Can We Afford to Upsize?
A Realistic Guide to Budgeting, Equity & Financing Your Next Family Home in the GTA
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Upsizing Starts with a Money Conversation
Before you start browsing listings, it’s important to understand what you can actually afford – not just in terms of listing price, but overall transition costs, monthly expenses, and your existing equity.
Whether you’re dreaming of a backyard, more bedrooms, or space for the in-laws, this guide will help you take a clear, confident look at your financial readiness to upsize.
What Does
Upsizing Actually Cost?
Here are the typical expenses that go beyond just the next home’s price tag:
Upgrade Costs
- New furniture or appliances
- Renovations in the new place
- Utility deposits or installation fees
One-Time Costs
- Land Transfer Tax (Municipal + Provincial if in Toronto)
- Legal Fees & Disbursements: ~$1,500-$2,500
- Real Estate Commission (on sale of current home)
- Moving & Storage: $1,500-3,000 on average
- Staging & Prep: Optional, but can affect sale price
- Bridge Loan Interest: If buying before you sell
What’s Your Home Equity Position?
Your current home might be holding the key to your next one. If you’ve built up equity, that value can often be used toward your next down payment.
Home Valuation
Start by using a professional home valuation to understand your property’s current market value – we offer these for free.
Recent Sales
Review recent sales in your neighbourhood to get a realistic sense of what similar homes are selling for.
Current Mortgage
Check your current mortgage balance by contacting your lender, so you know exactly what’s remaining on your loan.
Home Equity = Current Home Value - Remaining Mortgage
Ongoing Monthly Costs
- Mortgage payments (based on rate, term, amortization)
- Property taxes (check city/region sites for estimates)
- Property taxes (check city/region sites for estimates)
- Home insurance
- Heating, cooling, water
- Maintenance fund (aim for 1% of home value per year)
Family Budget Tip
Don’t max out your mortgage approval. Leave room for:
- Kids’ activities
- Emergencies
- Travel or savings
Financing Your Move
How you handle the sale and purchase order can affect your cash flow:
Option 1: Buy First
This approach gives you more time to find the right place that suits your family's needs. However, it typically requires bridge financing or access to liquid funds to cover the purchase before your current home sells.
Option 2: Sell First
Selling first gives you clarity on how much you can put toward your next home, since you’ll know exactly what your down payment will be. The downside is that it can be more stressful if you don’t find your next home quickly.
Financing Tips
It’s wise to talk to a mortgage advisor early in the process to understand your options. Ask whether you can port your current mortgage to your new home, and compare bridge loan options while keeping potential closing dates in mind.
Need a Referral?
We partner with mortgage experts who specialize in upsizing families.
What Should You
Do Next?
If You...
Then...
Need to map out your numbers
Want clarity on mortgage options
Ready to plan your move
Final Thoughts
Upsizing isn’t just about moving into a bigger house. It’s about designing a home that works better for your family’s needs now and into the future. Whether you’re just starting to wonder or already searching listings, we’re here to help you navigate the next step – with calm, clarity, and confidence.
Let’s make your next move feel like the right one.