Mortgage Broker in Vaughan, Ontario: Prices, Down Payments and Closing Costs

Vaughan home prices by type, September 2026

These are the Toronto Regional Real Estate Board’s figures for the City of Vaughan.

The all-types row includes one link home. One month is a small sample: 8 condo townhouses and 13 semis sold, so a single sale can move those averages. TRREB publishes Market Watch every month.

A condo-heavy market, and what that does to the mortgage

Condo apartments were 62 of Vaughan’s 213 sales, about 29%. In Richmond Hill, next door, they were 34 of 172, about 20%. For a Vaughan condo buyer that means two things.

The price is well inside the insured range. At the $548,958 average, the federal minimum down payment is $29,896: 5% of the first $500,000 plus 10% of the rest. That’s arithmetic on the TRREB average, not a quote.

The condo fee counts when you qualify. CMHC includes 50% of condo fees in the debt service ratios it caps at 39% (GDS) and 44% (TDS). So two condos at the same price can qualify differently, and the fee belongs in your numbers from the first conversation. The Ontario mortgage payment calculator gives you the payment to put beside it.

Buying pre-construction in Vaughan: what the mortgage can and can’t do

A new condo in the Vaughan Metropolitan Centre, or a new house anywhere in the city, can close years after you sign. Here’s what happens to the money along the way, in the order you meet it.

1. Signing: ten days and a deposit

A pre-construction condo agreement comes with a 10-day cooling-off period, counted from when you receive the required documents. Use it to have a lawyer read the agreement. Your deposit is protected by Tarion only up to a limit:

• Condo units: up to $20,000. Separately, the Condominium Act requires condo deposits to be held in trust.
• Freehold homes (agreements signed since January 1, 2018): up to $60,000 on a price of $600,000 or less, otherwise 10% of the price to a maximum of $100,000.

Coverage rules for freehold homes change January 1, 2027. Check Tarion before you sign.

2. The pre-approval: good for months, not years

A lender holds a pre-approved rate for 60 to 130 days, and a pre-approval doesn’t guarantee the mortgage. So a pre-approval at signing checks today’s numbers and nothing more. The approval that funds the purchase happens near closing, on your income, debts, rates and the property’s value at that point. Plan to apply again then, and leave room in the budget for a different answer.

3. Occupancy: keys before title

In a new condo you can move in before you own it. During interim occupancy you pay the builder a monthly fee whether you move in or not: interest on the unpaid balance, estimated municipal taxes and projected common expenses. None of it pays down the price. You can’t make mortgage payments until the condo corporation is registered, so the mortgage funds at final closing, not at move-in.

4. Closing: HST and the 2026 rebates

A new home carries HST: in Ontario, a 5% federal part and an 8% provincial part. Which rebates you get depends on the date you signed with the builder.

The agreement date decides it, not the closing date. A contract signed before March 20, 2025 is outside the federal first-time buyer window, and one signed before April 1, 2026 is outside the enhanced Ontario rebate, even if it closes this year.

There’s no dollar example here on purpose. The amount turns on how your agreement sets the price and the tax, and on which rebates the builder credits. Ask the builder and your lawyer, in writing, whether your price includes HST and who claims each rebate.

One rule works in your favour. Buyers of new builds can get a 30-year amortization on an insured mortgage. It lowers the payment and raises the total interest.

North of Steeles: no Toronto land transfer tax

Vaughan is north of Steeles Avenue, outside the City of Toronto. You pay Ontario’s land transfer tax. A buyer south of Steeles pays it plus Toronto’s municipal land transfer tax, at the same rates on a home up to $2 million.

Ontario charges 0.5% on the first $55,000, 1.0% from $55,000 to $250,000, 1.5% from $250,000 to $400,000 and 2.0% above $400,000, with 2.5% on the part above $2,000,000 for a property with one or two single family residences (Ontario land transfer tax rates).

Worked example: a $550,000 condo apartment

This one is hypothetical. The price is the September condo apartment average rounded to the nearest $5,000. The first-time buyer row assumes the full Ontario refund and, in Toronto, the full city rebate.

The Ontario figure is $275 on the first $55,000, $1,950 on the next $195,000, $2,250 on the next $150,000 and $3,000 on the last $150,000. First-time buyers subtract Ontario’s refund of up to $4,000 and, in Toronto, the city’s rebate of up to $4,475.

Not in the table: legal fees, title insurance, tax and utility adjustments, the sales tax on any mortgage insurance premium, and moving costs. Your lawyer works out the exact figures. If you’re weighing a condo on the other side of Steeles, the Toronto mortgage page covers the city side.

The first-time buyer refund

Ontario refunds up to $4,000 of its land transfer tax to qualifying first-time buyers, which wipes out the tax on the first $368,000 of the price. The main conditions in Ontario’s refund rules:

• You’re at least 18 and a Canadian citizen or permanent resident.
• You’ve never owned a home, or an interest in one, anywhere in the world.
• Your spouse hasn’t owned a home while being your spouse.
• You move in as your principal residence within nine months of the transfer.
• You apply within 18 months of registration.

The first-time home buyer guide covers the rest of a first purchase.

The detached average is over $1.5 million. The median is not.

If you’re buying a house instead, one line matters more than the rate. Up to $1.5 million the minimum down payment is 5% of the first $500,000 plus 10% of the rest. At $1.5 million or more it’s 20% of the whole price, and the mortgage can’t be insured. That line moved up from $1 million on December 15, 2024.

Read the detached row twice. At the average, the minimum is 20%, or $319,844. At the median, $1,442,500, it’s $119,250. That’s about $200,000 more cash for a price only $156,718 higher. Find out which side of $1.5 million your range falls on before you compare rates.

“Yes, if eligible” depends on you, the property, the lender and the insurer. With less than 20% down you also pay a mortgage insurance premium. The premium can be added to the mortgage, but Ontario’s sales tax on it can’t. That part is cash at closing.

The down payment guide goes through the tiers. The Richmond Hill guide works through cash to close on a resale purchase, and Markham and Thornhill, which straddles Vaughan and Markham, have their own pages.

Who you’d be working with

• Licence. Jenny Tate is a Mortgage Agent Level 1 with Tango Financial Mortgage (ON) Corporation (FSRA #13691). Level 1 covers financial institutions and lenders approved under the National Housing Act, such as banks and credit unions. A private mortgage has to go through a Level 2 agent or a mortgage broker.
• Cost. Ontario mortgage brokerages are usually paid by the lender through a commission. Any fee to you has to be disclosed in writing. Ask on the first call.
• Check. Look up licence #M22002086 on FSRA’s public register.
• Location. The brokerage is at 5063 N Service Rd in Burlington. There’s no Vaughan office. A file starts with a call: phone (647) 642-7249 or use the booking page. More on the about page.

Don’t email a SIN, a banking password or full financial documents ahead of the call. If documents are needed, Jenny will explain how to send them. If you’re still deciding between a bank and an agent, the mortgage agent versus bank comparison lays out the tradeoffs.

Already own in Vaughan: renewing and refinancing

A renewal letter is one offer from your current lender. Put it beside one outside offer on the same balance, amortization and term before you sign. The Ontario mortgage renewal guide explains the steps, the renewal calculator compares the offers you enter without asking for your email, and refinance versus renewal covers taking equity out.

Frequently Asked Questions