Mortgages in East York
A compact, family-oriented area east of the Don Valley, known for post-war bungalows and semis that many buyers renovate or expand. Here’s what buying there costs and which rules apply, before you compare lenders with one licensed mortgage professional.
Short answer
East York is in Toronto, so Toronto’s tax rates and Ontario’s rules apply. On a $1,000,000 home you’d need at least $75,000 down and $32,950 in land transfer tax ($24,475 for a first-time buyer). Property tax runs about $767 a year per $100,000 of assessed value.
Buying in East York
A compact, family-oriented area east of the Don Valley, known for post-war bungalows and semis that many buyers renovate or expand.
Streets of brick bungalows and semis make it a common place to buy a starter home and add a second storey later. It’s close to the Danforth and the Don Valley trails, with easy access to the Bloor-Danforth subway.
What to know about a mortgage in East York
Older homes in East York 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 $1,000,000 home in East York
| 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 + Toronto land transfer tax | $32,950 | $24,475 |
| Cash at closing | $110,910 | $102,435 |
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 East York
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 East York?
What property tax will I pay in East York?
Can I add a rental unit to a home in East York?
Who can help me get a mortgage in East York?
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