Mortgages in Downtown Oshawa
The city’s core around Simcoe and King Streets, with older homes, new condos and a growing student population. Here’s what buying there costs and which rules apply, before you compare lenders with one licensed mortgage professional.
Short answer
Downtown Oshawa is in Oshawa, so Oshawa’s tax rates and Ontario’s rules apply. On a $500,000 home you’d need at least $25,000 down and $6,475 in land transfer tax ($2,475 for a first-time buyer). Property tax runs about $1,575 a year per $100,000 of assessed value.
Buying in Downtown Oshawa
The city’s core around Simcoe and King Streets, with older homes, new condos and a growing student population.
Lower prices than much of the GTA draw first-time buyers and investors, and many older homes have been converted into rentals. The area continues to change as new condos arrive.
What to know about a mortgage in Downtown Oshawa
Many homes in Downtown Oshawa 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.
If you’re buying new construction in Downtown Oshawa, plan for builder deposits paid in stages and closing dates that can move. Your mortgage approval needs to be ready, or renewable, for the actual closing date, and the final price can include adjustments you won’t see in the purchase price.
Older homes in Downtown Oshawa 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.
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 $500,000 home in Downtown Oshawa
| Repeat buyer | First-time buyer | |
|---|---|---|
| Minimum down payment | $25,000 | $25,000 |
| Mortgage insurance (added to the loan) | $19,000 | $19,000 |
| Sales tax on insurance (cash) | $1,520 | $1,520 |
| Ontario land transfer tax | $6,475 | $2,475 |
| Cash at closing | $32,995 | $28,995 |
Example price, not a local average. Minimum down payment and a 25-year amortization; legal fees, title insurance and adjustments are extra.
Oshawa rules that apply in Downtown Oshawa
Oshawa’s 2026 residential property tax rate is 1.5753%, about $1,575 a year for every $100,000 of assessed value. Source
Durham Region doesn’t charge a vacant home tax; its 2026 tax study recommended against new taxes of this kind for now. 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
Rentals in the licensing area around Durham College and Ontario Tech University need a Residential Rental Housing Licence. The rest of the city doesn’t require one. Source
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)
- Oshawa property tax rates
- Oshawa: vacant home tax
- Oshawa: rental licensing
Common questions
How much down payment do I need for a home in Downtown Oshawa?
What property tax will I pay in Downtown Oshawa?
Can I add a rental unit to a home in Downtown Oshawa?
Who can help me get a mortgage in Downtown Oshawa?
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