The second Toronto page is a $1,000,000 purchase, still below the insured price cap in the CMHC helper. Insurance can still apply when the down payment is under 20 percent and the price is under that cap. The minimum down payment is not 5 percent and it is not yet 20 percent: it is 5 percent of the first $500,000 plus 10 percent of the rest. Toronto municipal land transfer tax is included on top of Ontario land transfer tax. A $1,000,000 mortgage, as opposed to a $1,000,000 purchase, is a different balance and is not this page. Using the Desjardins 5-year fixed, insured contract rate of 4.14% as of 2026-09-03, a minimum down payment of $75,000, and a premium of $37,000, the insured mortgage is $962,000. The land-transfer result for a first-time buyer is $12,475 net. First-time buyers receive up to $4,000 rebate (homes up to $368,000 pay no LTT). Typical property tax in the library is about $10,000 a year. With no other debts, the binding ratio is GDS and the gross income is about $220,571.
Mortgage insurance in this library is only available when the purchase price is below $1,500,000. A $1,000,000 purchase is under that cap. The minimum down payment is still $75,000, not 5 percent and not 20 percent.
Rate sensitivity
Only the middle row is the lender sheet. The other contract rates are illustrative, so you can see the 5.25% floor and a higher contract rate. They are not quotes.
| Rate | Qualifying | Stress payment | Income |
|---|---|---|---|
| Illustrative 3.00% contract (floor applies) (illustrative) | 5.25% | $5,733 | $205,110 (GDS) |
| Minimum down payment, sheet rate | 6.14% | $6,235 | $220,571 (GDS) |
| Illustrative contract plus 1 point (illustrative) | 7.14% | $6,821 | $238,606 (GDS) |
Other monthly debts
Same minimum down payment and sheet rate. Debts of $0, $400, and $650 are scenarios, not a claim about Toronto households.
| Debts | GDS income | TDS income | Binds |
|---|---|---|---|
| No other monthly debt | $220,571 | $195,506 | GDS |
| $400 other monthly debt | $220,571 | $206,415 | GDS |
| $650 other monthly debt | $220,571 | $213,233 | GDS |
Down payment
| Down payment | Premium | Mortgage | Income |
|---|---|---|---|
| 5% down ($50,000) — below the library minimum | $38,000 | $988,000 | $225,756 |
| 10% down ($100,000) | $27,900 | $927,900 | $213,770 |
| 20% down ($200,000) | $0 | $800,000 | $188,263 |
Ontario example — Toronto
First-time buyer land transfer tax from the library: $16,475 before rebate, $4,000 rebate, $12,475 net. First-time buyers receive up to $4,000 rebate (homes up to $368,000 pay no LTT).
Toronto municipal land transfer tax, first-time buyer rebate applied by calcTorontoMLTT. Net municipal tax: $11,250.
Property tax at the library's typical Ontario rate of 1.00% is about $10,000 a year ($833 a month). That is a provincial benchmark in the code, not a Toronto tax bill.
Frequently asked questions
- What income do you need for a $1,000,000 home in Toronto?
- At the minimum down payment of $75,000, with heat of $100 a month, no condo fee, and no other debts, the stress-test income is about $220,571 a year. The contract rate is Desjardins 4.14% as of 2026-09-03. The qualifying rate is 6.14 percent. GDS is the ratio that binds.
- Is a $1,000,000 Toronto purchase still under the insured price cap?
- Yes. The cap coded in the mortgage library is $1,500,000. A $1,000,000 purchase is below it, so a down payment under 20 percent can still be insured. The minimum down payment is $75,000, not a flat 5 percent and not yet 20 percent.
- What transfer tax and property tax does the library return for Toronto?
- For a first-time buyer, net land transfer tax is $12,475. First-time buyers receive up to $4,000 rebate (homes up to $368,000 pay no LTT). The typical provincial property-tax rate in the library is about $10,000 a year on this price. Toronto municipal land transfer tax for a first-time buyer is $11,250 net, on top of the provincial tax.
- How does a $400 monthly debt change the $1,000,000 Toronto income?
- The same housing costs plus $400 of other monthly debt need about $220,571 of gross income. GDS binds in that row. TDS uses 44 percent and includes the debts. GDS stays at 39 percent and does not include them.