Selling My Toronto Condo: What Will I Actually Net?
November 8, 2026
By Tom Storey, Sales Representative and Team Leader, The Storey Team at Royal LePage Signature Realty. Updated November 2026.
Your net from selling a Toronto condo is the sale price minus five things: your mortgage payout, real estate commission plus 13% HST, legal fees, closing adjustments, and any selling costs you still owe. Every one of those numbers can be confirmed in writing before you accept an offer, so you never have to guess.
Key takeaways
- The number that matters is what lands in your bank account, not the sale price.
- Your mortgage payout is usually higher than the balance in your banking app, because of accrued interest, discharge fees and any prepayment penalty.
- Commission is set by your listing agreement, and Ontario’s 13% HST applies on top of it.
- In Ontario the buyer pays land transfer tax, not the seller. In Toronto that includes both the provincial and the municipal tax.
- Prepaid condo fees and property taxes are adjusted on closing, and sometimes they come back to you as a credit.
I go through this worksheet with every condo seller before we talk about a list price, because it changes how you look at offers. A higher offer with a long closing and a repair credit can leave you with less than a lower, clean offer.
What comes off your sale price
1. Mortgage payout
Ask your lender for a payout statement good to your expected closing date. It shows the principal, interest to closing, the discharge fee, and any prepayment penalty. If you have a fixed rate mortgage and you are breaking it early, the penalty can be the single biggest surprise on the list, so get this number first. Some lenders let you port your mortgage to your next home, which can reduce or avoid the penalty.
2. Real estate commission and HST
Commission is negotiated and written into your listing agreement. It is not a fixed government rate. Put the commission on one line and the 13% HST on another so you see the real total.
3. Legal fees and disbursements
Your real estate lawyer charges a fee plus HST, and disbursements such as registration and title search costs. Ask for a written quote before you list.
4. Closing adjustments
On closing day your lawyer splits costs between you and the buyer. If you have prepaid property taxes or the month’s condo fees, the buyer reimburses you for the days after closing. If you owe anything, it comes off your proceeds.
5. Selling costs
Cleaning, small repairs, staging, moving and storage all count. Anything you have already paid is spent. Anything still owing at closing reduces your cash.
Seller net worksheet for a Toronto condo
| Line item | Where the number comes from | When to confirm it |
|---|---|---|
| Sale price | The offer you accept | Each time an offer or counter changes |
| Mortgage principal and interest to closing | Lender payout statement | Before you set a closing date |
| Prepayment penalty and discharge fee | Lender payout statement | Before you list |
| Commission and 13% HST | Your listing agreement | Before you list |
| Legal fee, HST and disbursements | Written quote from your lawyer | Before you accept an offer |
| Property tax and condo fee adjustments | Statement of adjustments from your lawyer | A week before closing |
| Status certificate (up to $100) | Your condo corporation | When you list |
| Moving, cleaning, repairs, staging | Your invoices | Ongoing |
How to calculate your net, step by step
- Start with the offer price.
- Subtract the lender’s payout figure, including any penalty and discharge fee.
- Subtract commission and its HST, exactly as your listing agreement states them.
- Subtract your lawyer’s fee, HST and disbursements.
- Add or subtract your closing adjustments.
- Subtract any selling costs you still owe.
What you usually do not pay
Land transfer tax is the buyer’s cost. In Toronto, buyers pay both Ontario’s land transfer tax and the City of Toronto’s municipal land transfer tax on closing. It only affects you if your agreement shifts some of that cost to you, which is rare.
Capital gains tax usually does not apply to your home. If the condo was your principal residence for every year you owned it, the gain is generally exempt. You still report the sale on your tax return. If the condo was a rental or a second property, speak with your accountant before you list, because tax can change your net a lot.
About Tom Storey
Tom Storey leads The Storey Team at Royal LePage Signature Realty in downtown Toronto. He has been licensed since 2014 and has been part of more than 1,000 Toronto real estate transactions. The Storey Team ranked #1 for downtown Toronto condo sales in 2024 and 2025 (based on TRREB data), and Tom has earned seven consecutive Royal LePage Chairman’s Club awards. Read what clients say in 190+ five-star Google reviews and on Rate-My-Agent.
Frequently asked questions
How much will I walk away with when I sell my condo in Toronto?
Take the sale price and subtract your mortgage payout, commission plus 13% HST, legal fees, closing adjustments and any selling costs you still owe. Each figure comes from a document you can get before you accept an offer.
Does the seller pay land transfer tax in Toronto?
No. The buyer pays both the Ontario land transfer tax and the Toronto municipal land transfer tax when the sale closes.
Is HST charged on real estate commission in Ontario?
Yes. Ontario’s 13% HST applies to real estate commission. It also applies to your lawyer’s fee.
Will I pay a penalty for breaking my mortgage when I sell?
It depends on your mortgage. Fixed rate mortgages often carry a penalty if you pay them off early. Ask your lender for a payout statement, and ask whether you can port the mortgage to your next home.
Who pays for the status certificate when I sell my condo?
It is negotiable, but sellers often order it so buyers can review it quickly. Ontario caps the standard fee at $100, and the condo corporation must deliver it within 10 days of the request and payment.
Do I get my prepaid condo fees back when I sell?
If you have paid condo fees or property taxes for days after closing, the buyer reimburses you through the statement of adjustments your lawyer prepares.
Do I pay capital gains tax when I sell my condo?
Not usually, if it was your principal residence for every year you owned it. You still report the sale. A rental or second property is different, so check with your accountant.
Sources
- Ontario Ministry of Finance: Land transfer tax
- City of Toronto: Municipal land transfer tax
- Condominium Authority of Ontario: What is a status certificate?
- Canada Revenue Agency: Principal residence
This article is general information, not legal, tax or financial advice. Confirm your own numbers with your real estate lawyer, lender and accountant.
