Mortgages in Don Mills
A planned mid-century community in North York with bungalows, townhouses and the Shops at Don Mills, close to major highways. Here’s what buying there costs and which rules apply, before you compare lenders with one licensed mortgage professional.
Short answer
Don Mills is in Toronto, so Toronto’s tax rates and Ontario’s rules apply. On a $600,000 home you’d need at least $35,000 down and $16,950 in land transfer tax ($8,475 for a first-time buyer). Property tax runs about $767 a year per $100,000 of assessed value.
Buying in Don Mills
A planned mid-century community in North York with bungalows, townhouses and the Shops at Don Mills, close to major highways.
Original mid-century bungalows and townhouses sit beside newer condos near the Shops at Don Mills and the Eglinton Crosstown line. It appeals to families and downsizers who want space close to the highways.
What to know about a mortgage in Don Mills
Many homes in Don Mills 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 Don Mills, 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 Don Mills 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 $600,000 home in Don Mills
| Repeat buyer | First-time buyer | |
|---|---|---|
| Minimum down payment | $35,000 | $35,000 |
| Mortgage insurance (added to the loan) | $22,600 | $22,600 |
| Sales tax on insurance (cash) | $1,808 | $1,808 |
| Ontario + Toronto land transfer tax | $16,950 | $8,475 |
| Cash at closing | $53,758 | $45,283 |
Example price, not a local average. Minimum down payment and a 25-year amortization; legal fees, title insurance and adjustments are extra.
Toronto rules that apply in Don Mills
Toronto’s 2026 residential property tax rate is 0.7673%, about $767 a year for every $100,000 of assessed value. Source
Toronto charges a Vacant Home Tax of 3% of the assessed value on homes left empty for more than six months of the year. Every owner has to declare their home’s status each year, even if they live in it. Source
Since May 2023, Toronto allows up to four units in residential zones across the city, so a house can become a duplex, triplex or fourplex, subject to building permits. Source
Operators of multi-tenant (rooming) houses need a City licence, under a city-wide framework in place since March 2024. 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)
- Municipal Land Transfer Tax rates (City of Toronto)
- Toronto property tax rates
- Toronto: vacant home tax
- Toronto: rental licensing
- Toronto: additional units
- Home Ownership Assistance Program
Common questions
How much down payment do I need for a home in Don Mills?
What property tax will I pay in Don Mills?
Can I add a rental unit to a home in Don Mills?
Who can help me get a mortgage in Don Mills?
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