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


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 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.


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 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 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.