Published 17 September 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty
Move-up buyers should work out their real equity first, get the new mortgage approved, budget for land transfer tax in cash, and then decide whether to sell first, buy first with bridge financing, or match closing dates. At $1.5 million or more you need at least 20% down.
Move-up buyers are selling and buying in the same market at the same time. Getting the order and the numbers right matters more than finding the perfect house first.
Step 1: Know your real equity
Start with a realistic sale price, not the price you hope for. Subtract:
- your mortgage balance
- any prepayment penalty, if you won’t port the mortgage
- commission and HST
- legal fees
What is left, plus savings, is your down payment.
Step 2: Get the new mortgage approved before you shop
- Stress test: you’ll qualify at your contract rate plus 2% or 5.25%, whichever is higher.
- 20% down: at $1.5 million or more you need at least 20% down, because homes at that price can’t have insured mortgages.
- Porting: ask whether you can port your existing mortgage and blend it with new money. That can avoid a penalty and keep part of a lower rate.
Step 3: Budget for land transfer tax
In Toronto you pay both Ontario and municipal land transfer tax on the new home, in cash, on closing. It can’t be added to the mortgage. On a larger purchase it is often the biggest single cost of moving.
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Answer six quick questions and get an instant value range built from current Toronto & GTA sale data — property type, size, condition, lot and location all weighted the way a real pricing conversation weighs them. Takes about ninety seconds.
Reading recent GTA sale data…
Building your estimate
Estimated market value
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$0–$0
Most likely value $0 · roughly $0 per square foot
What moved the number
Starting from the area baseline for your property type, here’s what each answer added or subtracted.
Market context
Recent local averages for comparison.
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A range is a starting point.
A strategy is what sells.
This model doesn’t know that your neighbour’s identical semi went $80,000 over asking last month, or which two upgrades actually pay back in your area. That conversation is free and takes twenty minutes.
Step 4: Choose buy first or sell first
- Sell first: you know your money but may need a rental or a long closing.
- Buy first: you get the right home but risk carrying two, so line up bridge financing and price your sale to sell.
- Both at once: match closing dates, or negotiate a longer closing on the sale.
Step 5: Price and prepare your sale
A well-priced, well-presented home sells faster and gives you certainty for the purchase. Small repairs, decluttering and good photos usually matter more than big renovations.
What move-up buyers often trade
- Condo to townhouse or semi: more space and outdoor room, but you often take on maintenance and may drop a parking or amenity perk.
- Semi to detached: usually a big price jump, and often a longer commute.
- Compare the whole cost: look at property tax, utilities and maintenance, not only the mortgage payment.
The takeaway
Know your net equity, get approved before shopping, keep land transfer tax in cash, and choose the sell-first or buy-first route before you fall in love with a house.
Talk it through with me
Get a first-time buyer plan
Tell me your savings, income range and target area. I will send a realistic price range and next steps.
I will come back to you personally, usually the same day. If it is urgent, call or text 833-330-1925.
Frequently asked questions
Should I sell or buy first when upsizing in Toronto?
It depends on your equity, how fast your home is likely to sell, and whether you can carry two homes briefly. Many move-up buyers sell first or use bridge financing.
Can I take my mortgage with me?
Many mortgages can be ported. Ask your lender about porting and blending before you list.
Do I get a land transfer tax rebate when upsizing?
No. The rebates are only for first-time buyers.
Sources
- Office of the Superintendent of Financial Institutions (OSFI) — minimum qualifying rate
- Financial Consumer Agency of Canada — down payment — minimum down payment rules
Related reading
- Sell First or Buy First in Toronto? How to Decide (and How Bridge Financing Works)
- Porting Your Mortgage When You Move in Ontario: How It Works
- How to Win a Bidding War in Toronto Without Overpaying (2026)
- How to Price Your Home to Sell in Toronto (2026): A Step-by-Step Method
- Bridge financing in Ontario: buying your next home before the old one closes
- Renovate or move? How Toronto homeowners decide in 2026
About the author — Jatin Dua, Toronto and GTA real estate broker
I am Jatin Dua, Broker of Record and co-founder of RE/MAX Quantum Realty Inc., Brokerage, Unit 101, 799 The Queensway, Etobicoke. I work with buyers and sellers across Toronto and the GTA, with deep local knowledge of the west end. Four-plus years of active GTA transactions and over $100 million in sales volume. Every market figure here comes from TRREB’s published tables and every rule from RECO or Ontario legislation, so you can check all of it without asking me.
Reach me at connect@jatindua.com or 833-330-1925, or book a call.