The Upsizing Guide for Ajax & Durham Region

Thinking about a bigger home?

Whether it is a growing family, multi-generational living, more outdoor space, or simply a layout that suits your life better, the reasons for upsizing are personal. The move itself is common: a recent study found more than one in three buyers over the past two years were homeowners trading up. This guide walks through the important questions to answer first, in five steps.

Step 1: Assess your current and future needs

Start by naming exactly what is not working in the current home, so you can plan for the next one. Do any of these sound familiar?

• The house is too far from work and the commute is exhausting, or too close to the city centre and the traffic is unbearable.
• You want to be closer to schools and shopping to save time driving.
• The house needs work, but it is not your ideal home, so you do not want to spend the money.
• You would love more space for a growing family: an extra bedroom and bathroom.
• A larger kitchen would be ideal for family gatherings.
• A private yard with room for a pool would be a dream.
• You have a 1.5-car garage and would love a two or three-car garage.
• You have aging parents and need an in-law suite.
• You need two functional home offices because you both work from home.
• You want to be closer to parks for the dogs.

Step 2: Assess your finances and the impact of a move

One of your first calls should be to your bank or lender about the flexibility of your mortgage:

• Porting. Can you take the mortgage with you to the new property and keep your current interest rate, assuming it is lower than posted rates today?
• Blend and extend. Can you increase the mortgage to accommodate a larger home by combining your existing rate with a new rate on the additional amount?
• Penalties and fees. Is there a cost to port, change or pay out the mortgage if you move to another lender?

Your mortgage advisor can answer these and give you a pre-approval for your target purchase price. A pre-approval is peace of mind and a powerful negotiating tool. Remember that a bigger home typically comes with higher mortgage payments, taxes and maintenance, so evaluate the full cost of owning it against your long-term goals. This step and Step 3 go hand in hand.

Step 3: Understand the current real estate market

Knowing the market in both your current location and your target location is key to working out your equity position. Are values declining, rising or stable? How long are homes taking to sell? And most importantly, what will your current home sell for, and what will the new one cost? That means looking closely at:

• Local and hyperlocal factors: neighbourhood trends, schools, businesses, developments, community changes.
• Recent comparable sales.
• Current comparable listings.
• Average days on market (DOM).
• Months of inventory (MOI).

A complimentary upsizing market assessment pulls all of this together in a few days so you can decide with real information.

Step 4: Decide whether to sell or buy first

Five scenarios to help you choose:

• A seller's market: start with the transaction that takes longest. Homes sell fast, so you may want to buy first.
• A buyer's market: sell first to secure your equity, then buy with plenty of options.
• A subject-to-sale offer lets you buy on the condition your home sells. More sellers accept these in a buyer's market.
• Carrying two homes briefly: if you can manage it, buy first and close early, then sell with a later closing. Secure bridge financing in advance.
• Mismatched closing dates: have a backup plan and somewhere to stay if the two possession dates do not line up.

Step 5: Prepare for the transition with confidence

Selling and buying at once needs a logistical strategy. Laura's Upsizing Home Service covers it in seven steps: expert advice on demand; clear communication with live updates; detailed listings and access to new, expired and off-market homes; advance pre-inspection of select properties; comprehensive market evaluations before any offer; expert negotiation at offer time; and a coordinated close through inspections, appraisal, conditions and lawyer instructions. You also get a series of checklists along the way: packing tips, closing-day prep, change-of-address, a closing-cost calculator and recommended service providers.

Upsizing in Ajax and Durham Region

Ajax, Whitby, Pickering and Oshawa offer a wide range of larger detached homes, bigger lots and newer builds within reach of the GO train and the 401. If a smaller or simpler home is the goal instead, see the Downsizing and Right-Sizing Guide. For local context, see Ajax, Whitby and Oshawa.