Inside the Eastside: Life Changes — Is it time to trade up?

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GOODHOOD has partnered with The Richards Group Re/Max Hallmark to bring you a local real estate series with the hottest market news, the best resources for your home and inside info on buying and selling in Leslieville, Riverside and other neighbourhoods in Toronto’s east end.

We get it. Life changes… sometimes a lot. And that means your home might need to change, too. We know you’re cruising real estate listings wondering how you can make it happen. What will it take to get you to the next place?     

Budget is definitely a consideration, but deciding what’s really important in your next move and what you’re willing to give up in order to gain that is also critical.    

The place you bought years ago probably reflected your lifestyle at the time. But…  

If your living room is the new club and you need a new Saturday night hangout, it’s time to trade up.  

If you’ve Marie Kondo’d your house to death and you still don’t have enough space, it’s time to trade up. 

If the school district suddenly becomes more important than the fashion district, it’s time to trade up. 

Here are two examples of how you can take advantage of the market and create an opportunity for change. 

CONDO TO SEMI-DETACHED

Condo on Carlaw Ave.
Sold for $810,000 

This super sexy Leslieville condo is amazing for two, but for a couple about to start a family it’s going to feel really small, really fast.

Let’s say you jump up to….

Beach Semi-Detached
Sold for $1,128,000

Let’s assume:

·      Condo was purchased in 2010 for $327,060 with 10% down

·      Mortgage payments of $1,333.31 + maintenance fees $563 = $1,896.31/mth

·      Mortgage after 9 years: $209,568.82

·      Down payment for next home after fees and next home land transfer = $516,596.18

·      Mortgage on next home (assuming 5 yr fixed 3.29%) $611,403.82 = $2,985.18 + $339/month property taxes = $3,324.27

Jumping from a condo to a semi-detached home is an increase of $1,427.96/mth.

SEMI-DETACHED TO DETACHED

Prime Beach Semi-Detached
Sold for $1,400,000

While some semis are spacious, often times they’re not. Time for some more wiggle room and a place you can truly call all of your own? Upgrade to a detached home.

Prime Beach Detached
Sold for $1,950,000

A detached will give you the truest sense of home ownership and make entertaining and hosting family a dream.  Not to mention not having to contend with that weird co-decorating coordination that comes with semi-detached living. 

Let’s assume:

·      Semi-detached was purchased in 2008 for $670,000 with 20% down (assuming you had gained more equity from previous purchase).

·      Mortgage payments of $2,338 + $/451.21 month property taxes = $2789.21/month

·      Mortgage after 11 years: $336,617

·      Down payment to put down on next home after fees and next home land transfer = $913,333

·      Mortgage on next home $1,036,667 = $5061.53 + $597/month property taxes = $5,658.61

 Jumping from a semi to a detached home is an increase of $2,869.40/month.

You can always make that difference smaller by moving just outside of a prime location or going for a home that isn’t completely renovated.

Don’t forget to check in with an awesome mortgage broker — and don’t assume your own bank will do better because you already have your mortgage with them.    

Our recommendation?  Angie Alvarez from Capital Home Lending: email angie@capitalhomelending.ca or call 416-315-6261.

There are some great opportunities out there in the market today for your next move – give us a call or email to find out more today!

You can reach The Richards Group at info@therichardsgroup.ca or call 416-699-0303 to get the conversation started. Search local listings in Toronto’s east end.

The Richards Group Re/Max Hallmark has the honour of being East Toronto’s agency of choice as a result of their ability to help so many clients move their lives forward. They have redefined real estate with an experience of total care, unlocking the true potential of your home while delivering industry leading results, so your next move brings you closer to your wealth and lifestyle goals.

Inside the Eastside: Spring real estate report

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GOODHOOD has partnered with The Richards Group Re/Max Hallmark to bring you a local real estate series with the hottest market news, the best resources for your home and inside info on buying and selling in Leslieville, Riverside and other neighbourhoods in Toronto’s east end.

The big news in Leslieville continues to be the amazing appreciation of semi-detached homes and condos.  Fuelled by both demand and supply, this remains a popular segment with buyers. Condos and new developments also continue to prove fruitful as a solid investment and the average condo price in Leslieville at $734,638 outperforms the average condo price in Toronto, which stands at $603,243 (granted, a portion of this higher average price would be based on better square footage and boutique buildings vs. traditional downtown high-rise units). 

According to Jason Mercer, Toronto Real Estate Board’s Chief Market Analyst: "Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded. This means that in many neighbourhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices.”

What will prove to be interesting is the potential migration of home owners who have enjoyed incredible appreciation in this east end community. The jump from a semi-detached to a detached home doesn't typically offer much within the area — yard and property size, square footage and parking remain challenges even among prime detached homes.   

As the kids get older and incomes and personal wealth grow, will there be a transition to areas like the east Beach that offer a bit more wiggle room, a lakefront lifestyle and amazing schools while still being in reaching distance of Leslieville and Riverside? (Let's be honest, everyone in the Beach goes out for dinner in Leslieville anyway!) Conversely, will the attraction of a more urban lifestyle outweigh the desire for space and a retreat in the city?   

There will be some interesting condo opportunities coming up as the well-known Riverside Condo development transitions to occupancy. Investors who are ready to sell will be able to assign or sell their units in the coming months, potentially opening up some amazing condo inventory in the area.   
 
Overall, the lifestyle Leslieville offers has proven to be a major selling point in the community’s growth. Proximity to the city, an incredible food scene and retail hot spots combined with family and pet-friendly parks and resources makes for an irresistible combination. Heck, you can even do yoga with your puppy here now!  

If you're curious what it would take to make a move, or you're thinking about a condo buy, shoot us an email (we've got the inside scoop on a number of potential condos in Riverside!)

You can reach The Richards Group at info@therichardsgroup.ca or call 416-699-0303 to get the conversation started. Search local listings in Toronto’s east end.

The Richards Group Re/Max Hallmark has the honour of being East Toronto’s agency of choice as a result of their ability to help so many clients move their lives forward. They have redefined real estate with an experience of total care, unlocking the true potential of your home while delivering industry leading results, so your next move brings you closer to your wealth and lifestyle goals.

Inside the Eastside: Local real estate report

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GOODHOOD has partnered with The Richards Group Re/Max Hallmark to bring you a local real estate series with the hottest market news, the best resources for your home and inside info on buying and selling in Leslieville, Riverside and other neighbourhoods in Toronto’s east end.

Toronto’s east side continues to be one of the hottest areas of the GTA, with increasing prices fueled by high demand and lower inventory.

Although properties in Toronto’s east end have been on the market for longer than this time last year, they are still selling for more. The price of detached homes are up 11% as are condos by 8%, while semi-detached homes had the biggest boost — a 16% increase from last October.

Semi-detached homes are becoming a fast favourite for new families; they are selling 10% faster than they did in October 2017, and sold prices just keep climbing with no trajectory of slowing down. In fact, semi-detached homes account for 39% of sales, followed by condos at 28% and detached houses at 17% in the past year.

An emerging trend in the east end, and Toronto as a whole, is the investment in mid-rise condos. There has been a decline in investment proposals for the huge tower projects that populate the downtown core as the market continues to call for more family-friendly units in quiet neighbourhoods.

Development has gotten underway at the highly anticipated Wonder Condos. The eight-storey space will have 286 units with a mix of lofts and townhomes.

Stephen Price, chief executive of Graywood Developments, shared: “…a two-bed in Wonder is in the $600,000 range; you simply can’t buy a house in Leslieville for $600,000 … there are no real housing alternatives available in the community for under $1-million. There’s a huge appetite for medium density in Toronto. Many don’t want to live in the downtown core, this buyer is more interested in being in a community and there is a greater propensity to buy larger, more livable units.”

Toronto’s housing market showed ongoing signs of stability in October as prices for condos and semi-detached homes jumped, even as total unit sales were little changed. The housing market continues to recover after a slowdown earlier this year in which tougher mortgage qualifications took effect, in addition to a rise in mortgage costs. The beginning of the year had a rough start, as the rule changes made it more difficult to borrow for a home.

The 7,492 sales recorded in October 2018 represent a 6% year-over-year increase and a 1% decline when measured month-over-month to September 2018. The increase in demand bumped up price appreciation for this month, with average sale prices for resale homes up 3.5% year-over-year, now reaching $807,340.

If you have questions about the market and the neighbourhoods — whether you’re hoping to get into the community or make your next move — get in touch with The Richards Group at info@therichardsgroup.ca or call 416-699-0303 to get the conversation started. Search local listings in Toronto’s east end.

The Richards Group Re/Max Hallmark has the honour of being East Toronto’s agency of choice as a result of their ability to help so many clients move their lives forward. They have redefined real estate with an experience of total care, unlocking the true potential of your home while delivering industry leading results, so your next move brings you closer to your wealth and lifestyle goals.