Everything Ontarians Need to Know About Getting a Mortgage

Buying a home in Ontario is an exciting milestone, but it often comes with questions, concerns, and decisions that can feel overwhelming. Understanding how mortgages work, and the options available to you, is the first step to making confident financial choices.

What is the Minimum Down Payment in Ontario?

In Canada, the minimum down payment depends on the purchase price:

• 5% for homes up to $500,000

• 10% for the portion between $500,000–$999,999

• 20% for homes $1 million or more

For many Ontario buyers, especially in markets like Toronto and Ottawa, saving the down payment is the biggest hurdle.

Should I Choose a Fixed or Variable Rate Mortgage?

• Fixed rates provide stability and predictable payments.

• Variable rates often start lower but can fluctuate with the Bank of Canada’s rate changes.

Your choice should depend on your risk tolerance and financial goals.

How Much Can I Qualify For in Ontario?

Mortgage qualification depends on income, debt, credit score, and the Mortgage Stress Test, which requires you to qualify at a rate higher than your contract rate.

Common Concerns from Ontarians

• Rising interest rates making homeownership less affordable

• The stress test limiting purchasing power

• Finding the right lender in a competitive market

Want tailored advice for your situation? Learn more about our General Mortgage Services.