Second property and investment files in Ontario.

Owner-occupied minimum down payment is 5% on first $500K; second properties require 20% minimum for true investment properties (rentals).

Ontario adds its own layer. Two distinct files: GTA/GTHA condo + freehold underwriting, and the rest of the province. Lenders treat them differently on appraisal risk. That matters here because underwriters are already scrutinizing the income side of a second property and investment files file — a property or program complication local to Ontario can push a marginal file over the edge.

Provincial Land Transfer Tax on a sliding scale; Toronto adds a municipal LTT that effectively doubles the bill inside city limits.

Programs to check eligibility for in Ontario:

• First-time buyer LTT rebate up to $4,000
• Toronto municipal LTT rebate up to $4,475
• Federal First Home Savings Account (FHSA)

• Standard income, credit, and down-payment proof
• Existing property mortgage statement and tax
• Rental projections or signed lease for the new property

Ontario nuance: Employment letters from Ontario employers are scrutinized for probation clauses; underwriters frequently call HR to verify.

• Status certificate review on condos is non-optional, not a formality.
• Some lenders cap exposure in specific GTA postal codes.
• Property tax estimates on new builds often understate year-2 assessments.

Underwriter view of this scenario: Two non-owner-occupied properties trigger lender exposure rules. Some lenders cap the number of rentals on the same borrower.

• Document existing property cash flow precisely
• Choose lenders with explicit investor-friendly rental income policy
• Maintain at least 6 months of carrying-cost reserves

• No reserves for vacancy or repairs.
• Existing rental running negative cash flow.