Buy now, or keep saving?

Your numbers Target purchase price Current monthly rent Saved so far You can save per month First home (land transfer tax rebate applies) Property is inside the City of Toronto (municipal LTT applies)

Different answer

You already clear the minimum down payment of —. You don't need to borrow it — and you shouldn't pay the borrowed-down premium for money you have.

Buying now costs

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more than your current rent, each month, all-in.

All-in monthly, owning

—mortgage + down-payment loan + property tax

Of which: down-payment loan

—ends when the loan is repaid

Payment you must qualify at

—the stress test, not the real payment

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Cash still needed at closing

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Saving your own 5%, if prices stay flat

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Saving your own 5%, if prices drift as they historically have

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Equity break-even: principal built outweighs the extra cost

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Illustrative math, not an approval and not advice. Qualification always applies — the stress-test line is the one lenders use. "Historically" describes the past, not a promise about the future. Verify current rates and rules with your lender.