 | $0 | $2,475 | $50,000 | $60,475 |
| Ottawa | $6,475 | $1,116 | $2,775 | $50,000 | $60,366 |
| Halifax | $7,500 | $0 | $2,375 | $50,000 | $59,875 |
| Montréal | $5,611 (billed after closing) | $1,256 | $2,375 | $50,000 | $59,241 |
| St. John's | $4,052 | $0 | $2,275 | $50,000 | $56,327 |
| Calgary | $1,065 | $0 | $2,575 | $50,000 | $53,640 |
| Edmonton | $1,065 | $0 | $2,575 | $50,000 | $53,640 |
Produced by the CostToClose calculator, 14 September 2026; CMHC premium $13,950 added to the mortgage in every case; tax adjustments excluded. First-time buyers: Toronto −$8,475, Ottawa −$4,000, Vancouver −$8,000 (full exemption at this price).
Monthly cost on the same purchase
| City | Mortgage payment | Property tax (est.) | Total before insurance and heat |
|---|---|---|---|
| Vancouver | $2,565 | ≈ $130 | ≈ $2,695 |
| Calgary | $2,565 | ≈ $270 | ≈ $2,835 |
| Toronto | $2,565 | ≈ $300 | ≈ $2,865 |
| Montréal | $2,565 | ≈ $315 | ≈ $2,880 |
| St. John's | $2,565 | ≈ $345 | ≈ $2,910 |
| Edmonton | $2,565 | ≈ $395 | ≈ $2,960 |
| Ottawa | $2,565 | ≈ $465 | ≈ $3,030 |
| Halifax | $2,565 | ≈ $480 | ≈ $3,045 |
| Winnipeg | $2,565 | ≈ $520 | ≈ $3,085 |
Mortgage on $463,950 at 4.49%, 25 years. Property tax from the city rate estimates in Property tax rates by city.
What the money buys, broadly
- Toronto, Vancouver: a one-bedroom or small two-bedroom condo; outside the core, a two-bedroom. Detached is not in reach.
- Ottawa, Montréal, Halifax: a two-bedroom condo downtown, or a townhouse or older semi-detached in a suburb; in Montréal, a share of a plex.
- Calgary, Edmonton, Winnipeg, St. John's: a three-bedroom detached house with a garage in an established neighbourhood; in Edmonton and Winnipeg, newer construction in outer suburbs.
These are characterizations from general market knowledge, not averages, and they change; your board's monthly report has the current figures.
What the comparison shows
The transfer-tax line is a $12,000 spread on an identical purchase. A buyer moving from Toronto to Calgary at the same price keeps $13,000 in the bank on closing day and pays about the same monthly. The reverse move costs $13,000 more up front. Price differences between cities dwarf this, but the closing-cost difference is the part nobody prices in.
Frequently asked questions
How much cash do I need to buy a $500,000 house in Canada?
With 10% down, roughly $53,600 to $66,800 depending on the city: the $50,000 down payment plus transfer tax or fees, PST on mortgage insurance where applicable, and legal fees.
What does $500,000 buy in Toronto?
Generally a one-bedroom condo, or a small two-bedroom outside the core.
Which city is cheapest to close a $500,000 purchase?
Calgary and Edmonton, at about $53,640 with 10% down — no transfer tax and no PST.
Is the mortgage payment different by city?
No. The same mortgage at the same rate costs the same everywhere; property tax and insurance are what differ.
Where can I find what homes actually sell for in my city?
Your local real estate board's monthly statistics report; CostToClose does not republish board data.
Sources
- Provincial and municipal transfer tax and fee schedules (see Land transfer tax by province) — checked 14 Sept 2026
- CMHC, mortgage loan insurance premiums; provincial PST on premiums — checked 14 Sept 2026
- City property tax rates (see Property tax rates by city) — checked 14 Sept 2026
General information, checked against the sources listed on the date shown. Not legal, tax, or mortgage advice. Rules change; confirm with your lender or the government office concerned.