A two-minute look at the numbers
Stay or Go?
Free Ontario Downsizing Calculator
What would downsizing actually change? Start with two things you already know: roughly what your home is worth, and what you might move to.
- 1Housing choices
- 2Financial picture optional
- 3Insights
1. Your home today
A neighbour's recent sale is a fine guess. We'll refine it later if you like.
Mortgage or line of credit. Leave blank if it's paid off.
Only needed if something is owing. It ends when you sell.
2. Where you might go
Slide it. Watch what happens to the cash you'd keep.
A two-bedroom in a newer Markham or Richmond Hill building is often in this range.
3. What changes
Stay put
Additional cash released
$0
You keep the house. Its value stays in the house.
Sell, buy smaller
Additional cash released
$552,000
You still own a home.
Sell and rent
Additional cash released
$1,418,000
You no longer own a home.
"Additional cash released" is what's left after paying off anything owing, selling costs, land transfer tax on the new place, legal fees and moving.
Want to see what this means for your finances?
4. How much financial breathing room would each option give you?
Add a few numbers to see where each option leaves you each month, and how long the money released by a sale could cover any shortfall. The figures shown are examples; replace them with your own.
Your monthly budget
Pensions, CPP, OAS and other regular income.
Food, car, phone, insurance, personal spending. Not the house.
Carried over from section 1. Pick an option to see its figure here; the comparison always shows all three.
For example a personal support worker, home care, independent living or a retirement residence. Leave blank if none, and don't repeat anything already in the lines above.
Your financial comparison
Stay put
Each month
Sell, buy smaller
Each month
Sell and rent
Each month
How long the money released could cover the monthly shortfall, at this rate
Illustrative only. Assumes your income and expenses stay the same.
Behind the numbers
Three things worth noticing
Where the money goes
| Your home sells for | $1,500,000 |
| Pay off what's owing | – $0 |
| Selling costs | – $82,050 |
| Commission (4%) plus 13% HST | $67,800 |
| Legal fee to sell | $2,250 |
| Moving and clearing out | $12,000 |
| Left after the sale | $1,417,950 |
| Buy the smaller home | – $850,000 |
| Buying costs | – $15,725 |
| Ontario land transfer tax | $13,475 |
| Legal fee to buy | $2,250 |
| Additional cash released | $552,225 |
If you rent instead, you keep the "left after the sale" figure; there's no purchase, no land transfer tax and no buying-side legal fee. Commission is negotiable; there's no set rate. Land transfer tax uses Ontario's provincial brackets; homes inside the City of Toronto pay a second municipal tax on top, which isn't included here.
Adjust the assumptions
Everything here is an illustrative starting point. None of it is calculated from your property or the market.
Illustrative estimate only. Commissions are negotiable and vary based on the services and arrangements agreed upon. Includes any buyer-side compensation the seller agrees to pay. HST is added separately.
$4,500 total = $2,250 selling + $2,250 buying. An illustrative even split.
Movers, disposal, and a hand with decades of belongings.
Property tax, utilities, insurance and upkeep. Not the mortgage payment; that's entered separately in section 1.
Condo fees, property tax and insurance. A guess until you have a specific building in mind; it does not change with the price.
Have questions about your results?
Happy to walk through the numbers or answer any real estate questions on a quick, informal 15-minute call.
Book a 15-minute callAbout this tool
The Stay or Go? calculator is a free, two-minute tool for Ontario homeowners weighing whether to stay in their home, sell and buy something smaller, or sell and rent. It estimates the cash each option could free up, the costs of moving, and the difference in your monthly housing cost, so you can see the financial shape of the decision before talking to anyone.
Common questions
What does the Stay or Go? calculator do?
It compares three paths for a homeowner thinking about downsizing: staying in your current home, selling and buying something smaller, or selling and renting. For each one it estimates the cash the move would free up, the costs of selling and moving, and the difference in your monthly housing cost.
Does downsizing actually free up money?
Often it does, but usually less than the gap between the two prices suggests. The difference between what your home sells for and what a smaller place costs is reduced by commission and HST, land transfer tax on the purchase, legal fees and the move itself. The calculator nets those out so you see a more realistic figure.
What selling and moving costs does it include?
On the sale it accounts for commission plus HST, legal fees, and moving and clearing out. On a purchase it adds Ontario land transfer tax and legal fees. Commission is negotiable and has no set rate, so you can adjust the assumptions to match your own situation.
Is this financial advice?
No. The calculator gives simplified, illustrative estimates based on the figures you enter, and its assumptions are starting points rather than a quote. It is not financial, tax or legal advice. For numbers specific to your home and circumstances, it is worth a direct conversation.