Toronto at $800,000 adds a second transfer tax the Ottawa and Hamilton examples do not. Provincial land transfer tax still uses the Ontario function and its first-time rebate. Municipal land transfer tax uses the separate Toronto function and its own first-time rebate. Both are cash at closing in this model, not part of the insured mortgage. The price is above $500,000, so the minimum down payment is higher than 5 percent, and the mortgage is still under the insured price cap coded in the CMHC helper. Using the Desjardins 5-year fixed, insured contract rate of 4.14% as of 2026-09-03, a minimum down payment of $55,000, and a premium of $29,800, the insured mortgage is $774,800. The land-transfer result for a first-time buyer is $8,475 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 $8,000 a year. With no other debts, the binding ratio is GDS and the gross income is about $178,109.
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% | $4,617 | $165,657 (GDS) |
| Minimum down payment, sheet rate | 6.14% | $5,022 | $178,109 (GDS) |
| Illustrative contract plus 1 point (illustrative) | 7.14% | $5,494 | $192,635 (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 | $178,109 | $157,869 | GDS |
| $400 other monthly debt | $178,109 | $168,779 | GDS |
| $650 other monthly debt | $178,109 | $175,597 | GDS |
Down payment
| Down payment | Premium | Mortgage | Income |
|---|---|---|---|
| 5% down ($40,000) — below the library minimum | $30,400 | $790,400 | $181,220 |
| 10% down ($80,000) | $22,320 | $742,320 | $171,632 |
| 20% down ($160,000) | $0 | $640,000 | $151,226 |
Ontario example — Toronto
First-time buyer land transfer tax from the library: $12,475 before rebate, $4,000 rebate, $8,475 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: $7,250.
Property tax at the library's typical Ontario rate of 1.00% is about $8,000 a year ($667 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 $800,000 home in Toronto?
- At the minimum down payment of $55,000, with heat of $100 a month, no condo fee, and no other debts, the stress-test income is about $178,109 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 $800,000 here?
- The library minimum down payment is $55,000. The CMHC premium at that down payment is $29,800 (4.00 percent of the amount borrowed when the down payment is under 20 percent). The insured balance is $774,800.
- What transfer tax and property tax does the library return for Toronto?
- For a first-time buyer, net land transfer tax is $8,475. 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 $8,000 a year on this price. Toronto municipal land transfer tax for a first-time buyer is $7,250 net, on top of the provincial tax.
- How does a $400 monthly debt change the $800,000 Toronto income?
- The same housing costs plus $400 of other monthly debt need about $178,109 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.