Yes. North York is part of the City of Toronto, which catches a lot of buyers out. You pay the Ontario land transfer tax and Toronto’s municipal land transfer tax on the same purchase. The offset is that first-time buyers can claim both rebates: up to $4,000 provincially and up to $4,475 from the City.

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. Buying in North York you can also claim Toronto’s municipal land transfer tax rebate of up to $4,475, because North York sits within the City of Toronto.

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.