{"id":315913,"date":"2026-05-25T15:53:35","date_gmt":"2026-05-25T19:53:35","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=315913"},"modified":"2026-05-27T11:36:16","modified_gmt":"2026-05-27T15:36:16","slug":"how-much-do-you-really-need-to-save-to-buy-a-condo","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/how-much-do-you-need-to-save-to-buy-a-condo\/","title":{"rendered":"How Much Do You Really Need to Save to Buy a Condo?"},"content":{"rendered":"

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At minimum, a homebuyer needs to save $45,000 to purchase a median-priced condo in the Greater Toronto Area. Here\u2019s a breakdown of the costs.<\/span><\/p>\n

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By Josh Sherman<\/a>\u00a0<\/span>| 3 minute read<\/p>\n

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Many Canadians are confronted with unexpected costs when purchasing a home.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” min_height=”791.1px” custom_padding=”32px||23px|0px||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.6em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”29px” header_2_font_size_phone=”19px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

Many Canadian homebuyers continue to get caught off guard by costs associated with purchasing property.\u00a0<\/span><\/p>\n

 <\/p>\n

Recently released results from the 2026 CMHC Mortgage Consumer Survey<\/a> suggest nearly one-in-three (32%) homebuyers faced unexpected costs during the homebuying process in the past 18 months.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

To help homebuyers get ahead of any unpleasant surprises, Wahi recently connected with Toronto REALTOR\u00aes to outline what first-timers should expect to save up for before stepping onto the property ladder.<\/p>\n

 <\/p>\n

Unexpected costs were such a prevalent issue for Toronto Realtor Mark Savel of TorontoLivings.com<\/a> that he drafted a detailed breakdown for all of his clients.<\/p>\n

 <\/p>\n

Wahi has adapted the analysis for first-time homebuyers by assuming the purchase price is the median sale price of a condo in the Greater Toronto Area as of April ($575,000) and the minimum downpayment of 5.7%. (The minimum is a notch above 5% 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.)<\/p>\n

 <\/p>\n

In total, a 5.7% downpayment on a $575,000 condo works out to required savings of $32,775. <\/span><\/p>\n

<\/span><\/p>\n

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