I am dual-licensed
Broker + Mortgage Agent in Ontario. That means I can build the financing structure for your purchase under the same roof as the property search – including pre-approval, rate-lock, lender selection, and structuring the closing. Most agents hand this off to a broker. I do not, because the financing strategy is the negotiation.
Pre-approval – what it actually is
A formal lender review of your income, credit, and down payment that gives you a confirmed maximum purchase price and a rate hold (90-120 days). Without it, your offer carries weight only as far as your verbal claim.
Down payment minimums
- Under $500,000: 5% minimum
- $500,000 to $1,499,999: 5% on first $500K + 10% on the rest
- $1.5M+: 20% minimum, no CMHC insurance available
CMHC insurance
Required when down payment is under 20%. Premium added to mortgage principal: 2.8% (5% down) -> 4.0% (with extended amortization). On a $1M purchase with 5% down, the CMHC premium is roughly $26,600 added to your mortgage.
Land transfer tax – the Toronto double-hit
Toronto buyers pay both Ontario LTT and Toronto Municipal LTT. On a $1M home, that is $16,475 + $16,475 = $32,950 total.
First-Time Home Buyer rebate
Up to $4,000 Ontario LTT rebate + $4,475 Toronto LTT rebate = $8,475 back if you qualify. Applies to your first home, must be your principal residence, used within nine months. I structure the timing so the rebate hits before closing, not after.
Fixed vs variable
Right now (2026), variable is roughly 50-100 bps cheaper than fixed, but fixed gives certainty. The right answer depends on holding period and risk appetite. I run both scenarios for every buyer pre-offer.
Bridge financing
Buying a new home before selling your current one. Lender lends against the equity in the home being sold. 6-month max, prime + 2-3%. Useful but expensive – only use when sale is firm.
