Upsizing Your Home: A Practical Guide

A growing family, a home office, or just the need for room to breathe — there are plenty of good reasons to upsize your home. But a bigger home means a bigger mortgage, higher closing costs, and more to maintain. This practical guide helps you upsize in Ontario with your finances firmly under control.

Key takeaways

• Upsizing raises not just your mortgage, but land transfer tax, closing costs and ongoing carrying costs.
• Land transfer tax scales with price, so a larger home means a noticeably bigger tax bill.
• Coordinate the sale of your current home with your purchase to avoid carrying two properties.
• Get pre-approved and re-run your affordability before you fall for a bigger home.
• HOMEH coordinates your move and gives eligible buyers the industry's highest Cashback Rebate. Sellers list for 1%, or free when they also buy with HOMEH within 6 months, or $395 + HST with a Mere Posting.

Can you actually afford to upsize?

Upsizing is exciting, but the first step is unglamorous: confirm the numbers. A larger home increases almost every cost at once — a bigger mortgage, more land transfer tax, higher property taxes, and more to heat, cool and maintain. The equity from your current home helps, but it rarely covers the full jump.

Start by getting a current read on your buying power. Run your numbers through the affordability calculator and the mortgage calculator, then get pre-approved so you know your real ceiling before you start touring.

Budget the whole picture, not just the mortgage

A bigger home costs more every month — not just in mortgage payments, but in property tax, utilities, insurance and upkeep. Make sure your budget comfortably absorbs all of it, not just the loan payment.

The hidden costs of going bigger

Two costs catch upsizers off guard: land transfer tax and ongoing carrying costs. Because Ontario's land transfer tax is calculated on a sliding scale, a more expensive home pushes you into higher brackets, so the tax climbs faster than the price. Toronto buyers pay it twice — provincial and municipal.

Beyond the tax, budget the full slate of closing costs in Ontario — legal fees, title insurance, inspection and more — which typically run 1.5%–4% of the purchase price. Estimate yours with the closing cost calculator.

Timing your sale and purchase

Upsizing almost always means selling your current home and buying a bigger one — which puts you squarely in same-time-move territory. The order you choose matters: selling first locks in your budget, while buying first secures the larger home before someone else does.

Read should you buy or sell first? to pick your order, and buying and selling at the same time for the mechanics of overlapping closings. If your purchase closes before your sale, bridge financing can cover the gap.

Keep your good rate

If you locked in a favourable mortgage rate, you may be able to carry it to your bigger home. See how to port your mortgage — it can save you a penalty and keep your rate while you borrow more for the upsize.

Buying smart when you upsize

A bigger purchase is a bigger commitment, so build in protection.

1. Get pre-approved first. Know your true budget before you tour homes you'll fall for.
2. Leave a cushion. Don't buy at the absolute top of your approval — larger homes carry larger surprises.
3. Use conditions wisely. A financing or inspection condition protects you on a major purchase.
4. Think about resale. Even your forever home should be one others would want to buy.
5. Factor in furnishing and renos. More square footage often means more to furnish and finish.

Upsize with HOMEH

Upsizing is one of the larger financial moves you'll make, so the savings matter most here. HOMEH coordinates the sale of your current home and the purchase of your bigger one, lists for a low fee, and shares commission back — leaving more equity to put toward the larger mortgage. Start with HOMEH's sell-and-buy service.

Upsize with HOMEH and get cashback

Eligible HOMEH buyers receive the industry's highest Cashback Rebate — a meaningful offset against the higher costs of a bigger home. Sellers list for 1%, or free when they also buy with HOMEH within 6 months, or $395 + HST with a Mere Posting. Estimate yours with the cashback calculator.