Moving out versus renovating calculator

Last update: 2023. Pricing valid for: Toronto

How we built this tool?

The factors used to make this calculator are based on Ontario values.

Contingencies

It is recommended to provide a budget contingency of around 10% to cover unknowns or additional requests during the work. 

Disclaimer

These values listed are industry average approximations and can vary based on location in Ontario.

Variables that will be included in the calculator:

Cost of selling:

1. Home preparation, repairs, cleaning and staging 1% sale price
2. Pre-listing home inspection (house) or status certificate (condos) - included in 5% commission
3. Storage and junk removal costs - 1% sale price
4. Mortgage penalty - depends
5. HST on commission and legal fees - 13%
6. Title insurance fees $250
7. Property survey not typically required
8. Moving costs, including utility connection charges - 2-4% sale price
9. Real estate agent commission - paid by buyer

Cost of buying:

1. Land Transfer Tax - 0.5% on amounts up to and including $55,000. 1.0% on amounts exceeding $55,000, up to and including $250,000. 1.5% on amounts exceeding $250,000, up to and including $400,000.
2. Home inspection fees - included in commission
3. Appraisal fees
4. Down payment
5. Lawyer Fees
6. Title insurance fees
7. Changes in property tax (will you pay more in taxes in your new house?)
8. Change in Home Insurance price (will you pay more in insurance in your new house?)
9. Real estate agent commission 5%