Buying an $800,000 Home: Toronto vs. York and Peel Closing Costs

By Karan Sharma, Sales Representative | CENTURY 21 Millennium Inc., Brokerage

An $800,000 home can require different upfront cash in Toronto than in York Region or Peel, even with the same down payment. The difference starts with Toronto’s additional municipal land transfer tax.

With a 20% down payment, the down-payment-plus-land-transfer-tax subtotal in this example is $184,950 in Toronto, compared with $172,475 in York or Peel. Other closing costs still need to be added.

I’m Karan Sharma, a real estate Sales Representative serving Toronto, York Region and the broader GTA. When comparing homes, I want buyers to understand what they will need before closing and what they will spend each month afterward.

How do the upfront numbers compare?

This example uses an $800,000 resale residential purchase and a $160,000 down payment. All figures are Canadian dollars, before rebates, special buyer taxes and other closing fees.

Ontario’s graduated rates produce $12,475 in provincial land transfer tax at this price. Toronto applies its own municipal tax in addition to the provincial tax. Here, that adds another $12,475 before any applicable rebate.

The subtotal excludes legal and registration costs, Toronto’s MLTT administration fee, adjustments, moving expenses and other transaction-specific amounts. Your closing lawyer should confirm the complete tax calculation and any eligibility for relief.

Is my deposit extra money on top of the down payment?

An agreed purchase deposit is generally credited toward the money you are paying for the home. It is not a second down payment.

For example, if your total down payment is $160,000 and you have already paid a $40,000 deposit, the remaining down-payment portion would be $120,000. Closing costs are additional.

The deposit amount and payment deadline come from your agreement, so those funds need to be available when required.

What other buying costs should I plan for?

Get estimates for the items that apply to your purchase:

• Legal fees, disbursements and registration costs.
• Home inspection and lender appraisal fees, where applicable.
• Title insurance and property insurance.
• Property-tax, utility or other closing adjustments.
• Condominium document review and applicable transaction charges.
• Any real estate fees you have agreed to pay.
• Moving, immediate repairs and a cash reserve after closing.

A useful budget separates money due before closing, money due on closing and money you want left afterward. A purchase can fit the first two categories and still leave too little room for an ordinary repair or change in circumstances.

Do I need a 20% down payment on an $800,000 home?

Not necessarily. Under the standard minimum-down-payment calculation for an eligible $800,000 purchase:

• 5% of the first $500,000 is $25,000.
• 10% of the remaining $300,000 is $30,000.
• The minimum down payment totals $55,000.

That is a minimum down payment, not the complete cash budget or a mortgage approval. A down payment below 20% typically involves mortgage default insurance. Your lender must confirm eligibility, financing and any insurance-related cash costs.

What about first-time buyer rebates?

Eligible first-time buyers may receive provincial land transfer tax relief and, for a Toronto purchase, municipal relief.

Eligibility depends on the buyers’ circumstances. This example assumes no rebate; ask your lawyer to confirm what applies before counting it in your budget.

Should the tax difference decide where I buy?

It should be one part of the comparison. A Toronto condo, Vaughan townhouse and Brampton semi-detached home can have very different monthly costs and daily-life trade-offs.

Compare property taxes, condominium or maintenance obligations, insurance, transportation, the actual commute and the home’s condition. A lower upfront subtotal can be outweighed by costs you carry every month.

My approach is to compare the property, the location and the total commitment together, then decide whether the purchase leaves you comfortable enough to own it.

Request a GTA buyer budget review

Send me your target area, approximate budget and buying timeframe. We can review your property priorities, likely cost categories and the financing questions to take to your mortgage professional.

Call 416-278-0096 or email karan.sharma@century21.ca.

About Karan Sharma · Buyer resources

Information checked: November 2, 2026. Examples are for general planning. Your lawyer and mortgage professional should confirm the costs and rules for your transaction.

Sources: Ontario land transfer tax rates, Toronto municipal land transfer tax rates and fees, FCAC down-payment guidance, CMHC purchase-cost worksheet and CMHC homebuying guide.