The cost to sell a house in Toronto typically runs between 4 and 6 percent of the sale price once commission, HST, legal fees, and moving expenses are counted. On a $1,400,000 house, that works out to roughly $60,000 to $85,000.
Real estate commission is the largest piece by a wide margin. Total commission in Toronto is commonly in the range of 4 to 5 percent of the sale price, split between the listing brokerage and the brokerage representing the buyer. There is no fixed or mandatory rate in Ontario, and commission is negotiable with your brokerage before you sign a listing agreement. The mechanics of who pays whom are covered in how real estate agents get paid in Ontario. Ontario also charges 13 percent HST on commission. A $70,000 commission becomes $79,100 once HST is added, so build that into your math from the start.
Your real estate lawyer handles the title transfer, pays out your mortgage, and prepares the statement of adjustments. Expect roughly $1,500 to $2,500 including disbursements for a straightforward Toronto sale.
If a mortgage is still registered on the property, your lender will charge a discharge fee, usually a few hundred dollars. Selling mid-term can also trigger a prepayment penalty, calculated as three months of interest or the interest rate differential, whichever is higher. What happens to an existing mortgage during a sale is explained in what happens to your mortgage when you sell.
Preparation is the variable part. Occupied staging in Toronto generally costs $1,500 to $3,500, and staging a vacant detached house can run well past $4,000. Whether that spend earns its keep is a fair question, and whether home staging is worth it in Toronto looks at the evidence. Add cleaning, minor repairs, and movers, which commonly total $1,000 to $3,000 more.
Two costs sellers often expect but do not pay: land transfer tax, which the buyer pays in Ontario, and capital gains tax, which does not apply when the house has been your principal residence for the entire time you owned it.
Related reading: What Are the Costs of Selling a Condo in Toronto?, Do You Pay HST on Real Estate Commission in Ontario?, and What Are the First Steps to Selling a Home in Toronto?.