# What Does Downsizing in Oakville Really Cost? | OakvilleReverseMortgage.ca > Downsizing in Oakville: commission, HST, land transfer tax, legal fees and moving on a worked example, compared with a reverse mortgage. No sales pressure. URL: https://oakvillereversemortgage.ca/guide/downsizing-in-oakville-cost/ Decision Guide # What Does Downsizing in Oakville Really Cost? Downsizing in Oakville frees up money, but selling one home and buying another costs tens of thousands of dollars before the movers leave. The numbers are set out plainly here. Published by Dominion Lending Centres Homestead Financial · Updated October 15, 2026 · 5 minute read Key takeaways - Selling a $1,573,000 detached home and buying a $700,000 townhouse costs about $86,800, in an illustrative example that assumes a 4% commission plus HST. - Oakville buyers pay only Ontario's land transfer tax: $10,475 on a $700,000 townhouse and $7,517 on a $552,100 condo apartment. - Oakville's benchmark townhouse was $700,000 and its benchmark condo apartment $552,100 in September 2026 (TRREB MLS HPI). - The downsizing cost is spent on day one, while reverse mortgage interest builds over years: about $75,000 on $200,000 over 5 years at 6.5%. - Downsizing still fits when the house is too big, the stairs are hard, or you want less upkeep or to live nearer family. The short answer Downsizing in Oakville can cost about $86,800 before you buy a single piece of furniture. For example, selling a $1,573,000 detached home and buying a $700,000 townhouse adds up to that much in commission and HST, land transfer tax, legal fees and moving, assuming a 4% commission. Commissions are negotiable, so your own figure may differ. [OakvilleReverseMortgage.ca](/) puts real numbers on downsizing in Oakville, from the commission on the sale to the moving truck, and compares them fairly with staying in your home on a reverse mortgage. ## How much does downsizing in Oakville cost? Downsizing in Oakville costs about $86,800 in this illustrative example: a detached home sold at $1,573,000, Oakville’s September 2026 benchmark (TRREB MLS HPI), and a $700,000 townhouse bought. The example assumes a 4% commission plus 13% HST. Commissions in Ontario are negotiable and set in your listing agreement, so your own figure may be lower or higher. | Cost | Side of the move | Amount | | --- | --- | --- | | Commission (4%, assumed) | Sale | $62,920 | | HST on the commission (13%) | Sale | $8,180 | | Legal fees | Sale | about $1,200 | | Ontario land transfer tax | Purchase | $10,475 | | Legal fees | Purchase | about $1,500 | | Moving | Move | about $2,500 | | Total | | about $86,800 | Every dollar of the $86,800 goes to the move itself. New furniture, repairs to the new home and any storage come on top. **The move also frees up money: the gap between the two prices is $873,000 before costs.** The freed-up money is yours, with no loan and no interest. ## How much is land transfer tax when you buy in Oakville? Oakville buyers pay only Ontario’s land transfer tax, because the Town of Oakville charges none of its own. On a $700,000 townhouse, the Ontario tax is $10,475. On a $552,100 condo apartment, it’s $7,517, using the Ontario Ministry of Finance rates. The table uses Oakville’s September 2026 benchmark prices (TRREB MLS HPI). | Home type | Benchmark price | Ontario land transfer tax | | --- | --- | --- | | Condo apartment | $552,100 | $7,517 | | Townhouse | $700,000 | $10,475 | | Semi-detached and other attached | $981,200 | $16,099 | | All home types (composite) | $1,128,800 | $19,051 | Land transfer tax is paid on the home you buy, not the one you sell. A smaller, cheaper home means a smaller tax. ## What does a smaller home cost in Oakville? A smaller home in Oakville still costs a lot. In September 2026, the benchmark townhouse was $700,000, down 8.4% from a year earlier, and the benchmark condo apartment was $552,100, down 6.2%, according to the [TRREB MLS HPI tables](https://trreb.ca/wp-content/files/market-stats/home-price-index/TRREB_MLS_HPI_Public_Tables_0926.pdf). A benchmark is the price of a typical home of that type. Recent sales were close to the benchmark. The median condo apartment sale in Oakville was $537,500 across 29 sales in September 2026, according to [TRREB Market Watch](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf). Buyers had 223 active condo apartment listings in Oakville to choose from that month (TRREB Market Watch, September 2026). The latest price trends are in [Oakville house prices for September 2026](/blog/oakville-house-prices-september-2026/). ### Condo fees are a new monthly cost A condo apartment or condo townhouse comes with a monthly condo fee, which pays for the building’s upkeep and savings for future repairs. Fees vary from building to building. Ask for the exact fee before you make an offer, and count it as a cost that lasts as long as you own the unit. ## How does downsizing compare with a reverse mortgage? Downsizing spends its cost on day one, while reverse mortgage interest builds over years. The about $86,800 in the example is gone once the move is done. For comparison, $200,000 borrowed through a reverse mortgage at 6.5%, compounded twice a year with no payments, gathers about $75,000 of interest after 5 years and about $179,000 after 10. | | Downsizing example | Reverse mortgage example | | --- | --- | --- | | Paid at the start | about $86,800 | about $2,000 to $3,500 in one-time costs | | Interest after 5 years | none | about $75,000 | | Interest after 10 years | none | about $179,000 | | Money freed up | about $873,000 before costs | $200,000 borrowed | | Where you live | A new, smaller home | The home you have now | There are no required monthly mortgage payments on a reverse mortgage; the Town’s tax bill, insurance and repairs still fall to you, the same as after a move. Any rise in the home’s value can offset some or all of the interest, and across Canada borrowers end up keeping roughly half their equity on average. Your debt can never grow beyond the fair market value of your house at the time the mortgage becomes due, provided the tax bill, insurance and upkeep stay current. All four lenders include it, and it’s typically called the No Negative Equity Guarantee. Every cost of the reverse mortgage side, including the ones behind the advertised rate, is listed in [what a reverse mortgage costs in Oakville](/guide/reverse-mortgage-cost-oakville/). The [Oakville reverse mortgage calculator](/tools/reverse-mortgage-calculator-oakville/) shows the most your own home could provide, and what a move would cost. ## When does downsizing fit better than staying? Downsizing fits better when the house itself is the problem, not the money. A home with more rooms than you use, stairs that have become hard to climb, a yard and roof you’d rather not look after, or a wish to live nearer family are all good reasons to move, whatever the move costs. ### When staying fits better Staying fits better when you want to keep the home and the neighbourhood, and the strain is money: a mortgage still owing, debts, home repairs or the cost of care. If the property tax bill is the only strain, Halton Region’s deferral and the Town’s rebate may help on their own. Both are explained in [Oakville property tax help for seniors](/guide/oakville-property-tax-seniors/). ### Both routes, looked at together A reverse mortgage can also help with a move by paying for part of a smaller home, as long as the new home is your main residence and everyone on title is 55 or older. Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada, and sometimes the answer is that a reverse mortgage isn’t the right fit. [Help from an Oakville mortgage broker](/mortgage-broker-oakville-seniors/) costs nothing to use; the brokerage is paid by the lender after funding, never by you. ## The bottom line Downsizing in Oakville frees up money but spends tens of thousands of dollars on the move itself. Staying with a reverse mortgage keeps you in your home but adds interest year by year. A free estimate shows the reverse mortgage side, so you can weigh both with real numbers. [See a free estimate for your own Oakville home](https://reversemortgagebroker.ca/estimate/?utm_source=oakvillereversemortgage&utm_medium=satellite&utm_campaign=downsizing-in-oakville-cost), without any sales pressure. ## Questions people also ask **Is there a municipal land transfer tax in Oakville?** No. Oakville buyers pay only Ontario's land transfer tax. The Town of Oakville charges no land transfer tax of its own. **Is a 4% real estate commission standard in Oakville?** No. Commissions in Ontario are negotiable and set in your listing agreement. The 4% in the example is an assumption to show the size of the cost, and your own commission may be lower or higher. **Can a reverse mortgage help you buy a smaller home in Oakville?** Yes. A reverse mortgage can pay for part of a purchase, as long as the new home becomes your main residence and everyone on title is 55 or older. You bring the rest of the price, usually from the sale of your current home. [ Related help Reverse mortgages in Oakville How a reverse mortgage works on an Oakville home, how much it can provide, and how every lender in Canada is compared for you, free. ](/) ## Keep reading - [How Much Does a Reverse Mortgage Cost in Oakville?](/guide/reverse-mortgage-cost-oakville/) - [How Much Is Oakville Property Tax in 2026, and What Help Is There for Seniors?](/guide/oakville-property-tax-seniors/) - [Long-Term Care in Oakville: What Does It Cost, and What Happens to the House?](/guide/long-term-care-oakville/) [Send this guide to your son or daughter](mailto:?subject=What%20Does%20Downsizing%20in%20Oakville%20Really%20Cost%3F&body=This%20Oakville%20guide%20is%20worth%20a%20read%3A%20https%3A%2F%2Foakvillereversemortgage.ca%2Fguide%2Fdownsizing-in-oakville-cost%2F) , or use your browser to print a paper copy. ## Sources Every number on this page was last checked on October 15, 2026. 1. [TRREB MLS HPI Public Tables, September 2026](https://trreb.ca/wp-content/files/market-stats/home-price-index/TRREB_MLS_HPI_Public_Tables_0926.pdf) 2. [TRREB Market Watch, September 2026](https://trreb.ca/wp-content/files/market-stats/market-watch/mw2609.pdf) 3. [Ontario Ministry of Finance, Calculating land transfer tax](https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax) 4. [OREA, commissions are negotiable (October 3, 2011)](https://orea.com/resources/media-room/press-releases/October-3-2011) --- Free reverse mortgage estimate (no sales pressure): https://reversemortgagebroker.ca/estimate/?utm_source=oakvillereversemortgage&utm_medium=satellite&utm_campaign=md-mirror 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. OakvilleReverseMortgage.ca is a website of Dominion Lending Centres Homestead Financial, not a separate brokerage. Richard Hopkins, Mortgage Broker, licence M16000896.