Mortgages in Downtown Kingston
The historic limestone core by the waterfront, with older homes, condos and many student rentals. Here’s what buying there costs and which rules apply, before you compare lenders with one licensed mortgage professional.
Short answer
Downtown Kingston is in Kingston, so Kingston’s tax rates and Ontario’s rules apply. On a $400,000 home you’d need at least $20,000 down and $4,475 in land transfer tax ($475 for a first-time buyer). Property tax runs about $1,605 a year per $100,000 of assessed value.
Buying in Downtown Kingston
The historic limestone core by the waterfront, with older homes, condos and many student rentals.
Limestone buildings and the waterfront make the downtown a distinctive place to live, and Queen’s students make it a strong rental market for investors.
What to know about a mortgage in Downtown Kingston
Many homes in Downtown Kingston are condos. Lenders include your monthly condo fees when they work out what you can afford, and your lawyer will review the building’s status certificate, which shows the reserve fund and any upcoming special assessments.
Older homes in Downtown Kingston often need updates. A thorough inspection helps you budget, and if you plan to renovate, ask about a purchase-plus-improvements mortgage, which adds the cost of the work to your mortgage up front.
Downtown Kingston has steady rental demand. If you’re buying to rent, or to live in one unit and rent another, lenders count part of the expected rent as income, and the down payment and rules are different from a home you live in alone.
How NorthMerit can help
Tell us what you’re planning and we’ll connect you with one licensed mortgage professional who compares lenders for you. It’s free, and there’s no obligation.
What it costs to buy a $400,000 home in Downtown Kingston
| Repeat buyer | First-time buyer | |
|---|---|---|
| Minimum down payment | $20,000 | $20,000 |
| Mortgage insurance (added to the loan) | $15,200 | $15,200 |
| Sales tax on insurance (cash) | $1,216 | $1,216 |
| Ontario land transfer tax | $4,475 | $475 |
| Cash at closing | $25,691 | $21,691 |
Example price, not a local average. Minimum down payment and a 25-year amortization; legal fees, title insurance and adjustments are extra.
Kingston rules that apply in Downtown Kingston
Kingston’s 2026 residential property tax rate is 1.6054% (central area; lower in the west and east), about $1,605 a year for every $100,000 of assessed value. Source
Kingston decided in April 2025 not to bring in a vacant home tax. Source
Ontario’s Planning Act allows up to three units on most serviced residential lots, such as a main home plus a basement apartment and a garden suite, as long as you meet the building code and local zoning details. Source
Lenders can count part of the rent from a legal unit toward your income, and some will use the expected rent when you buy. A unit that isn’t legal or registered where required may not count, and can complicate your insurance.
Sources
We checked these figures against official sources in October 2026. Rules and rates change, so confirm the details with your mortgage professional, lawyer or the source before you rely on them.
- Minimum down payment (Financial Consumer Agency of Canada)
- Mortgage insurance premiums (CMHC)
- Calculating land transfer tax (Government of Ontario)
- Land transfer tax refunds for first-time buyers (Government of Ontario)
- Additional residential units, up to three per lot (Environmental Registry of Ontario)
- Kingston property tax rates
- Kingston: vacant home tax
- Home Ownership Program
Common questions
How much down payment do I need for a home in Downtown Kingston?
What property tax will I pay in Downtown Kingston?
Can I add a rental unit to a home in Downtown Kingston?
Who can help me get a mortgage in Downtown Kingston?
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