The Move-Up Money Map
Moving up means running two transactions at once.
Here is every cost to plan for, in one place.
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A. Selling your current home
- Real estate commission (5% + 13% HST = about 5.65% of sale price)
- Legal fees (~$1,500–2,600 + HST)
- Mortgage discharge fee or break penalty (ask your lender for an exact quote)
- Prepaid property-tax / utility adjustments credited to the buyer
- Staging, photography, pre-list prep (optional, scoped to the home)
- Capital gains tax — usually $0 on a principal residence
B. Buying your next home
- Land transfer tax — paid in cash at closing (see table below)
- Down payment beyond your existing equity (20%+ on homes $1.5M and over)
- Legal fees (~$2,000–3,000) + title insurance
- Bridge financing interest, if you close the purchase before your sale funds
- Adjustments for prepaid property tax / utilities
C. 2026 Toronto land transfer tax at a glance
Resident, not first-time; Ontario + Toronto combined.
| Purchase price | Combined land transfer tax |
|---|---|
| $1.5M | ~$52,950 |
| $2.0M | ~$72,950 |
| $3.0M | ~$122,950 |
| $3.5M | ~$157,450 |
| $4.0M | ~$191,950 |
| $5.0M | ~$271,450 |
In Toronto you pay land transfer tax twice (provincial + municipal). The April 1, 2026 luxury rates apply only to the portion above $3M.
D. Buy first or sell first?
Sell first — you know your exact proceeds, no carrying two homes; you may need interim housing or a rent-back.
Buy first — certainty of a home and time to move; you take on bridge interest and double carrying costs until your sale closes.
The cheapest outcome is usually aligning both closings to the same day. We help you set that up.
E. Five numbers to know before you list
- Your home's likely sale price
- Your remaining mortgage + any break penalty
- Your net proceeds (what actually rolls into the next purchase)
- Land transfer tax on your target price
- Your true cash-to-close
Want these filled in for your move?
Run them instantly with our 2026 cost calculator, then book a 20-minute call and we will build your plan. → Open the calculator · Book a consultation
This is general information, not legal, tax, mortgage, or financial advice. Figures are current as of June 2026; tax rates, brackets, rebates, and lending rules change. Your real estate lawyer calculates the exact land transfer tax on your Statement of Adjustments at closing; confirm tax treatment with your accountant and financing with a licensed mortgage professional. Jethro Seymour, Broker of Record, Royal LePage Terrequity Seymour Real Estate.
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The Seymour Team
Royal LePage Terrequity
Seymour Real Estate
Royal LePage Terrequity
Seymour Real Estate
Address
293 Eglinton Ave E
Toronto, ON M4P 1L3
Toronto, ON M4P 1L3
Phone
416-712-0767
Jethro Seymour, one of the Top Toronto Real Estate agents, is a midtown Toronto residential specialist with over 20 years of sales experience in real estate, marketing, construction and publishing. He has helped many families, friends and investors find homes in Toronto’s great neighbourhoods and has extensive knowledge of local markets, new home construction, resale home sales, and the condo market. Living in midtown Toronto, Jethro previews many of the homes that come to market for his clients and inventory knowledge. Jethro specializes in midtown, Davisville Village and Leaside neighbourhoods. For more information, call Jethro Seymour, Broker.
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Sound bones on Clifton Road. The numbers are on the street.
Two Clifton Road sales this year frame it: $1.71M less finished, $2.24M renovated. 105 Clifton is a detached home on a 30 x 94.5 ft lot at $1,799,000.
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