# Mississauga Seller Net Proceeds: The Checks to Make Before You List
Quick answer: Your net proceeds are what remains after your mortgage payout (including any prepayment penalty and discharge fee), real estate commission plus 13% HST on that commission, legal fees and disbursements, closing adjustments, and any liens or unpaid assessments. Get a written mortgage discharge statement from your lender and an estimated statement of adjustments from your lawyer before you set a list price — not after you accept an offer.
Most sellers anchor their expectations to the sale prices they see on comparable listings. Very few work backwards to the number that actually lands in their account. That gap is where the unpleasant surprises live.
What comes off the top
| Cost | Who confirms it | Typical timing |
|---|---|---|
| Outstanding mortgage balance | Your lender, in writing | Request now; allow several business days |
| Prepayment penalty (if breaking a term early) | Your lender — must be quoted, not estimated | Same statement |
| Mortgage discharge / administration fee | Your lender | Same statement |
| Real estate commission | Your listing agreement | Before you sign |
| HST on commission (13% in Ontario) | Your listing agreement | Before you sign |
| Legal fees and disbursements | Your real estate lawyer | Quote before listing |
| Closing adjustments (property tax, condo fees, utilities, prorated) | Your lawyer's statement of adjustments | Estimate now; final at closing |
| Liens, judgments, unpaid special assessments | Title search via your lawyer | Before listing, ideally |
| Moving, storage, and transition costs | You | Budget early |
Two of these catch sellers most often.
The prepayment penalty. If you're breaking a fixed-rate mortgage mid-term, the penalty is typically the greater of three months' interest or an interest rate differential (IRD) calculation. IRD penalties can run into five figures, and the calculation method varies by lender. Your last mortgage statement will not tell you this number. Only a discharge statement will. With the Bank of Canada's policy rate held at 2.25% on July 15, 2026 — a sixth consecutive hold — the spread between many sellers' contract rates and current comparison rates has changed materially over the past two years, which changes IRD math in ways that are not intuitive. Ask your lender for the figure in writing.
HST on commission. Commission is a taxable service in Ontario. On a negotiated commission, the 13% HST is an additional real cost, not a rounding error. Confirm in your listing agreement how it is calculated and disclosed.
Six checks to make before you list
1. Request a mortgage discharge statement from your lender. Ask specifically for the payout balance as of your expected closing date, the prepayment penalty, and any discharge or administration fees. Lenders may take several business days.
2. Ask your lawyer for an estimated statement of adjustments. Based on your target closing date, this shows the prorated property tax, condo fee, and utility adjustments. Ask for a quote on legal fees and disbursements at the same time.
3. Confirm your commission structure in writing before you list. Including how HST is applied and what marketing costs, if any, sit outside the commission.
4. Condo sellers: order an updated status certificate. Under section 76 of the Condominium Act, 1998, the corporation must provide it within 10 days of a written request, with the fee capped at $100 including all applicable taxes. Ask directly whether any special assessment or reserve fund shortfall is pending — an unpaid special assessment comes off your proceeds.
5. Ask your lawyer to run a preliminary title search. Old liens, discharged-but-unregistered mortgages, and builder's liens surface more often than sellers expect, and they take time to clear.
6. If you're buying at the same time, price the buy side too. Ontario land transfer tax applies on your purchase. The first-time buyer refund is capped at $4,000 and generally won't apply to a repeat buyer. Toronto's additional municipal land transfer tax applies only within the City of Toronto — it does not apply to a purchase in Mississauga, Brampton, or elsewhere in Peel.
Net proceeds planning checklist
| Item | Confirmed? | Where to get it |
|---|---|---|
| Mortgage payout balance at target closing date | ☐ | Lender — written discharge statement |
| Prepayment penalty quoted in dollars | ☐ | Lender — same statement |
| Discharge / administration fees | ☐ | Lender |
| Commission + HST terms | ☐ | Your signed listing agreement |
| Legal fees + disbursements quote | ☐ | Your real estate lawyer |
| Estimated statement of adjustments | ☐ | Your lawyer |
| Status certificate reviewed (condo) | ☐ | Condo corporation / property manager |
| Special assessments confirmed (condo) | ☐ | Status certificate + property manager |
| Title search for liens or judgments | ☐ | Your lawyer |
| Moving and transition budget | ☐ | Your own estimate |
Why this belongs before the pricing conversation, not after
Sellers who haven't done this arithmetic tend to make one of two errors.
The first is overpricing to compensate. They discover late that costs are higher than assumed, and try to make it up in list price. In the current Mississauga market — where the GTA average selling price in July 2026 was $1,003,956, down 4.5% year over year, and new listings fell 17.8% while sales were essentially flat — an inflated list price is more likely to produce a stale listing than a higher sale.
The second is accepting an offer that nets less than expected. A seller who believes they need $X and accepts an offer that clears $X-minus-$18,000 usually discovers it a week before closing, when there is nothing left to negotiate.
Working from a written estimate alongside a current comparative market analysis gives you a defensible floor and a realistic target. Use our seller net proceeds calculator for a first pass, then confirm the specific figures with your lender and lawyer.
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Figures referenced in this article
| Item | Figure | Source and date |
|---|---|---|
| Bank of Canada policy interest rate | 2.25% (held July 15, 2026) | Bank of Canada, July 15, 2026 rate announcement |
| GTA average selling price, July 2026 | $1,003,956, −4.5% YoY | TRREB July 2026 Market Watch |
| GTA new listings, July 2026 | 14,484, −17.8% YoY | TRREB July 2026 Market Watch |
| HST rate in Ontario | 13% | Canada Revenue Agency |
| Status certificate fee cap / delivery | $100 incl. taxes / 10 days | Condominium Act, 1998, s. 76 |
| Ontario first-time buyer LTT refund cap | $4,000 | Ontario Ministry of Finance |
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This article is general information, not legal, tax, mortgage, accounting, or insurance advice, and not a guarantee of any sale price or outcome. Every mortgage, property, and closing situation is different. Confirm your own figures with your lender, your lawyer, and a tax professional.
Sources: Bank of Canada — Policy interest rate · TRREB Market Watch · Ontario land transfer tax refunds for first-time homebuyers · Condominium Authority of Ontario — Status Certificates · RECO Bulletin 5.1 — Advertising requirements
Related reading: Seller net proceeds calculator · Selling your home in Mississauga: complete 2026 playbook · How to price a Mississauga condo when competing units are sitting unsold · Downsizing from Mineola or Lorne Park: sell first or buy first · Seller FAQ · Seller guide
Next step: Request a written, no-obligation CMA with a net proceeds worksheet for your property → Free home valuation
Mohammed Mustaf · HomeLife Miracle Realty Ltd., Brokerage · Mississauga, Ontario