What a First Home Really Costs in Halton: Down Payment, Land Transfer Tax and the Rest
The purchase price is the number everyone talks about. The number that decides whether a first purchase in Burlington, Oakville or Milton actually closes is the cash you need on closing day, and it has four parts. Here they are in order, with the current rules, so the first conversation with Nikki starts from the right place.
1. The down payment
For an insured mortgage, the minimum down payment is 5 percent of the first $500,000 of the price and 10 percent of the portion above that. On a $900,000 home that is $25,000 plus $40,000, or $65,000. Below 20 percent down, mortgage default insurance is required. The premium is usually added to the mortgage balance rather than paid in cash, but in Ontario the provincial sales tax on that premium cannot be added to the mortgage and is paid at closing.
Since December 15, 2024 the price cap for an insured mortgage is $1.5 million, up from $1 million, which put most of Halton back inside the range where a 5 to 10 percent down payment is possible. At $1.5 million and above, or to avoid insurance, the down payment is 20 percent. First-time buyers, and anyone buying a newly built home, may also qualify for a 30-year amortization on an insured mortgage, which lowers the monthly payment and raises the total interest paid over the life of the loan.
2. Land transfer tax, minus the rebate
Ontario charges a provincial land transfer tax on a sliding scale. There is no municipal land transfer tax in Burlington, Oakville, Milton or Hamilton; only Toronto has one. First-time buyers who are at least 18, have never owned a home anywhere, and will live in the home as their principal residence can claim a rebate of up to $4,000, which covers the whole tax on homes up to about $368,000 and takes $4,000 off above that. Your lawyer claims it at closing, so the cash still has to be there on the day.
Run your own numbers on the mortgage and land transfer calculator.
3. Closing costs
Legal fees and disbursements, title insurance, and adjustments for property taxes or utilities the seller has prepaid. For a condo, the status certificate review. The Financial Consumer Agency of Canada suggests planning for 1.5 to 4 percent of the purchase price for closing costs, and in Ontario the land transfer tax after the rebate is part of that number.
4. After closing
Moving, the first repairs, furniture, and a cushion. Nikki’s standing advice is to buy slightly under the maximum so the first month in the home is not the first month of debt.
Where the first homes are
In Burlington: condos downtown, on Plains Road and at the GO stations; Mountainside and Brant Hills for detached; Tansley Woods and the Corporate node for townhouses. In Oakville: Falgarwood, College Park, Kerr Village and the Uptown Core. In Milton: the widest choice of townhouses and semis in Halton, in Beaty, Clarke, Coates and Willmott. In Waterdown and Stoney Creek: newer townhouses at a discount to Burlington, with Hamilton’s higher tax rate.
The order to do things
- Get pre-approved, not pre-qualified. It sets the real budget and holds a rate.
- Build the cash-to-close number with all four parts.
- Pick the neighbourhood band that fits the number.
- Search, with a plan for offer day agreed in advance.
Nikki has taken many first-time buyers through exactly this, and several of their reviews are on this site. The first-time buyer page covers the process; a call to (416) 274-6064 or a message starts it.
Sources
- How much you need for a down payment, Financial Consumer Agency of Canada
- Boldest mortgage reforms in decades come into force today, Department of Finance Canada, December 2024 ($1.5 million cap, 30-year amortization)
- Mortgage loan insurance cost, Canada Mortgage and Housing Corporation
- Land transfer tax: calculating the tax, Ontario Ministry of Finance
- Land transfer tax refunds for first-time homebuyers, Ontario Ministry of Finance
- Buying a home: closing costs, Financial Consumer Agency of Canada
Figures last checked October 2026. Rules change, so confirm with your lender and lawyer.