Mortgages for buying a home in Barrie
Get pre-approved first, so you know your budget before you fall for a house.
- 5%
- Minimum down on the first $500,000
- 15 min
- To apply online
- $4,000
- Tax back for first-time buyers
How it works
- ApplyOnline in about 15 minutes.
- Pre-approvalYour real budget, before you shop.
- ShopHomes you can comfortably afford.
- OfferConditional on financing.
- CloseYour lawyer finishes; you get the keys.
What sets your budget
- 01
Income and debts
Your payments, measured against what you earn.
- 02
Down payment
More down, a smaller mortgage. 20% avoids insurance.
- 03
Credit
A history of paying on time matters most.
- 04
The stress test
You qualify at your rate plus 2%, or 5.25%.
Stress test: OSFI Guideline B-20 and the federal insured rules, October 2026.
Your minimum down payment
5% of the first $500,000, then 10%. Under 20% down needs mortgage insurance.
| Price | Minimum down | Share | Insurance |
|---|---|---|---|
| $400,000 | $20,000 | 5.0% | Required |
| $650,000 | $40,000 | 6.2% | Required |
| $900,000 | $65,000 | 7.2% | Required |
| $1.5 million or more | 20% | 20.0% | Not available |
Source: CMHC, October 2026. Rentals you won't live in need 20% down. See your payment.
Land transfer tax
The biggest cost at closing. Barrie has no city tax, only Ontario's.
You pay at closing
$0
- Ontario land transfer tax
- $0
- First-time buyer refund
- $0
Source: Ontario Ministry of Finance, October 2026. Rates for one or two single-family homes.
Other closing costs
- Legal fees
- Title insurance
- Home inspection
- Appraisal, if needed
- 8% tax on any insurance premium
- Property tax adjustments
Questions about buying
How long does pre-approval take?
About 15 minutes to apply online. An agent gets back to you within one business day.
Does a pre-approval guarantee my mortgage?
No. Final approval comes when the lender reviews the property and your documents, so make offers conditional on financing.
Can I buy with less than 20% down?
Yes, with mortgage insurance. The premium is 2.80% to 4.00%, added to the mortgage. Ontario's 8% tax on it is due at closing.
Can you help me buy a rental property?
Yes. A home you won't live in needs at least 20% down.
What documents will I need?
ID, proof of income and proof of your down payment. See the checklist.