If you and your family have been discussing that next level move-up, dreaming of all those extra special bells and whistles, yet have not taken the plunge, there’s no better time than now. We have said this before, and we will say it again – timing the Toronto Real Estate market perfectly is virtually impossible. With the recent interest rate hikes, the market has cooled, and the current conditions are proving optimal for home buyers who are looking to do a sizeable upsize.

What are the Signs Your Family is Ready for a Bigger House?

Your careers and finances are stable, kids are shifting gears and going to different schools or activities, everyone needs more indoor space, you are finally entertaining more and outdoor space becomes more important. If you aren’t cottage people, it’s also likely you’ll want to find some serenity in your own backyard. 

If you already live in a detached house, don’t feel guilty for wanting more space both inside and out. Let’s face it, detached homes in the west end or in most parts of Toronto are not huge. We’re talking about 1400-1700 sqft plus a basement. Many of these homes have low ceilings in the basement, and not exactly a space you would want to spend a lot of time in.

So why should you consider the sizeable move up now?

1) The savings are now bigger in the higher price points

The Toronto real estate market has cooled, and we have seen a 15-20% price drop in many parts of the city, including the west end. If you are considering a move up and need to sell your existing home, you will most likely sell for much less than you would have in February 2022. However, the seller of the home you will potentially purchase will also be selling their house for less. In higher price points, the price decrease actually translates into bigger savings, even at the higher interest rate. Recently, we’ve seen many large homes sell for lower prices than expected. There’s definitely an opportunity here, and it’s worth exploring.

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Are you looking for more home-buying resources? Read these blogs next:

• 6 Ways We Speed Up the Process for Buyers
• The Costs of Buying a House in Toronto
• How to Evaluate a Good Fixer Upper

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2) More privacy, more land, bigger backyard

In most west-end pockets of Toronto, detached homes are situated on average-sized lots, typically 25-30 feet wide and 100-140 feet deep. Neighbours play a big part in these communities, and this is why these pockets are flooded with young families, as we all know, “It takes a village to raise kids.” But now you are moving into a new stage in your life and all of a sudden longing for a bigger yard, more serenity and much more privacy. Nearby locations of Etobicoke, like Sunnylea, Humber Valley and The Kingsway will offer significantly larger properties, with mature trees and park-like settings, right in your own backyard. If you love living in pockets like Bloor West Village or Roncesvalles, the benefit of these Etobicoke locations is that you will only be moving a few minutes further west and seeing long-term neighbourhood friends or visiting your favourite restaurants and shops, will actually be very doable on a regular basis.

3) Your growing kids need more space

Your tweens or teens all of a sudden need their own space to have friends over and hang out away from mom and dad. They need bigger bedrooms and possibly their own bathroom, as well as more storage for all their things. There is a shift that happens at this stage in the game, and it starts to feel like we’re all running out of space. Having a family room or an extra rec room where your kids can comfortably invite their friends over, away from your space, ensures your life isn’t put on hold when the kids entertain.

Space or location, which is king? Read our post: What’s Most Important When Buying a House: Location or Space?

4) You want proper parking and a garage

Having a private driveway and the ability to park with ease is often a huge motivator for a sizeable move-up. It’s definitely a thing! We all know the struggles of parking in our beloved West End pockets, even if you have reasonable parking. Getting into your parking spot via your laneway often takes several attempts. We know, we’ve been there, actually, we are still there! Now, in this next phase of life, these little luxuries are important. When you move up to the next-level house, these will be problems of the past.

5) You’ve been dreaming of more luxuries

You’re dreaming of modern bells and whistles! Wine fridge, home gym, pool, additional large family room or nice basement, bigger kitchen pantry, powder room and a private parents’ suite with your very own ensuite bath. These are the years you’re going to spend more time at home relaxing, while the kids borrow the car, or have their friends over. Why not make your house a beautiful place for you to unwind in as well? It’s not just more space for the kids, but also for the adults in the house.

This next-level move might just be possible with the right kind of planning. Although the market has dipped, houses are selling for less than they were a year ago, the savings on a larger home will be higher and that’s a win-win situation. There are some seriously great buying opportunities right now, but if buyer demand starts climbing up in 2023, the Toronto Real Estate market can fly back up to where it was very quickly. Now is the time for a move up, before this market starts to heat up again.

Do you have questions about moving up in Toronto? You can call us here or email us here to get the conversation started!