Mortgages in Concord
An industrial and residential area along Highway 7, with a large base of manufacturing, construction and wholesale businesses. Here’s what buying there costs and which rules apply, before you compare lenders with one licensed mortgage professional.
Short answer
Concord is in Vaughan, so Vaughan’s tax rates and Ontario’s rules apply. On a $600,000 home you’d need at least $35,000 down and $8,475 in land transfer tax ($4,475 for a first-time buyer). Property tax runs about $749 a year per $100,000 of assessed value.
Buying in Concord
An industrial and residential area along Highway 7, with a large base of manufacturing, construction and wholesale businesses.
Industrial buildings, warehouses and trade businesses fill much of the area, with residential streets and new condos near Highway 7. It’s a busy place for owner-operated businesses.
What to know about a mortgage in Concord
Many homes in Concord 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 Concord, 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 $600,000 home in Concord
| 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 land transfer tax | $8,475 | $4,475 |
| Cash at closing | $45,283 | $41,283 |
Example price, not a local average. Minimum down payment and a 25-year amortization; legal fees, title insurance and adjustments are extra.
Vaughan rules that apply in Concord
Vaughan’s 2026 residential property tax rate is 0.7492%, about $749 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)
- Vaughan property tax rates
- Vaughan: vacant home tax
Common questions
How much down payment do I need for a home in Concord?
What property tax will I pay in Concord?
Can I add a rental unit to a home in Concord?
Who can help me get a mortgage in Concord?
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