City of Toronto, Ontario
Mortgage Broker in Toronto
We work out of #131, 1173 Dundas Street E, which means Toronto files are the ones we see every single day. Downtown condo purchases with tight status certificate timelines, east end semis being converted into duplexes, and long time owners refinancing to fund a second property: those are the deals that fill our week.
- First time buyers
- Condo and starter semi purchases using the First Home Savings Account plus RRSP Home Buyers' Plan.
- Move up families
- Bridge financing so you buy before you sell in a market where closing dates rarely line up.
- Investors
- Duplex, triplex and laneway suite financing where projected rent carries the debt service.
What we watch in the Toronto market
Benchmark pricing sits at roughly $1.06M for a detached home and $640K for a condo apartment, which sets the down payment and insurance rules your file has to work within. Beyond price, these are the local factors that decide the outcome:
- ◆Condo appraisals in the core still come in soft against 2022 peak pricing, so we pre position the file with comparable sales before the lender orders value.
- ◆Multiplex and laneway suite projects need a lender who reads rental potential rather than current rent rolls, and only a handful of ours do.
- ◆Toronto land transfer tax is charged twice, municipal plus provincial, so we build the real closing cost figure into your approval from day one.
The cash you need to close in Toronto
Worked on a $1,060,000 purchase, roughly the benchmark detached price in Toronto. Land transfer tax is calculated at Ontario's residential rates, and because this is inside the City of Toronto the municipal tax is charged on top of the provincial one.
| Minimum down payment | $81,000 |
| Ontario land transfer tax | $17,675 |
| Toronto municipal land transfer tax | $17,675 |
| Legal fees, title insurance and disbursements (estimate) | $2,500 |
| Total cash on closing day | $118,850 |
| First time buyer, after land transfer tax rebates of $8,475 | $110,375 |
An estimate for planning, not a quote. It excludes home inspection, moving costs, property tax and utility adjustments, and any default insurance premium, which is normally added to the mortgage rather than paid in cash. Run your own figures in the affordability calculator.
Why a Toronto file needs a Toronto broker
Toronto is not one market. A Liberty Village one bedroom and a Scarborough bungalow are underwritten by completely different logic, and the lender that is aggressive on one will decline the other outright. Because we place volume in both, we know which desk to send your file to before we submit it, which protects your credit from a shotgun round of applications.
We also know the local timelines. Status certificates, city permits for a second suite, and estate conveyances all move at a Toronto pace, and we build those realities into the conditional period rather than scrambling for an extension the week before closing.
Neighbourhoods we fund in Toronto
Mortgage services available in Toronto
Self Employed Mortgages
Business owners, incorporated professionals and contractors placed with lenders who read real financials, not just a T4.
Mortgage Renewal
The renewal letter is an offer, not a verdict. We shop the whole market before your maturity date.
Private Mortgages
Equity based first and second mortgages when the bank timeline or the bank rulebook does not fit.
Investment Property Financing
Rental, duplex and multi unit financing structured so the next purchase is still possible.
Business Owner Mortgages
Incorporated owners qualified on the whole business: salary, dividends, retained earnings and add backs.
First Time Buyers
Strong income, no clear plan yet. We show you what you can realistically buy, the full cash required and the order to do things in.
Comparing options first? Check today's Ontario mortgage rates or run the numbers in our affordability calculator.
Toronto Questions
Do I have to visit your Toronto office?
No. Most Toronto clients complete everything by phone, email and e signature, but you are welcome at #131, 1173 Dundas Street E if you prefer to sit down in person.
How much do I need for a down payment in Toronto?
On a purchase under $500,000 the minimum is 5%. Between $500,000 and $1.5M it is 5% on the first $500,000 and 10% on the balance. Above $1.5M you need 20% because default insurance is not available.
Can you help with Toronto's second land transfer tax?
We cannot remove it, but first time buyers qualify for both the municipal and provincial rebates, up to $8,475 combined, and we factor the net cost into your closing cash requirement so nothing surprises you.
Serving Toronto from Toronto.
Blackwood Mortgage Partners, #131, 1173 Dundas Street E, Toronto, ON. Call 416-990-3790 or email ask@blackwoodmortgagepartners.com.
Other Ontario Locations
North York
Yonge corridor condos, Willowdale rebuilds and multi generational homes financed with the right lender.
Mississauga
Square One condos, Streetsville freeholds and self employed files from Peel's business community.
Brampton
Growing family purchases, rental suite income and newcomer files across Peel's fastest growing city.
Vaughan
Woodbridge and Maple purchases, larger loan amounts and business owner financing north of the city.
Markham
Professional households, newcomer files and investment purchases across Unionville and beyond.
Hamilton
Investor friendly pricing, duplex conversions and older housing stock underwritten realistically.