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