Hamilton is the $700,000 Ontario example above the $500,000 step. The minimum down payment is 5 percent of the first $500,000 plus 10 percent of the remainder, and a 5 percent column on this page is below that minimum. Ontario land transfer tax applies, with the first-time rebate the Ontario function already caps at $4,000. Hamilton is not Toronto, so this page does not add municipal land transfer tax. The stress-test income uses the typical Ontario property-tax rate in the library and the series heat assumption. Using the Desjardins 5-year fixed, insured contract rate of 4.14% as of 2026-09-03, a minimum down payment of $45,000, and a premium of $26,200, the insured mortgage is $681,200. The land-transfer result for a first-time buyer is $6,475 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 $7,000 a year. With no other debts, the binding ratio is GDS and the gross income is about $156,878.
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% | $4,059 | $145,930 (GDS) |
| Minimum down payment, sheet rate | 6.14% | $4,415 | $156,878 (GDS) |
| Illustrative contract plus 1 point (illustrative) | 7.14% | $4,830 | $169,649 (GDS) |
Other monthly debts
Same minimum down payment and sheet rate. Debts of $0, $400, and $650 are scenarios, not a claim about Hamilton households.
| Debts | GDS income | TDS income | Binds |
|---|---|---|---|
| No other monthly debt | $156,878 | $139,051 | GDS |
| $400 other monthly debt | $156,878 | $149,960 | GDS |
| $650 other monthly debt | $156,878 | $156,778 | GDS |
Down payment
| Down payment | Premium | Mortgage | Income |
|---|---|---|---|
| 5% down ($35,000) — below the library minimum | $26,600 | $691,600 | $158,952 |
| 10% down ($70,000) | $19,530 | $649,530 | $150,562 |
| 20% down ($140,000) | $0 | $560,000 | $132,707 |
Ontario example — Hamilton
First-time buyer land transfer tax from the library: $10,475 before rebate, $4,000 rebate, $6,475 net. First-time buyers receive up to $4,000 rebate (homes up to $368,000 pay no LTT).
Property tax at the library's typical Ontario rate of 1.00% is about $7,000 a year ($583 a month). That is a provincial benchmark in the code, not a Hamilton tax bill.
Frequently asked questions
- What income do you need for a $700,000 home in Hamilton?
- At the minimum down payment of $45,000, with heat of $100 a month, no condo fee, and no other debts, the stress-test income is about $156,878 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.
- What down payment and insurance premium apply to $700,000 here?
- The library minimum down payment is $45,000. The CMHC premium at that down payment is $26,200 (4.00 percent of the amount borrowed when the down payment is under 20 percent). The insured balance is $681,200.
- What transfer tax and property tax does the library return for Hamilton?
- For a first-time buyer, net land transfer tax is $6,475. 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 $7,000 a year on this price. This example does not add Toronto municipal land transfer tax.
- How does a $400 monthly debt change the $700,000 Hamilton income?
- The same housing costs plus $400 of other monthly debt need about $156,878 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.