Can a resident buy
a condo in Toronto?
The resident stipend alone will not qualify for a downtown purchase. Projected attending income will. Here is how Toronto residents actually buy condos during training.
The short answer.
Yes. A Toronto medical resident can buy a downtown condo under a physician program by qualifying on projected attending income rather than the resident stipend, with 10% down. A PLOC can fund the down payment and the double Toronto land transfer tax at closing, and carrying cost on a typical $650K condo is often close to or below neighbourhood rent.
How a resident qualifies on a stipend.
A standard branch program reads the resident stipend, roughly $65K to $95K depending on PGY level, and qualifies for a fraction of a Toronto purchase. A physician program instead reads projected attending income from the signed training path, which is what makes a downtown condo realistic during residency.
The double land transfer tax (and how to fund it).
Toronto closing math
A physician line of credit can fund both the down payment and the land transfer tax at closing, keeping cash reserves intact. We model the full closing number, rebates included, before any offer goes in.
Questions doctors ask.
All guidesCan a medical resident buy a condo in Toronto?
Yes. Under a physician program, a Toronto resident qualifies on projected attending income with 10% down, even on a downtown condo that the resident stipend alone would not support. A PLOC can fund the down payment and land transfer tax.
How much is the land transfer tax on a Toronto condo?
Toronto charges both provincial and municipal land transfer tax. On an $800K condo the combined tax is roughly $25,000 before first-time buyer rebates, which apply to both portions.
Is it cheaper to buy or rent as a Toronto resident?
It is often comparable. Carrying cost on a $650K condo runs around $3,400 a month including fees at current rates, frequently close to or below rent for a similar unit in the same downtown neighbourhood.
