Toronto Home Sale Proceeds Calculator
This Toronto home sale proceeds calculator shows walk-away cash after commission and tax on the fee.
- Mortgage payout
- -$450,000
- Commission
- -$50,000
- Tax on commission
- -$6,500
- Legal / notary
- -$1,500
- Mortgage discharge
- -$350
- Staging, repairs, moving
- -$2,000
- Net proceeds
- $489,650
49.0% of the sale price. HST (13%) on commission.
Estimate only. The listing agreement, the payout statement, and the statement of adjustments are the numbers that actually close. Tax on commission is HST (13%); it is not negotiable even when the rate is.
Preloaded at $1,000,000 with $450,000 still on the mortgage. At the typical 3.5% to 5% total plus HST (13%), you keep about $489,650 after legal, discharge, and a modest prep budget — 49% of the sale price.
Selling in Toronto
Toronto sellers pay Ontario’s flat commission plus 13% HST on that fee. On a $1 million sale at 5%, that is $50,000 plus $6,500 HST. Negotiate a point and you keep $11,300, because the tax falls with the fee. Municipal land transfer tax never appears on your net sheet — the buyer writes that cheque.
Budget a lawyer, a $200–$400 discharge, and a status certificate if you are selling a condo. Property-tax and utility adjustments credit you for anything you prepaid past closing; they are not a new cost.
Line items on a Toronto net sheet
| Line | This preload | What it is |
|---|---|---|
| Commission + HST (13%) | $56,500 | 3.5% to 5% total |
| Lawyer fees | $1,500 | A Toronto residential sale typically costs $1,200–$2,000 in legal fees and disbursements. The lawyer pays out the mortgage, prepares the statement of adjustments, and wires what’s left. |
| Mortgage discharge | $350 | The lender’s administrative fee to remove the mortgage from title, usually $200–$400, separate from any break penalty. |
| Status certificate | $100 | Ontario caps the standard status certificate at $100 including tax (CAO, s.76 / O. Reg. 48/01). Corporations must issue it within 10 days. Expedited delivery is extra and unregulated. |
The mortgage break penalty
FCAC’s rule of thumb: the lender charges the greater of three months’ interest or the interest-rate differential. On a $200,000 balance at 6% with 36 months left and a 4% comparison rate, their published example is $3,000 versus $12,000 — so $12,000. Ask for a payout statement before you list.
Open “Estimate mortgage break penalty” on the calculator. It uses FCAC’s greater-of-three-months-or-IRD rule of thumb. The payout statement from your lender is the number that actually closes.
Tax on the gain is not a closing-day line
A principal residence is usually exempt, but you still report the sale. If you are a non-resident, the buyer can withhold 25% of the gross proceeds under s.116 until CRA issues a certificate of compliance — that holdback hits closing day, not tax-filing day.
Ranking net sheets treat the exemption as automatic. CRA folio S1-F3-C2: a housing unit owned less than 365 consecutive days is a flipped property. The gain is business income, the exemption is not available, and a loss is deemed nil. Even a fully exempt sale still needs Schedule 3 and Form T2091(IND). Land in the exemption is usually capped at half a hectare.
CRA IC72-17R6: a non-resident certificate is prepaid at 25% of proceeds minus adjusted cost base — selling costs are not deducted. Without it the purchaser withholds 25% of gross proceeds. CRA can refuse the certificate if Underused Housing Tax filings are outstanding.
How Toronto compares
Same sale price across cities, so the bars move with commission structure and tax on the fee. Toronto is highlighted.
Commission at each city’s typical structure, plus that city’s default legal and discharge. Mortgage payout is omitted so the chart compares the cost of listing, not equity.
Frequently asked questions
How much do I take home when I sell in Toronto?
On a $1,000,000 sale at a typical 5% commission, Ontario HST on the fee, legal, and a mortgage discharge, selling costs run about $56,500 before the mortgage payout. Subtract whatever you still owe the lender. Land transfer tax is the buyer’s cheque, not yours.
Do Toronto sellers pay land transfer tax?
No. Ontario land transfer tax, and Toronto’s municipal tax, are charged to the buyer on closing. Your costs are commission plus HST, legal, the mortgage payout, and any penalty for breaking the term.
How much is a condo status certificate in Ontario?
The Condominium Authority of Ontario says corporations can charge up to $100 including tax, and must deliver the certificate within 10 days. Rush fees sit outside that cap. The buyer’s lawyer usually orders it; the agreement of purchase and sale says who pays.
Do I pay tax on the gain if this is my home?
Usually no, if it was solely your principal residence for every year you owned it. You still have to report the sale on Schedule 3 and file Form T2091(IND). Land in the exemption is usually capped at half a hectare. A house owned less than 365 days is a flipped property: the gain is business income, the exemption is not available, and a loss is deemed nil.
More Toronto resources
Sharing the lease? The Toronto rent split calculator splits by equal share, income, square footage, or hybrid, with this city's sitting rents by bedroom.
Underwrite the rental before you offer. The Toronto cap rate calculator is preloaded with CMHC vacancy, sitting two-bedroom rent, and this city's mill rate.
Choosing between markets? The Toronto city comparison puts prices, land transfer tax, monthly costs, and climate next to another Canadian city.
Estimate your annual bill with the Toronto property tax calculator, preloaded with the city's current residential rate, rebates, and payment deadlines.
Buying a condo instead? Sanity-check the maintenance fees with the Toronto condo fee calculator, including the red flags that precede special assessments.
Deciding whether to keep renting? The Toronto rent vs own calculator compares owning against renting and investing over your time horizon.
Before you make an offer, budget the one-time purchase costs with the Toronto closing costs calculator, from land transfer tax to legal fees.
Selling at the same time? The Ontario real estate commission calculator estimates realtor fees and the tax charged on them.
When you're ready to act, compare the top real estate agents in Toronto using verified reviews and closed transactions.
Sale proceeds calculators for other cities
Sources
- FCAC: Mortgage prepayment penalties (3 months’ interest vs IRD)
- CRA: Principal residence exemption and reporting the sale
- CRA folio S1-F3-C2: flipped property (ITA 12(12)–12(14)) and the ½ hectare cap
- CRA IC72-17R6: section 116 certificates (25% of proceeds minus ACB)
- CRA: Non-resident dispositions of Canadian property (s.116)
- Condominium Authority of Ontario: status certificates ($100 cap, 10 days)
Commission structures are market conventions checked against this site’s provincial calculator, not a legal tariff. Legal and discharge figures are typical ranges, not quotes. Confirm with your listing agreement, lawyer or notary, and lender before you list.