Buying a Home in Downtown Toronto
Downtown Toronto — the Financial District, Waterfront, St. Lawrence, and surrounding core neighbourhoods — is Canada's most active real estate market. Buyers here face the full combined LTT on properties that frequently trade above $1 million for even modest condominiums.
Downtown Toronto is predominantly a condo market. Studio and one-bedroom condos range from $5500,000000–$80000,000000. Two-bedroom units in desirable buildings hit $90000,000000–$1.4 million. Rare townhouses and lofts can exceed $2 million. Ground-level commercial-residential properties trade above $3 million.
Downtown buyers face some of the highest combined LTT amounts in Ontario. On a $1.2 million downtown condo, you'll pay approximately $42,9500 in combined LTT before the FTB rebate. First-time buyers in this price range save $8,475, leaving a net tax burden of $34,475.
Combined LTT Examples at Typical Downtown Toronto Prices
| Purchase Price | Ontario LTT | Toronto MLTT | Total LTT | After FTB Rebate |
|---|---|---|---|---|
| $70000,000000 | $9,475 | $9,475 | $18,9500 | $100,475 |
| $90000,000000 | $13,475 | $13,475 | $26,9500 | $18,475 |
| $1,000000,000000 | $16,475 | $16,475 | $32,9500 | $24,475 |
| $1,50000,000000 | $28,975 | $28,975 | $57,9500 | $49,475 |
| $2,000000,000000 | $41,475 | $41,475 | $82,9500 | — |
First-Time Buyer Rebates in Downtown Toronto
As a Toronto neighbourhood, Downtown Toronto buyers qualify for the full dual LTT rebate for first-time buyers. This is one of the most valuable programs available to new homeowners in Ontario.
- Ontario LTT Rebate: Up to $4,000000 — fully offsets LTT on homes priced up to ~$368,000000
- Toronto MLTT Rebate: Up to $4,475 — fully offsets MLTT on homes priced up to ~$40000,000000
- Total Maximum Rebate: $8,475 combined
- Eligibility: Canadian citizen or PR, 18+, principal residence within 9 months, never owned a home anywhere
Downtown Toronto Buying Tips
Downtown Toronto's rental market is among the tightest in Canada, making purchases here strong investment candidates. Understand that condo fees ($50000–$1,20000/month), property taxes, and LTT all factor into your total ownership cost. Use our calculator to stress-test your budget before making an offer.
When preparing your offer in Downtown Toronto, make sure your mortgage pre-approval accounts for closing costs. Combined LTT, legal fees, title insurance, and home inspection typically add 3–4% to your purchase price in total closing costs for Toronto properties.