Semi-detached homes in Toronto remain a hot commodity, so the prices remain high. Such has been the case in pretty much all parts of Ontario for the past couple of years. Last March, the average selling price of houses was $1.09M, with semi-detached houses going for $1.04M. Of course, that depends on the size of the property and location, among others.
Toronto Housing Market at a Glance
According to the Toronto Real Estate Board, the total number of residential transactions in April 2021 was 13,663. It is a 362.1% increase over the same month a year ago. Meanwhile, the average selling price increased by 33% from $1,090,992 to $820,226 in the same period. Lastly, the number of listings increased by 237%, from 6,180 units to 20,825 units (“TRREB – Market Stats – Quick Overview”).
A couple of things that you can derive from the above data are:
1. More people are buying homes today than a year ago, even if the pandemic continues to disrupt the economy. Not surprisingly, the cost of home resale in Toronto is still high.
2. As more home sellers enter the market, you can expect the real estate prices to stabilize. To a degree, it eases the pressure on you to close the transaction once you find an ideal semi-detached home. At any rate, there are still properties listed at low prices. Particularly for these sellers, they intend to attract more buyers, thus triggering multiple offers to drive up the final price.
The Prices of Semi-detached Homes in Toronto
For estimate purposes, the mortgage computations used here are:
- Downpayment: 20%
- Mortgage Type: 5-year fixed
- Mortgage Rate: 1.68% (CanWise Financial as of May 6, 2021)
- Amortization Period: 25 years
Price of Semi-detached House in The Annex, Toronto
| Low-Average Cost | High-Average Cost | |
| Listing Price | $1,529,000 | $5,798,000 |
| Downpayment | $305,800 | $1,159,600 |
| Total Mortgage Required | $1,223,200 | $4,638,400 |
| Monthly Mortgage Payment | $4,993 | $18,933 |
| Land Transfer Tax | $54,110 | $262,850 |
| First-time Buyer Rebate | $8,475 | $8,475 |
Price of Semi-detached House in The Beaches, Toronto
| Low-Average Cost | High-Average Cost | |
| Listing Price | $1,139,000 | $1,989,000 |
| Downpayment | $227,800 | $397,800 |
| Total Mortgage Required | $911,200 | $1,591,200 |
| Monthly Mortgage Payment | $3,719 | $6,495 |
| Land Transfer Tax | $38,510 | $72,510 |
| First-time Buyer Rebate | $8,475 | $8,475 |
Price of Semi-detached House in The Danforth, Toronto
| Low-Average Cost | High-Average Cost | |
| Listing Price | $829,000 | $1,188,000 |
| Downpayment | $57,900 | $237,600 |
| Total Mortgage Required | $801,944 | $950,400 |
| Monthly Mortgage Payment | $3,273 | $3,879 |
| Land Transfer Tax | $26,110 | $40,470 |
| First-time Buyer Rebate | $8,475 | $8,475 |
Price of Semi-detached House in East York, Toronto
| Cheap | Expensive | |
| Listing Price | $950,000 | N/A |
| Downpayment | $70,000 | |
| Total Mortgage Required | $915,200 | |
| Monthly Mortgage Payment | $,736 | |
| Land Transfer Tax | $30,950 | |
| First-time Buyer Rebate | $8,475 |
Price of Semi-detached House in Leslieville, Toronto
| Low-Average Cost | High-Average Cost | |
| Listing Price | $1,158,800 | N/A |
| Downpayment | $231,760 | |
| Total Mortgage Required | $927,040 | |
| Monthly Mortgage Payment | $3,784 | |
| Land Transfer Tax | $39,302 | |
| First-time Buyer Rebate | $8,475 |
Price of Semi-detached House in Little Portugal, Toronto
| Low-Average Cost | High-Average Cost | |
| Listing Price | $1,195,000 | $1,798,800 |
| Downpayment | $239,000 | $359,760 |
| Total Mortgage Required | $956,000 | $1,439,040 |
| Monthly Mortgage Payment | $3,902 | $5,874 |
| Land Transfer Tax | $40,750 | $64,902 |
| First-time Buyer Rebate | $8,475 | $8,475 |
Stats for Semi-detached Homes for Sale in Toronto
For semi-detached homes, the latest stats as of March 2021 show that the number of listings grew by 68.1% (2,117 units) compared to the same month a year ago. The average selling price, however, increased by 17.5% ($1,045,519). One reason is that the demand was high, and the number of units sold was up 96.9% (1,479 units).
At any rate, the average price might be a little inflated. For example, the final selling price of a semi-detached house in the GTA was 50% above its listing price (Woodward). There were only 20 offers, yet the sale price was $575,000 above the asking price.
In Yonge-Eglinton, a semi-detach on Roselawn Ave. sold for $1,531,800, $436,800 above the initial asking price of $1,095,000 (Hanrahan). 13 years ago, the seller bought that house for only $559,000.
The two examples are reasons why some people made a career flipping houses. In small ways, they did contribute to speculations, driving up property value. Nevertheless, the main factor remains “demand” as many families are looking for a new home.
Related article: How to Start Flipping Homes in Toronto
Be Smart in Buying Your Home in Toronto
As you search for your new home in Toronto, be prepared to spend quite a bit of time. Every house that catches your eye also attracts other buyers. It means that when you submit your offer, there might be others who make better offers.
One of the smartest things you can do is to put your best foot forward. Instead of looking at the listed price, think about the value of the home for you. Unfortunately, the market does favour the sellers. So, you should submit your best offer and hope for the best.
In a multiple offer scenario, there is a possibility that it progresses to a bidding war. Sure, you might win and close the transaction. However, is the amount of money you committed to spending within your budget? As experienced by other homebuyers in the past, some spent more than they planned or could afford.
All you need to keep in mind are these two points (statistics at the time of publishing):
- Of 2,117 semi-detached homes put up for sale, 70% or 1,479 units found new owners. There are still 30% or 638 units left unsold
- Instead of being pressured to spend more, consider walking away if your best offer is not good enough. There are other homes available for sale.
*Please remember
Another smart thing you can do is to use the services of a reputable and honest real estate agent or broker. They can help you find semi-detached houses that fit your needs and preferences. More importantly, they can also help you identify the properties you might have better odds of owning. Lastly, they can advise you on strategies to employ when making offers.
Sources:
“TRREB Market Watch March 2021.” Toronto Regional Real Estate Board, 5 Apr. 2021.
Hanrahan, Laura. “This Toronto Semi-Detached Just Sold for $436K over Asking (PHOTOS) | Urbanized.” DailyHive, 22 Apr. 2021, dailyhive.com/toronto/toronto-semi-detached-sold-436k-over-asking. Accessed 5 May 2021.
Woodward, Jon. “Semi-Detached Toronto Home Gets 20 Offers and Sells for $575,000 above Asking.” CTV News Toronto, 25 Mar. 2021, toronto.ctvnews.ca/semi-detached-toronto-home-gets-20-offers-and-sells-for-575-000-above-asking-1.5362621. Accessed 5 May 2021.
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