No. Aurora is in York Region, so you pay the Ontario land transfer tax only. Buyers in Toronto and North York pay a second, municipal land transfer tax on the same purchase. On an identical price that is a real saving of thousands of dollars at closing, and it is one reason a budget stretches further on this side of Steeles.

The Ontario land transfer tax refund gives first-time buyers up to $4,000. A First Home Savings Account lets you contribute up to $8,000 a year to a $40,000 lifetime limit, deductible going in and tax-free coming out. The RRSP Home Buyers’ Plan allows a withdrawal of up to $60,000 per person. Because Aurora is in York Region there is no municipal land transfer tax to pay in the first place, so more of your cash stays in the purchase.

It is set federally, not locally. You need 5% down on the first $500,000 of the price, 10% on the portion between $500,000 and $1.5 million, and 20% on any home priced at $1.5 million or more. Below 20% down you also pay CMHC mortgage default insurance, which is added to the mortgage rather than paid up front.

Land transfer tax is the big one, plus legal fees, title insurance, a home inspection, and adjustments for prepaid property tax or utilities. Budget for these separately from your down payment. They are due at closing, and underestimating them is the most common reason a purchase gets tight at the last minute.