Question 1

Do I need CMHC insurance?

Accepted Answer

If your down payment is under 20% on a home priced at $1.5 million or less, lenders usually require mortgage insurance. The premium is typically added to your mortgage balance.

Question 2

How is Ontario land transfer tax calculated?

Accepted Answer

Ontario uses tiered rates based on purchase price. Toronto adds municipal land transfer tax. First-time buyers may qualify for rebates up to $4,000 provincially and $4,475 in Toronto.