Trading Up

Trading Up

Life changes….and that means your home might need to change too. What will it take to get you to the next place? Here are two examples of how you can take advantage of the market and have an opportunity for change.

Condo to Semi-Detached


Condo on Wellesley Street East –  $649,500


Beds: 2

Baths: 2

Parking: 0






This super sexy downtown 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….


Upper Beach Semi-Detached:  $890,000

Beds: 3

Baths: 2

Parking: 0






Set on a quiet side street in the heart of Upper Beach, this semi is equally stunning as it was owned and completely renovated by a designer. No parking but features an open concept main floor, finished basement, spacious yard, and is just blocks to the local school, Kingston Road shops, and new YMCA.


Let’s assume:

–       Condo was purchased five years ago for $400,029 with 20% down

–       Mortgage payments of $1603 + maintenance fees $909 = $2,512/mth

–       Mortgage after 5 years: $272,748

–       Down payment for next home after fees and next home land transfer = $315,727

–       Mortgage on next home $574,273 = $2,853.09 + $272.32/mth property taxes = $3,125.41


Jumping from a condo to a semi-detached home is an increase of $613.41/mth.  


Let’s say you’re ready to leap from a prime location semi to a detached with more room and parking.   


Prime Location Semi to Detached


Prime Leslieville Semi-Detached –  $1,217,000

Beds: 3

Bath: 2

Parking: 2








Prime Beach Detached – $1,599,000

Beds: 4+1

Baths: 4

Parking: 3





Let’s assume:

–       Semi-detached was purchased 5 years ago for $602,500 with 35% down (assuming you had gained more equity from previous purchase).

–       Mortgage payments of $1956 + $355/mth property taxes= $2,311.91/mth

–       Mortgage after 5 years: $333,733

–       Down payment to put down on next home after fees and next home land transfer = $765,507

–       Mortgage on next home $833,493 = $4120 + $395/mth property taxes = $ 4515.04


Jumping from a semi to a detached home is an increase of $2,203/mth.  


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.


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!

What you need to know:
A recent mortgage survey indicates up to 47% of all residential mortgages will come up for renewal in 2018! If yours is up for renewal this may be a time to consider trading up – with current variable rates for as low as 2.21% for insured mortgages, your next home might be closer than you think. Any home owner is well-served by the expertise of a broker even if you aren’t up for renewal yet.  They can help compare the savings of breaking the mortgage early and locking in at a better rate elsewhere, or simply help negotiate a more competitive renewal rate.


Contact Angie today for more details!
Angie Alvarez, Mortgage Agent – Verico-Capital Home Lending
T: 416.315.6261