How Much Do You Really Need to Save to Buy a Condo?

At minimum, a homebuyer needs to save $45,000 to purchase a median-priced condo in the Greater Toronto Area. Here’s a breakdown of the costs.

By Josh Sherman | 3 minute read

Many Canadians are confronted with unexpected costs when purchasing a home.

Many Canadian homebuyers continue to get caught off guard by costs associated with purchasing property. 

According to the 2026 CMHC Mortgage Consumer Survey, nearly one-in-three (32%) of homebuyers faced unexpected costs during the homebuying process.

To help demystify the homebuying experience, Wahi caught up with Toronto REALTOR® Mark Savel to outline what first-timers should expect to save up before stepping onto the property ladder.

To illustrate the costs, we assumed homebuyers were purchasing a condo in the Greater Toronto Area at the median sold price as of April ($575,000) with a 5.7% downpayment, the minimum allowable amount for a property of that price. That’s because Canadian mortgage rules dictate that buyers must put forward 5% on the first $500,000, and an additional 10% towards the amount above that.

A 5.7% downpayment on a $575,000 condo works out to a total of $32,775, which likely comes as no surprise to most buyers dipping their toes in the market. When purchasing their first home, most homebuyers Savel works with will have already saved upwards of 5% for a downpayment — it’s a cost they are well aware of.

Where things get less clear are the additional costs.

Land Transfer Tax: Homebuyers within the City of Toronto are responsible for paying both the Ontario Land Transfer Tax and the Toronto Land Transfer Tax. According to Savel, on a $575,000 purchase, a homebuyer is responsible for $15,950. “The good news is since you’re a first-time purchaser, the tax is reduced to $7,475 but must still be paid at closing,” he writes in a follow-up email detailing expenses.

Moving: The 2026 CMHC Mortgage Consumer Survey suggests that moving expenses are the top unexpected cost for homebuyers. Moving costs in Toronto range from $750 to upwards of $1,200 for a one-bedroom condo to $1,300 to $1,800 and up, according to CARGO CABBIE, one of the GTA’s top moving companies.

Legal fees: Savel recommends setting at least $2,500 aside for lawyer fees. “A real estate lawyer is needed to close all property transactions in Ontario,” he says, noting that these fees do vary. Lawyer or notary fees are the second most common unexpected expense for homebuyers after moving costs, according to the CMHC survey.

Adjustments: “Nobody thinks about the adjustment side of it,” says Savel. “It’s not a major expense, but if you buy early in the year and somebody has prepaid their property tax throughout the year, you have to credit them back the difference and that is almost never talked about,” he continues.

An adjustment is when a buyer credits a seller for expenses the latter may have prepaid for the year. A common example is property taxes. If the current owner’s property taxes for the year are $1,200, which they’ve pre-paid, and you take possession on June 1, you’re responsible for $600. 

Added together, Savel estimates a buyer with the minimum downpayment for a median-priced condo in the GTA will need about $45,000 in the bank. The amount covers the deposit, downpayment, land-transfer taxes, and lawyer fees, as well as taxes on CMHC mortgage insurance. Moving costs are extra. 

Timing is another overlooked factor. A homebuyer may have saved up more than enough, but they may not realize that the funds aren’t immediately available to them. “A lot of people will have it in investments that will take a week or two to get out of,” Savel explains.