THE COST TO BUY A SEMI-DETACHED HOME IN TORONTO BY NEIGHBOURHOOD

By | February 12, 2019

Thinking about buying a semi-detached home in Toronto? Understand different neighbourhoods and costs when setting the search criteria for your new home.

In the wake of 2018 and on the heels of the spring market, we’ve priced out the cost to buy a semi-detached home in Toronto. If you’ve been thinking about upgrading your current living situation, or are just looking to buy, let this be a guide to help you find the best neighbourhood to buy a semi-detached home for your budget.

For those who are looking for a bit of extra space and are tired of condo-life, semi-detached homes are the house of choice for those looking to upgrade. We looked at the 2018 sales of semi-detached homes with two bedrooms and two bathrooms across the city so that you have an idea of what the average price is per neighbourhood.

It’s worth mentioning that the number of home sales across the city in all home types were down compared to the wild and crazy real estate year that was 2017. As a result, the neighbourhoods we’re featuring had to have had at least two sales in 2018 that fit our two bed two bath semi criteria.

You can see the Cost to Buy and Own a 3 bed/2 bath Semi Across Toronto here

THE COST TO BUY A 2 BED/2BATH SEMI-DETACHED HOME IN TORONTO

Cost to Buy a Semi-Detached Home in Toronto by Neighbourhood

Based on sales January 2018-December 2018 according to Bungol.ca

Take note of the number of sales the average semi-detached home price is based on. For a move-in ready home, you’ll likely pay more than the average price listed.

THE COST TO BUY AND OWN A SEMI-DETACHED HOUSE IN TORONTO

Below, we present to you the cost to buy a semi in each neighbourhood, in other words, your total monies owed to close that property. This breaks down as such:
• 20% down payment
Land Transfer Tax owed
• $2,000 in legal fees

We also present to you the monthly cost to own that semi-detached home in each neighbourhood. The monthly expenses are based on a 5 year fixed rate mortgage of 3.29% over 25 year amortization. We’ve based the taxes as per the current Property Tax Rate (divided by 12 months).

Sign showing the cost to buy and own a semi-detached home in the Annex

The Average Price for a Semi-Detached Home in The Annex $1,742,250

Down Payment $348,450
Provincial LTT $31,120
Municipal LTT $31,120
Legal Fees $2,000

Monthly Mortgage $6,805
Utilities $250
Property Tax $922
Insurance $100

Sign showing the cost to buy and own a semi-detached home in Riverdale

The Average Price for a Semi-Detached Home in Riverdale $1,114,060

Down Payment $222,812
Provincial LTT $18,756
Municipal LTT $18,756
Legal Fees $2,000

Monthly Mortgage $4,352
Utilities $250
Property Tax $590
Insurance $100

Sign showing the cost to buy and own a semi-detached home in the Beaches

The Average Price for a Semi-Detached Home in the Beaches $1,016,250

Down Payment $203,250
Provincial LTT $16,800
Municipal LTT $16,800
Legal Fees $2,000

Monthly Mortgage $3,969
Utilities $250
Property Tax $538
Insurance $100

Sign showing the cost to buy and own a semi-detached home in Leslieville

The Average Price for a Semi-Detached Home in Leslieville $949,433

Down Payment $189,887
Provincial LTT $15,464
Municipal LTT $15,464
Legal Fees $2,000

Monthly Mortgage $3,708
Utilities $250
Property Tax $503
Insurance $100

Sign showing the cost to buy and own a semi-detached home in Little Portugal

The Average Price for a Semi-Detached Home in Little Portugal $890,556

Down Payment $178,111
Provincial LTT $14,286
Municipal LTT $14,286
Legal Fees $2,000

Monthly Mortgage $3,479
Utilities $250
Property Tax $472
Insurance $100

Sign showing the cost to buy and own a semi-detached home in the Upper Beaches

The Average Price for a Semi-Detached Home in the Upper Beaches $876,519

Down Payment $175,304
Provincial LTT $14,005
Municipal LTT $14,005
Legal Fees $2,000

Monthly Mortgage $3,424
Utilities $250
Property Tax $464
Insurance $100

Sign showing the cost to buy and own a semi-detached home on the Danforth

The Average Price for a Semi-Detached Home on the Danforth $827,278

Down Payment $165,456
Provincial LTT $13,021
Municipal LTT $13,021
Legal Fees $2,000

Monthly Mortgage $3,231
Utilities $250
Property Tax $438
Insurance $100

Sign showing the cost to buy and own a semi-detached home in East York

The Average Price for a Semi-Detached Home in East York $751,300

Down Payment $150,260
Provincial LTT $11,501
Municipal LTT $11,501
Legal Fees $2,000

Monthly Mortgage $2,935
Utilities $250
Property Tax $398
Insurance $100

SEMI-DETACHED HOUSES VS DETACHED AND OTHER HOME TYPES

Looking back on 2018, semi-detached homes in the 416 (or Toronto Proper) were up 11% compared to 2017 prices. Comparatively, in the detached home market prices are down 7%. Even with this in mind, here’s a quick snapshot of Toronto home types and how they compare on affordability to a semi based on TREB’s average home prices in Toronto from January 2018 to December 2018:
• A semi-detached home will cost you 32% less than a detached home
• A semi-detached home will cost you 53% more than a townhouse
• A semi-detached home will cost you 69% more than a condo

PREPARE FOR BUYING A HOUSE IN TORONTO

Hopefully, the cost to buy and own a semi-detached home breakdown has given you a good indication of property values in different neighbourhoods. It’s also worth pointing out that 91% of the transactions we based our data on were in Toronto’s east end.

If you’ve been holding out for a west end property, I challenge you to start exploring the east end neighbourhood listings. Based on our findings, there have been more semi-detached houses for sale in areas like East York and Leslieville. What does that mean for you? More options to buy which could mean better opportunities for negotiations.

FOR FIRST TIME HOME BUYERS

If you’re a first-time home buyer jumping into the market, you may be eligible for a Land Transfer Tax Rebate up to $8,475. You can read more on first time buyer rebates and how to get them here.

Download our First-Time Buyer Guide for more need-to-know buyer info!

FOR THOSE MOVING UP IN THE MARKET

If you’re seriously considering moving up in the market, be sure to read our article “Buying Your Next Toronto Home” on how to use your home’s equity to buy your next property or to invest in a second property.

We’re on the heels of the spring market, which means that you may still be able to get a good deal on a property before prices take a jump in the spring. You can start searching Toronto homes for sale here or book a call with us and we’ll help you the find the perfect home today!

Average home prices were based on all sold transactions for 2bed/2 bath semi-detached homes from January to December 2018 as per bungol.ca