What would you walk away with?
Put in a sale price and what you owe. You'll see what's left after commission, your mortgage and closing costs.
| Sale price | $1,000,000 |
|---|---|
| Commission4% of the price | −$40,000 |
| HST on commission13% | −$5,200 |
| Mortgage payoutYour balance on closing day | −$400,000 |
| Mortgage prepayment penaltyAsk your lender. Often $0 if you port or your term is up. | $0 |
| Lawyer and closing costsLegal fees, discharge fee, disbursements | −$1,500 |
| Moving, repairs and staging | −$2,000 |
| What's left | $551,300 |
Property tax on a $1,000,000 home in Burlington is roughly $6,092 a year (about $17 a day). On closing day it's split by the day: if you've paid ahead for the rest of the year, the buyer pays you back; if a bill is still owing, it comes off what you get. Your lawyer works out the exact amount. The estimate uses the city's 2026 tax rate and an assessed value at about 60% of today's price, since MPAC still uses 2016 values; your tax bill shows the real number. Think your assessment is too high?
In Ontario the buyer pays land transfer tax, not the seller. Utilities are also adjusted on closing day. This is an estimate, not legal or tax advice.