Moving Up in Toronto

Upsizers

Upsizing in Toronto

Upsizing in Toronto means selling one home and buying a bigger one, usually at the same time, usually with a family, a job and a school calendar to work around. The Storey Team plans both sides of the move together, so the timing works, the financing is lined up and you are never forced into a bad decision on either property.

We have been part of more than 1,000 transactions and we rank in the top 0.1% of Toronto real estate. A large share of our clients are moving up: from a downtown condo to a townhouse or semi, from a semi to a detached home, or from the core to a neighbourhood with more space and better schools. We know both ends of that trade because we sell the condos and buy the houses.

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The BRIDGE Method

The BRIDGE Method is the six step process The Storey Team uses to move clients up in Toronto: Budget the move, Ready your home, Identify the target, Decide the order, Gap financing, Execute both closings.

B. Budget the move

Before anyone looks at houses, we work out what your current home will realistically sell for, what you will net after costs, how much a lender will approve on the new mortgage, and what the move itself will cost, including two land transfer taxes in Toronto. That number defines the search.

R. Ready your home

Your sale funds your purchase, so it has to be done well. We plan the preparation, staging, photography and pricing early, so the home can go to market quickly when the timing is right.

I. Identify the target

We narrow the neighbourhoods, house types and must haves, and we watch the market so you understand what your budget actually buys before you commit to a timeline.

D. Decide the order

Sell first, buy first, or both at once with conditions. Each carries a different risk, and the right answer depends on the market, your finances and your stomach for uncertainty.

G. Gap financing

If the closings do not line up, bridge financing, a home equity line or a deposit strategy can cover the gap. We get your mortgage broker involved early so it is approved before you need it.

E. Execute both closings

We coordinate dates, lawyers, lenders, movers and possession, so you move once, ideally with a few days of overlap instead of a weekend in a hotel.

Why upsizing needs a plan

Most upsizing stress comes from sequencing, not from the houses themselves. Buy first without a plan and you can end up carrying two homes or dropping your price to sell fast. Sell first without a plan and you can end up renting short term or rushing into the wrong house. Neither is a disaster when it is planned. Both are expensive when it is not.

Sell first or buy first?

Should I sell my house before buying another in Toronto?

In a market with plenty of supply and stable or softening prices, selling first is usually the safer choice because you know exactly how much money you have and there is enough inventory to find the next home. In a fast rising market with low inventory, buying first can make more sense because the right house may not wait. Most of 2025 and 2026 has favoured selling first, or at least listing before you buy.

The worst position is buying first in a market where your own home takes longer to sell than you expected. If you buy first, price your current home to sell, not to test the market.

What happens if I buy a new home before I sell mine?

You are committed to closing on the new home whether or not your current one has sold. If it has not, you will need bridge financing, a home equity line of credit or another source of funds for the down payment, and you may carry two mortgages until it sells. That is manageable for a short period with a plan. It becomes expensive quickly if your home sits.

Can I make an offer conditional on selling my house?

Yes. A sale of property condition makes your purchase conditional on selling your current home within a set period. It protects you, but sellers often see it as a weak offer, especially in competitive situations. Sellers usually require an escape clause that lets them keep marketing and accept another offer if you cannot remove the condition within a short time. It works best in slower markets and on properties that have been listed for a while.

What is the best closing gap between selling and buying?

Ideally, you close on the purchase a few days to a week before the sale closes. That gives you time to move, clean and do small jobs before the new home fills up, with a short bridge loan covering the overlap. Same day closings are possible but stressful, and they leave no room if a lender or lawyer is late.

What if I sell my home but cannot find a new one?

You can negotiate a longer closing on your sale, rent short term, or ask the buyer for a lease back. A longer closing is the simplest option when you list, which is why we discuss your timeline before choosing a closing date. In a market with more supply, it is rare for a well prepared buyer to find nothing at all within a few months.

Financing a move up

What is bridge financing?

Bridge financing is a short term loan that covers the gap when you close on your new home before your current home’s sale closes. It lets you use the equity from your firm sale for the down payment on your purchase. Most lenders offer it for a few weeks to a few months, usually requiring a firm, unconditional sale agreement on your current home.

Do I need a firm sale to get bridge financing?

Usually, yes. Most lenders require a firm agreement of purchase and sale on your current home before they will bridge. If you have not sold, a home equity line of credit on your existing property is the more common source of funds for a deposit or down payment.

Can I port my mortgage to a new home?

Many fixed rate mortgages are portable, which means you can move your existing rate and balance to the new property and add new money for the extra amount, often at a blended rate. It can save you a prepayment penalty and keep a low rate on part of your debt. Porting rules and deadlines vary by lender, so check before you sell.

Will I pay a penalty for breaking my mortgage when I sell?

Possibly. If you break a fixed rate mortgage early, the penalty can be three months’ interest or an interest rate differential, whichever is higher, and the interest rate differential can be substantial. Porting the mortgage or timing the sale near your renewal date can reduce or avoid it. Get a written penalty quote from your lender before you list.

How much house can I afford when I upsize?

Your purchase budget is your net proceeds after selling costs and the mortgage payout, plus any savings, plus the mortgage you qualify for at the federal stress test rate. Remember that insured mortgages are only available up to $1.5 million, so for most Toronto family homes above that price you need at least 20% down. Our Mortgage Calculator is a good starting point, and your broker will give you the final number.

Can I use my RRSP or FHSA to upsize?

The Home Buyers’ Plan and the First Home Savings Account are designed for first-time buyers, which most upsizers no longer are. There are limited exceptions, for example if you have not owned and lived in a home in the current year or the previous four calendar years. Check your eligibility with your accountant before counting on either.

The real cost of upsizing

How much does it cost to move up to a bigger home in Toronto?

The two largest costs are the land transfer taxes on the purchase and the commission on the sale. Add legal fees on both sides, any mortgage penalty, moving costs, and the inevitable spending on a bigger home. On a typical Toronto move up, total transaction costs often land between 6% and 8% of the purchase price, which is why we build the full budget before you start looking.

How much land transfer tax will I pay on a $1.5 million house in Toronto?

Toronto buyers pay both the Ontario and the Toronto municipal land transfer tax. On a $1.5 million home, that is about $26,475 each, or roughly $52,950 in total. Upsizers usually do not qualify for the first-time buyer refunds. On homes above $3 million, Toronto’s higher luxury tiers that took effect on April 1, 2026 increase the municipal tax further.

Do I pay capital gains tax when I sell my home to move up?

Generally not on your principal residence. If the home you are selling has been your principal residence for every year you owned it, the principal residence exemption usually covers the entire gain. You still report the sale on your tax return. Rental suites, home businesses or years when the home was not your principal residence can complicate this, so check with your accountant.

Is it cheaper to renovate than to move?

Sometimes. If you love your neighbourhood and your lot allows it, adding space can cost less than two land transfer taxes and a commission. But renovations in Toronto take longer and cost more than most people expect, and you rarely recover the full cost when you sell. We are happy to give you an honest comparison of renovating versus moving, including what the renovated home would likely sell for.

Selling your current home

How do I get the most for my home when I am upsizing?

Prepare it properly and price it to the market from day one. Your sale funds your next purchase, so a home that sits for weeks and needs price reductions costs you twice: once on the sale price, and again in the stress and timing pressure on your purchase. Staging, repairs, professional photography and video, and a clear pricing strategy make the biggest difference.

Should I list my condo before I find a house?

In most of today’s market, yes, or at least have it ready to list. Condos have been taking longer to sell than freehold homes, and an upsizer who is waiting on a condo sale cannot compete well for a house. We often prepare the condo first, list it, and start serious house hunting as offers come in.

Should I hold onto my condo and rent it out instead of selling?

It can make sense if the condo cash flows comfortably, you can still qualify for the new mortgage, and you are comfortable being a landlord. But keeping it reduces your down payment, makes the new mortgage harder to qualify for, and the condo’s future gain becomes taxable after it stops being your principal residence. Run the numbers on our Cash Flow Calculator and talk to your accountant first.

What time of year is best to upsize in Toronto?

Spring and early fall usually bring the most buyers and the most listings, which makes them good times to sell and to buy. Families often aim to close in the summer to change schools at the start of the year. Winter can mean less competition on the buying side. We plan the timing around your life first and the market second.

Buying the bigger home

Is it better to upsize to a semi or a detached home in Toronto?

A semi-detached house gives you freehold ownership and more space at a lower price than a detached home in the same neighbourhood, which is why it is the classic first move up in Toronto. A detached home gives you more privacy, more light on all sides and more flexibility to expand. The right choice usually comes down to neighbourhood, budget and how long you plan to stay.

Condo townhouse or freehold house?

A condo townhouse can give you more space and a lower price than a freehold home, with maintenance fees and a corporation to manage the exterior. A freehold gives you land and full control, without monthly fees, but with all the maintenance. We review the status certificate on any condo townhouse just as carefully as on a high rise unit.

What should families look for when upsizing?

Schools and catchment boundaries, a layout that works for how your family actually lives, a usable backyard, parking or laneway access, commute times, and nearby parks, community centres and transit. Check school boundaries directly with the school board, since they can change and are not guaranteed by a listing.

Should I get a home inspection when buying a house?

Yes, whenever you can. On a freehold home, especially an older Toronto house, an inspection can reveal issues with the roof, foundation, electrical, plumbing, drainage and old wiring. In competitive situations some buyers inspect before making an offer. In today’s market it is usually possible to include an inspection condition.

Upsizing in today’s market

Is now a good time to upsize in Toronto?

For many families, yes, because the gap between condo prices and freehold prices has narrowed in some neighbourhoods and buyers have more choice than in recent years. Your condo may have lost some value, but the house you are buying may have softened too, and the move up gap is what matters. We calculate that gap for your specific homes rather than relying on headlines.

What is the move up gap?

The move up gap is the difference between what your current home will sell for and what the home you want costs. When prices fall across the board, the gap in dollars often shrinks even if your own home is worth less than it was. That is why some of the best times to upsize are in softer markets.

My condo is worth less than I paid. Can I still move up?

Often, yes. Even if the condo has lost value, you may have paid down principal, and the house you want may also be cheaper than it was. The question is whether your net proceeds plus savings plus a new mortgage cover the purchase. We will show you the real numbers, including the option of keeping the condo and renting it if selling now does not work.

Working with us

Why use the same team to sell and buy?

Because the two transactions are linked. One team can align the timing, protect you on both sides and see the whole financial picture. When you use different agents, each is focused on their half, and the gaps between the two are where upsizers get hurt.

Can you help us figure out where to move?

Yes. We know Toronto neighbourhood by neighbourhood, and we can show you what your budget buys in different parts of the city, how commutes compare and what each area feels like to live in. Our neighbourhood guides are a good place to start, and we are happy to drive you through the shortlist.

How do we get started?

Start with a planning meeting. We will estimate what your current home will sell for, what you will net, what you can comfortably buy and the order that makes sense for your family. There is no cost and no obligation.

Call or text The Storey Team at 416-670-2432, or email tom@storeyteam.ca.

Where Toronto families move up

We help clients move up across the city. From downtown condos in King West, Liberty Village, CityPlace and the Waterfront to semis and detached homes in Leslieville, Riverdale, the Danforth, East York, Leaside, the Beaches, Roncesvalles, High Park, the Junction and Bloor West Village. North to Davisville, Lawrence Park, Bedford Park, Willowdale and Don Mills. And west to Etobicoke, Kingsway, Islington Village and Mimico.

Talk to us before you list or buy

The most useful conversation happens before you start booking showings. We will build the full plan for both homes, including the numbers and the order. There is no cost and no obligation.

Call or text 416-670-2432 or email tom@storeyteam.ca