Selling a condo in Toronto involves several costs that reduce your net proceeds. Understanding them before you list is important — both to set realistic expectations and to plan the financial side of your next move accurately.
Real Estate Commission
The most significant cost. Commission in Toronto is negotiated, not fixed. Typical arrangements involve total commission of 5% of the sale price, split between the listing brokerage and the cooperating (buyer's) brokerage. On a $650,000 condo, total commission at 5% would be approximately $32,500.
Commission structures vary. Some brokerages charge a flat fee; others charge a percentage. The cooperating commission (what the buyer's agent receives) is typically established by the seller at listing and disclosed publicly to buyer's agents. Offering a non-competitive cooperating commission can affect the volume of buyer agent activity on your property.
Legal Fees
Expect to pay between $1,200–$2,000 in legal fees for the sale transaction, covering preparation of the transfer documents, discharge of your mortgage (if applicable), and management of funds at closing. Some lawyers charge disbursements separately (title searches, registration fees, etc.) — confirm the all-in estimate before retaining.
Mortgage Discharge Costs
If you're breaking your mortgage early to sell, your lender may charge a prepayment penalty. For fixed-rate mortgages, this is typically calculated as the greater of three months' interest or the interest rate differential (IRD). IRD penalties can be substantial — sometimes $10,000–$20,000 or more on a large fixed-rate mortgage with a significant rate gap. Variable-rate mortgages typically carry a penalty of three months' interest only, which is lower.
If your mortgage is portable and you're buying another property, the penalty may be avoided entirely or reduced. Speak with your lender or broker before proceeding.
Moving Costs
For a condo move in Toronto, expect to pay $800–$2,500 for a professional moving company, depending on the volume of belongings and the distance. High-rise moves involving elevators, booking fees with the building, and larger teams tend to be at the higher end.
Staging and Preparation
Professional staging for a condo in Toronto typically runs $1,500–$4,000 depending on the size of the unit and whether it's vacant or occupied. Photography, floor plans, and video production are sometimes included in a brokerage's marketing package and sometimes charged separately. Clarify what's included before signing a listing agreement.
Minor repairs and touch-ups before listing — fresh paint, hardware replacement, cleaning — are typically in the $500–$2,000 range for a well-maintained unit.
Summary: Realistic Cost Range
For a $650,000 condo sale in Toronto:
- Real estate commission: ~$29,250 (at 4.5%)
- Legal fees: $1,200–$2,000
- Moving costs: $800–$2,500
- Staging and prep: $2,000–$6,000
- Mortgage penalties: $0 (if porting) to $15,000+ (if breaking)
Total before mortgage penalty: approximately $33,250–$39,750
That's roughly $26,000 to $39,000 before any mortgage costs. Sellers who are also purchasing another property should account for these outflows when determining how much equity is actually available to put toward the next purchase.
For context on what you might be buying into next, see Condo vs. Loft vs. Freehold in Toronto: How to Actually Decide.
