Moving Up · Homeowners
Should we sell our condo at a loss to get more space for a baby?
We ran the numbers on one Annex condo.
A general question deserves a specific answer. This one uses a 473 sq ft one bedroom in Toronto's Annex: its estimate, its comparable sales, and the price of the next size up in the same building.
Should we sell our condo at a loss to get more space for a baby?
For this example home, a 473 sq ft one bedroom in the Annex, the move is closer than the loss suggests. Larger units in the same building have corrected too, so the gap to a second bedroom starts at roughly $60K before closing costs, even when the math uses the most recent sale in the building. Waiting for a recovery lifts the sale price and the purchase price together, so the gap is the number to plan around. Bōde estimates this home at $806K, with a range of $639K to $1.6M, a baseline to plan from today.
01 The Example Home
A 473 sq ft one bedroom in Toronto's Annex.
The example is a one bedroom, one bathroom condo built in 2024. It works for two adults. It gets tight when a crib arrives.
Example home · Bōde Homeowner Dashboard
Annex, Toronto, ON · Condo
$806K Bōde estimate
Range $639K to $1.6M · Updated Oct 2, 2026
1 bed · 1 bath · 473 sq ft · built 2024
Bōde estimates this home at $806K today, with a range of $639K to $1.6M. It is an estimate, not an appraisal, and it does one job well. It gives the owner a real number to start planning from.
02 The Comparable Sales
Recent sales in the building show what buyers pay today.
Bōde data for units in the same Annex building shows a clear correction since the 2023 peak.
Comparable
Size
Result
1 bed, 1 bath, sold Jun 2026
500 sq ft
$490,000 after 129 days on market
2 bed, 2 bath, sold
600 sq ft
$635,000
1 bed at the 2023 peak
500 sq ft
About $760,000
The most recent one bedroom sale closed at $490,000 in June 2026. The estimate is the baseline. The latest sale is the conservative case, and the math below uses it.
The 129 days on market are as useful as the price. A sale here is a four month project, not a two week event. Knowing that now means the timeline gets planned around the baby.
03 The Upsize Math
The next size up starts about $60K away.
Bōde shows active listings for larger units in the same building.
Unit type
Size
Asking
2 bed, 2 bath
600 sq ft
$549,900
2 bed, 1 bath
600 sq ft
$649,900
3 bed, 2 bath
700 sq ft
$699,000
Set those against the most recent one bedroom sale of $490,000. The gap to move up runs from roughly $60K to $210K before closing costs. That buys 127 to 227 more square feet and a second or third bedroom.
$59,900
Gap to the 2 bed, 2 bath listed at $549,900
$159,900
Gap to the 2 bed, 1 bath listed at $649,900
$209,000
Gap to the 3 bed, 2 bath listed at $699,000
$14,946 to $20,910
Ontario and Toronto land transfer tax, combined, across those three purchase prices
The one bedroom figure is a sold price and the larger units are asking prices. The final gap is set at the offer table.
Toronto buyers pay land transfer tax to Ontario and to the city. The figures above use the published rates for both, so the full cost of the move is visible up front.
04 Sell Now Or Wait
Waiting lifts both prices at once.
Both sides of this trade have corrected. A sale near recent comparable sales also buys the larger unit at a corrected price.
Run a recovery through the same numbers. Say every unit in the building gains 10%. The one bedroom goes from $490,000 to $539,000. The cheapest two bedroom goes from $549,900 to about $604,900. The gap grows from about $60K to about $66K. The gap to the three bedroom grows from $209,000 to about $230,000.
On price alone, waiting pays only if the one bedroom recovers faster than the larger units. For this home, moving now locks in today's gap and puts the second bedroom to use sooner.
05 Your Home
Three numbers shape the answer for your home.
This is one home. Yours has its own estimate, its own building and its own mortgage. Each one is a number you can look up today.
Your baseline estimate
This example home starts from an $806K estimate with a range of $639K to $1.6M. It is an estimate, not a valuation, and it means you decide with real information in front of you.
What is listed when you are ready
The $549,900 two bedroom is the cheapest path to more space here. Tracking listings in your own building shows you the moment your path opens.
Your mortgage balance and penalty
Your remaining balance and any penalty to break the mortgage show how a $60K to $210K gap gets funded.
Enter your own home in the free Bōde Homeowner Dashboard to see your estimate, range and comparable sales. If you are still deciding whether to sell at all, start with what to weigh when you sell a condo you bought at the peak.
About these numbers
These are Bōde figures for one example home, a 473 sq ft one bedroom condo built in 2024 in the Annex, Toronto, surfaced by Bōdie, Bōde's AI decision engine built around the home, as of October 2, 2026. They are estimates based on available data, not an appraisal. The 10% recovery in section 04 is arithmetic, not a forecast. Land transfer tax figures use published Ontario and Toronto rates.
Common Questions
Should you sell a condo at a loss to get more space for a baby?
Decide on the gap, not on the loss. For this example home, recent sales and listings in the same building put the cost of a larger unit at roughly $60K to $210K before closing costs. Both sides of the trade have corrected, so a sale near recent comparable sales also buys the larger unit at a corrected price.
How much more does a two bedroom cost than a one bedroom in the same building?
In this example, a 500 sq ft one bedroom sold for $490,000 in June 2026. Two bedroom units in the same building are listed at $549,900 and $649,900, and a three bedroom is listed at $699,000. That is a gap of roughly $60K to $210K before closing costs.
Does waiting for prices to recover make upsizing cheaper?
Not on price alone. A recovery lifts the price of your condo and the price of the larger unit together. If every unit in this example building gains 10%, the gap to the cheapest two bedroom grows from about $60K to about $66K. Waiting pays only if your unit recovers faster than the one you want to buy.
Is a Bōde estimate the same as an appraisal?
No. A Bōde estimate is a starting point built from available data, not an appraisal or a valuation. It gives you a baseline and a range to plan from, alongside comparable sales in your building, so you make the decision with real information in front of you.
What costs come on top of the price gap in Toronto?
Toronto buyers pay Ontario land transfer tax and Toronto municipal land transfer tax. On the three listings in this example, the combined tax runs from $14,946 to $20,910. Add your selling costs, legal fees paid directly to your lawyer, and any penalty to break your mortgage. Ask your lender whether you can port the mortgage to the new home.
This article is educational and is not legal, tax, mortgage, or financial advice. The figures describe one example home and are estimates based on available data, not an appraisal. Asking prices are not sold prices. Land transfer tax, prepayment penalties, and porting terms depend on your purchase, your lender, and your contract. Confirm your numbers with your lender and review your decision with a financial advisor and a real estate lawyer. Bōde does not provide legal services. Bōde's Pro Marketplace connects sellers with vetted lawyers.
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