Mortgages in Oak Ridges
A northern community on the Oak Ridges Moraine, with newer detached homes near lakes and trails. Here’s what buying there costs and which rules apply, before you compare lenders with one licensed mortgage professional.
Short answer
Oak Ridges is in Richmond Hill, so Richmond Hill’s tax rates and Ontario’s rules apply. On a $1,000,000 home you’d need at least $75,000 down and $16,475 in land transfer tax ($12,475 for a first-time buyer). Property tax runs about $760 a year per $100,000 of assessed value.
Buying in Oak Ridges
A northern community on the Oak Ridges Moraine, with newer detached homes near lakes and trails.
Homes here are mostly built from the 1990s onward, near Lake Wilcox and protected green space. Buyers want space and nature within reach of the city.
What to know about a mortgage in Oak Ridges
If you’re buying new construction in Oak Ridges, 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.
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 $1,000,000 home in Oak Ridges
| Repeat buyer | First-time buyer | |
|---|---|---|
| Minimum down payment | $75,000 | $75,000 |
| Mortgage insurance (added to the loan) | $37,000 | $37,000 |
| Sales tax on insurance (cash) | $2,960 | $2,960 |
| Ontario land transfer tax | $16,475 | $12,475 |
| Cash at closing | $94,435 | $90,435 |
Example price, not a local average. Minimum down payment and a 25-year amortization; legal fees, title insurance and adjustments are extra.
Richmond Hill rules that apply in Oak Ridges
Richmond Hill’s 2026 residential property tax rate is 0.7601%, about $760 a year for every $100,000 of assessed value. Source
York Region decided in November 2023 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)
- Richmond Hill property tax rates
- Richmond Hill: vacant home tax
Common questions
How much down payment do I need for a home in Oak Ridges?
What property tax will I pay in Oak Ridges?
Can I add a rental unit to a home in Oak Ridges?
Who can help me get a mortgage in Oak Ridges?
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