January 28, 2026 | Real Estate Advice
How Much Do You Really Need to Buy Your First Home in Ontario?
One of the biggest stress points for first-time buyers is not knowing how much money they truly need. Many people focus only on the purchase price, but buying a home in Ontario involves several upfront costs.
At Urban Group Realty, we believe clarity builds confidence. That’s why we help first-time buyers understand the full financial picture before making any commitments.
Down Payments and Mortgage Planning
Minimum down payment requirements depend on purchase price, but buyers should also consider:
- Mortgage insurance premiums
- Interest rates and monthly affordability
- Ongoing ownership costs
We regularly connect buyers with trusted mortgage brokers who explain financing options in plain language, helping buyers choose a mortgage that fits their lifestyle – not just the maximum they qualify for.
Closing Costs Many Buyers Don’t Expect
First-time buyers are often surprised by additional costs such as:
- Land transfer tax
- Legal fees
- Title insurance
- Home inspections
- Adjustments
Working with a reputable real estate lawyer ensures these costs are understood and properly handled. Our team coordinates closely with legal professionals so buyers know exactly what to expect before closing.
For a broader view of affordability, our article on what first-time buyers should know about mortgages, closing costs, and affordability in Ontario is a helpful next read.
🔗 Learn More
This topic is covered in more detail in our first-time home buyer guide in Ontario.
Blog FAQs
Some costs can be, but many must be paid upfront. Planning early helps avoid surprises.
Yes, and we cover them fully in our incentives guide.
Understanding the true cost of buying allows first-time buyers to move forward with confidence. Click here to schedule a confidential meeting with one of our real estate experts to review your numbers and next steps.
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