The real math most calculators skip. See your total wealth under both paths.
Canada’s land transfer tax varies by province — and Toronto buyers pay a double layer (provincial + municipal). On a $500,000 home in Toronto, land transfer tax alone is nearly $13,000, though first-time buyers can get up to $8,475 back.
If your down payment is less than 20%, CMHC mortgage insurance is mandatory. The premium (1.8-4% of the loan amount) gets added to your mortgage balance. This calculator factors that into your monthly payments and total cost.
The good news: Canada’s Principal Residence Exemption means no capital gains tax on your primary home. And unlike the US, there’s no cap on the exemption amount. But mortgage interest is not deductible for owner-occupied homes — a key difference from the American system.