# Downsizing in Milton: What It Really Costs | ReverseMortgageMilton.ca

> Selling a typical Milton house and buying a condo costs about $63,800 before you move a box. See the itemised costs, a townhouse version and what's left over.

URL: https://reversemortgagemilton.ca/guide/downsizing-in-milton/

Decision Guide

# What Does Downsizing in Milton Really Cost?

The commission, land transfer tax, legal fees and movers on a typical Milton move, what's left over afterward, and how that sits next to staying with a reverse mortgage.

From Dominion Lending Centres Homestead Financial. Updated October 16, 2026. About 7 minutes to read.

The short version

-   Selling a Milton detached house at the $1,149,000 TRREB benchmark and buying a condo apartment at $511,700 costs about $63,800 in one-time costs.
-   Milton charges no municipal land transfer tax, so Ontario's tax on a $511,700 condo is $6,709 and on a $603,200 townhouse is $8,539.
-   After those costs, the condo move leaves about $573,500 and the townhouse move about $480,100, before paying off any mortgage.
-   A reverse mortgage at 72 on the same $1,149,000 house could provide up to about $630,000, with interest added to the balance and the house still yours.
-   TRREB counted just 10 condo apartment sales in Milton in September 2026, against 81 active listings.

The short answer

Downsizing in Milton from a typical detached house at $1,149,000 to a condo apartment at $511,700 costs about $63,800 in commission, tax, legal fees and movers. That leaves about $573,500 before paying off any mortgage. A reverse mortgage at 72 on the same house could provide up to about $630,000 while you stay.

Downsizing in Milton means selling one home and buying another, and both sides of that trade cost money. Here are the costs on a typical Milton move, worked out line by line, then what’s left over, and how that sits next to staying in your home with a reverse mortgage.

## What does it cost to sell a Milton house and buy a condo?

Say a Milton homeowner sells a detached house at **$1,149,000** and buys a condo apartment at **$511,700**. Those are the TRREB MLS® Home Price Index benchmarks for Milton in September 2026, released October 6, 2026: the price of a typical home of each type.

| Cost | The calculation | Total |
| --- | --- | --- |
| Real estate commission on the sale | 4% of $1,149,000 = $45,960, plus 13% HST of $5,975 | $51,935 |
| Legal fees on the sale | Estimate | About $1,200 |
| Ontario land transfer tax on the condo | Ontario’s brackets on $511,700 | $6,709 |
| Municipal land transfer tax | Milton has none | $0 |
| Legal fees on the purchase | Estimate | About $1,500 |
| Movers | Estimate | About $2,500 |
| Total |  | About $63,800 |

_Illustrative only. Home values are TRREB MLS® HPI benchmarks for Milton, September 2026. Commission is negotiable; 4% is an assumption, not a Milton rate._

The commission is the biggest line by far. Nothing here includes painting, repairs before listing, storage, new furniture or the cost of overlapping closing dates. Those depend on your home and your timing.

### How the land transfer tax is worked out

Ontario charges land transfer tax in brackets, as set out on ontario.ca: 0.5% on the first $55,000, 1% from $55,000 to $250,000, 1.5% from $250,000 to $400,000, and 2% from $400,000 to $2,000,000. On the $511,700 condo:

-   $55,000 × 0.5% = $275
-   $195,000 × 1% = $1,950
-   $150,000 × 1.5% = $2,250
-   $111,700 × 2% = $2,234
-   Total: **$6,709**

Milton charges no municipal land transfer tax, so that’s the whole tax.

## What if you buy a Milton townhouse instead?

The same move into a townhouse at Milton’s September 2026 benchmark of **$603,200** costs a little more, because the land transfer tax is higher.

| Cost | The calculation | Total |
| --- | --- | --- |
| Commission and HST on the sale | Same as above | $51,935 |
| Legal fees on the sale | Estimate | About $1,200 |
| Ontario land transfer tax | $275 + $1,950 + $2,250 + ($203,200 × 2% = $4,064) | $8,539 |
| Legal fees on the purchase | Estimate | About $1,500 |
| Movers | Estimate | About $2,500 |
| Total |  | About $65,700 |

_Illustrative only, same assumptions as the condo example. TRREB MLS® HPI townhouse benchmark for Milton, September 2026._

## How much money is left over after downsizing in Milton?

The sale price, minus the new home, minus the costs, is what’s left to live on:

-   **Condo move:** $1,149,000 − $511,700 − $63,844 = about **$573,500**
-   **Townhouse move:** $1,149,000 − $603,200 − $65,674 = about **$480,100**

That’s before paying off any mortgage or line of credit still on the house. If you owe $150,000, for example, the condo move leaves about $423,500. The money is yours outright, with no interest building against it.

Prices move both ways. TRREB’s Milton detached benchmark was down 6.46% from a year earlier in September 2026, and the condo apartment benchmark was down 5.10%. If both fall together, the gap between them, which is your money left over, shrinks too.

## How does that compare with a reverse mortgage at the same age?

Say the same homeowner is 72 and stays. At 72, a reverse mortgage could provide up to about **54.81%** of the home’s value. On the $1,149,000 benchmark house, that’s up to about **$629,800** (54.81% × $1,149,000 = $629,767). It’s a ceiling, not a quote: the appraisal sets the real figure, and you never have to take the full amount.

The two routes are different in kind, so they don’t line up neatly:

|  | Downsize to the condo | Stay with a reverse mortgage |
| --- | --- | --- |
| Money available | About $573,500, yours outright | Up to about $629,800, as a loan |
| One-time costs | About $63,800 | About $2,000 to $3,500 |
| Interest | None | Added to the balance twice a year |
| Your home | A smaller condo, with condo fees | The same house and garden |
| Upkeep and tax | Smaller unit; fees cover some upkeep | Property tax, insurance and upkeep on the house stay yours |
| Home value changes | On the condo | On the house |

_Illustrative only, using TRREB MLS® HPI benchmarks for Milton, September 2026. The reverse mortgage figure is the age-72 ceiling, not an offer._

With a reverse mortgage there are no required monthly mortgage payments. Interest builds on the loan, but growth in your home’s value often offsets some or all of it. If you stay, the amount repaid can never be more than the home’s value when the mortgage comes due, as long as you keep paying the tax and insurance and keep the house in repair. That promise is typically called the no negative equity guarantee, and every one of the four lenders includes it (Bloom uses its own name for it).

Both routes leave something for your family. After a move, it’s whatever you haven’t spent plus the condo. With a reverse mortgage, the house goes to your estate as usual: the lender never owns it, the balance is repaid from the sale, and what’s left goes to your heirs. Lenders give 180 to 365 days after the last borrower dies, depending on the product, and interest keeps adding during that time.

To see how a balance could grow on your own house, use the [Milton reverse mortgage calculator](/tools/reverse-mortgage-calculator-milton/). The full list of fees and rates is in [what a reverse mortgage costs in Milton](/guide/reverse-mortgage-cost-milton/).

## What new monthly costs come with a Milton condo?

Condo fees are the cost people forget. They’re a new monthly bill that a house doesn’t have, and they can rise over time. Fees vary a lot from building to building, so ask for the exact fee and how it has changed before you make an offer.

You also still pay property tax on the condo. Milton’s 2026 rate is 0.865146% of assessed value, so a condo with a lower assessment means a smaller bill. [Milton property tax for seniors](/guide/milton-property-tax-seniors/) shows what different assessments pay and which programs can help.

## Are condos and bungalows easy to find in Milton?

Not many come up at a time. TRREB’s Market Watch counted **10** condo apartment sales in Milton in September 2026, down from 17 a year earlier, with **81** active listings. Condo townhouses had 4 sales and 34 active listings. Detached houses, by contrast, had 63 sales and 275 active listings.

Most of Milton’s homes are houses. In the 2021 Census, Statistics Canada counted 56.7% of Milton homes as single-detached houses, and only about 10% as apartments. Just 13.2% of households lived in condominiums. And 73% of Milton homes were built in 2001 or later, in newer subdivisions.

The census doesn’t count bungalows on their own, so there’s no official number of them. If a one-floor house is what you want, expect a smaller choice than for condos or two-storey homes, and give yourself time to look.

## Should you stay in your Milton home or move?

Both are fair choices. Moving makes sense when the house has become too much work, the stairs are hard, or you want to be near family or downtown. Staying makes sense when the house still suits you, your doctors and friends are close, and you’d rather spend money on [renovations that help you stay](/home-renovations-milton-seniors/) or on [care at home](/paying-for-home-care-milton/).

Richard weighs both paths with you by email, phone or video call, and your children can read along if you wish. You get a recommendation based on your situation, even if it’s not a reverse mortgage. Sometimes that’s a move.

## The bottom line

Downsizing in Milton costs about $63,800 on a typical house-to-condo move, and the money left over is yours outright, with condo fees as a new monthly bill. Staying with a reverse mortgage keeps your home and its garden, but interest adds to what you owe. Both are fair choices, and [Richard's advice](/mortgage-broker-milton-seniors/) starts from your situation, not from either one.

When you want a figure for your own house, [start the free Milton estimate](https://reversemortgagebroker.ca/estimate/?utm_source=reversemortgagemilton&utm_medium=satellite&utm_campaign=downsizing-in-milton). Nobody will push you to go ahead.

## More questions on this topic

**Is there a municipal land transfer tax when you buy in Milton?**

No. Milton charges no municipal land transfer tax, so a buyer pays only Ontario's. On a $511,700 condo that's $6,709, and on a $603,200 townhouse it's $8,539, using Ontario's brackets of 0.5%, 1%, 1.5% and 2%. Your lawyer works out the exact amount and pays it on closing day as part of the purchase.

**Can I get a reverse mortgage on a Milton condo after I downsize?**

Yes. All four Canadian reverse mortgage lenders accept a standard condo registered in your name, even one with a mortgage still on it (that mortgage is paid off at closing). Leasehold condos and co-ops don't qualify. The lender also looks at the building and its condo corporation. At 72, a condo at the $511,700 benchmark could qualify for up to about $280,000, before the appraisal sets the real figure.

**Is the real estate commission in Milton always 4%?**

No. Commission isn't set by law, and you can negotiate it. This guide uses 4% plus 13% HST only as an assumption to show the size of the cost. On $1,149,000 that comes to $51,935, and each half point up or down changes it by about $6,492 with HST.

[

Where this fits

Reverse mortgages in Milton

What a reverse mortgage on a Milton home can provide, what it costs and how Richard weighs all four lenders for you, at no charge.

](/)

## Other Milton guides

-   [Milton Property Tax for Seniors: 2026 Rates, Deferrals and Grants](/guide/milton-property-tax-seniors/)
-   [How Much Does a Reverse Mortgage Cost in Milton?](/guide/reverse-mortgage-cost-milton/)
-   [Long-Term Care in Milton: Allendale, Ridgeview Court and the 2026 Costs](/guide/long-term-care-milton/)

[Email this guide to a family member](mailto:?subject=What%20Does%20Downsizing%20in%20Milton%20Really%20Cost%3F&body=Have%20a%20look%20at%20this%20Milton%20guide%3A%20https%3A%2F%2Freversemortgagemilton.ca%2Fguide%2Fdownsizing-in-milton%2F) . It also prints cleanly from your browser.

## Where these figures come from

Figures on this page were checked on October 16, 2026.

1.  [Toronto Regional Real Estate Board, MLS Home Price Index tables, September 2026](https://trreb.ca/wp-content/files/market-stats/home-price-index/TRREB_MLS_HPI_Public_Tables_0926.pdf)
2.  [Toronto Regional Real Estate Board, Market Watch, September 2026](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf)
3.  [Government of Ontario, calculating land transfer tax](https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax)
4.  [Statistics Canada, 2021 Census Profile, Milton (T)](https://api.statcan.gc.ca/census-recensement/profile/sdmx/rest/data/STC_CP,DF_CSD/A5.2021A00053524009.1..1?format=csv)

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Operated by Dominion Lending Centres Homestead Financial, a mortgage brokerage licensed by the Financial Services Regulatory Authority of Ontario, brokerage licence #11711. Independently Owned and Operated. ReverseMortgageMilton.ca is a website of Dominion Lending Centres Homestead Financial, not a separate brokerage. Richard Hopkins, Mortgage Broker, licence M16000896.