What cash do you need to buy?
The down payment is the number everyone talks about. It is not the only one. Your deposit, closing costs and after-closing cushion matter too. This page helps you build the questions. Your lender and lawyer confirm the numbers.
The deposit.
The deposit is money paid under the agreement of purchase and sale. There is no single amount, payment method or deadline for every Ontario purchase. Those details belong in the written offer and the brokerage's instructions.
Before you sign, ask who receives the deposit, how it must be delivered, when it is due and what the agreement says happens to it. Your Realtor can explain the process. Your lawyer should answer legal questions about the clause or the money.
The down payment.
Federal minimum down-payment rules are based on the purchase price and your eligibility. The table below is a planning example based on federal guidance reviewed September 4, 2026. Mortgage insurance, amortization and lender rules can change, so your lender or mortgage broker must confirm the amount for you.
| Home price | Min. down | 20% down |
|---|---|---|
| $500,000 | $25,000 | $100,000 |
| $700,000 | $45,000 | $140,000 |
| $900,000 | $65,000 | $180,000 |
| $1,000,000 | $75,000 | $200,000 |
| $1,500,000 | $300,000 | $300,000 |
Check the current federal down-payment guidance before relying on the table.
The closing costs.
The Financial Consumer Agency of Canada suggests planning roughly 1.5% to 4% of the purchase price for closing costs. That is a planning range, not a quote. Your actual total can be different.
- Ontario land transfer tax - ask your lawyer to calculate it for the property and confirm whether a current refund applies.
- Legal fees and disbursements - get a written estimate from the lawyer who will handle the closing.
- Title insurance - ask your lawyer whether it applies and what it costs.
- Home inspection - ask the inspector what the inspection includes and what it costs before booking.
- Mortgage-related tax or fees - your lender and lawyer should confirm what applies to your financing.
- Adjustments - the statement of adjustments may include property taxes, utilities or other items. Your lawyer prepares the property-specific calculation.
1. Deposit in the offer. 2. Down payment confirmed by your lender. 3. Closing statement from your lawyer. 4. A personal cushion for moving, repairs and the first month in the home.
After you get the keys.
Don't drain every dollar into the purchase. Keep a cushion for:
- Moving - get a quote that matches your distance, timing and amount of stuff.
- Immediate fixes & furniture - locks, paint, that one appliance that dies in week two.
- An emergency fund - owning means you're the super now. A furnace doesn't care about your budget.
The way I look at it is simple: buying the house should not erase your ability to live in it. Ask your lender or financial professional what a reasonable cushion looks like for you.
Frequently Asked Questions
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Tell me your target price and what you know so far. I will organize the questions, then your lender and lawyer can confirm the numbers in their lanes.
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