Does your home feel just a little too tight? From overflowing closets to crowded dinner tables, many Toronto families are beginning to realize it’s time for a change. Whether you’re a growing family, a career-oriented couple planning ahead, or a multigenerational household, upsizing is becoming a trend across the city for good reason.
If you’re on the fence about making the leap, this guide will walk you through the top five reasons families in Toronto are upsizing – and why it might just be the perfect move for you.
1. More Space for a Growing Family
Toronto families often find themselves running out of space faster than they expected. Imagine a weekday morning where everyone is rushing to get ready, but there’s only one bathroom. Or toys, bikes, and backpacks creating a maze in your living room. These are common signs that your current home is bursting at the seams.
Upsizing to a larger home brings the much-needed room to spread out. Consider a home with four bedrooms, where each child can finally have their own space; a finished basement that can double as a playroom or teen hangout zone; or a backyard big enough for a trampoline and summer BBQs.
Expert Tip: For families planning to grow, prioritize flexible spaces such as multifunctional rooms or basements. These can adapt to changing needs as your kids grow, from nurseries to study areas to guest accommodations.
2. Proximity to Top-Rated Schools and Amenities
Education is one of the leading reasons Toronto families consider upsizing. Better neighbourhoods often come with better school zones, and many parents want to provide their children with the best start possible. According to recent rankings, Toronto schools like Blythwood Junior Public School, Humberside Collegiate Institute, and Rosedale Heights School of the Arts are consistently rated as top-tier options.
When families upsize, they often prioritize homes in communities that offer these educational benefits while also hosting kid-friendly amenities. Look at neighbourhoods like Leaside, which combines top-rated schools with parks, or The Beaches, where after-school strolls along the boardwalk become a family favourite.
Practical Considerations
If proximity to schools is a primary driver, work with a real estate agent who specializes in such neighbourhoods. Often, homes in high-demand school districts may come at a premium, so budgeting will be key (more updated advice under ‘Funding Your Upsizing Journey’ below).
Bonus Tip: Check neighbourhood walk scores or public transit options to determine ease of access for extracurriculars, classes, or daycare programs.
3. Investment Potential and Long-Term Financial Security
Upsizing isn’t just about gaining space – it’s also a powerful financial decision. Many families are viewing larger homes as a smart investment, especially with Toronto’s housing market showing ongoing resilience.
While housing prices have stabilized recently, the average GTA home price as of January 2025 is $1,040,994, reflecting a steady 1.4% year-over-year increase. Detached homes, in particular, saw a 2% growth in value, reaching $1.38 million. For families, this offers an attractive opportunity – not only does upsizing help in the short term by providing more living space, but it can also yield meaningful financial returns in the years ahead.
Updated Trends to Note (As of February 2025)
Canada’s 5-year fixed mortgage rates, now as low as 3.84%, have created favourable conditions for buyers who were previously hesitant to move forward. Stable variable rates around 4.05% also add flexibility for those who prefer dynamic repayment options. With the market currently experiencing a transition to a buyer’s market – evidenced by surplus listings and increased negotiating power for buyers – there’s ample room to secure a favourable deal.
Expert Insight: “With GTA detached home prices consistently rising, now may be the most lucrative time to upsize before buyer activity increases later in the year,” explains Emma Roberts, a Toronto-based financial advisor.
4. Accommodating Multigenerational Living
The number of multigenerational families in Toronto is on the rise. Whether for cultural reasons or simply to support aging parents and share household costs, combining generations under one roof can create both challenges and opportunities.
Upsizing offers solutions that honor both closeness and independence. Homes with finished basements, additional suites, or separate entrances are popular among families navigating this lifestyle. Additionally, extra living spaces can double as rental units down the road if your needs evolve.
Example Scenarios
- A family in Etobicoke purchased a larger home with a walkout basement, giving grandparents a private living area while still being close to grandkids.
- Some families choose to upsize in neighbourhoods like Willowdale, known for its spacious homes and zoning allowances for secondary suites, ideal for extended households.
Bonus Tip: When shopping for a home, inquire about local zoning rules to explore if renovating for secondary living arrangements is allowed.
5. Enhanced Lifestyle and Comfort
Comfort is often the biggest motivator for families to upsize. A larger space not only accommodates daily routines with ease but also adds value to how families relax, entertain, and enjoy each other’s company.
Imagine a home with a chef’s kitchen large enough for kids to help with meal prep or a family room where everyone gathers for movie night. Outdoor spaces are also increasingly becoming non-negotiables as families crave the ability to entertain and unwind in their own private escape.
Upsizing offers the chance to rethink your environment. Neighbourhoods like Richmond Hill are ideal for families seeking homes with larger lots and newer builds that combine modern layouts with proximity to Toronto.
Quick Wins
- Look for homes with energy-efficient features such as enhanced windows or solar panels; these help keep budgets manageable despite larger spaces.
- Consider open-concept layouts that allow for future customization, such as adding walls or creating loft spaces.
Funding Your Upsizing Journey
Upsizing your home is an exciting step forward, but it’s no secret that it comes with financial considerations. Turning your dream of a bigger family home into reality starts with a solid financial plan.
Current Snapshot of Mortgage Rates
Fixed rates have seen a dip recently, with 5-year fixed options starting as low as 3.84%*, while variable rates hover around 4.05%*. These favourable rates are partly due to falling bond yields, providing families with an opportunity to secure lower borrowing costs. (*Note that these rates are accurate as of time of publishing).
Experts recommend aiming for a monthly mortgage payment that does not exceed 30% of your household income. This leaves room for other family needs while staying financially secure.
Practical Steps for Financial Planning
- Pre-Approval
Work with your lender to determine your unique budget and lock in today’s favourable rates. - Leverage Home Equity
Use the appreciated value of your current home to fund a larger property. Median Toronto homes have increased 2.2% annually, making this a viable option for many families. - Plan for Closing Costs
Additional expenses like legal fees, moving, and furnishing can add up. Factor these into your budget to avoid surprises.
With the market favouring buyers as of early 2025, you also have increased flexibility to negotiate closing costs or other terms with sellers.
Upsizing in Toronto Could Mean Big Perks for Your Family
For Toronto families, upsizing isn’t just about moving – it’s about improving your entire lifestyle. Whether you’re leaving behind crowded mornings or upgrading to a home near a better school, a bigger space could be the key to a happier, more convenient, and fulfilling family life.
If your current space isn’t cutting it anymore, now is the perfect time to make the move. At [Your Team Name], we specialize in helping Toronto families find homes that fit their growing needs. From funding advice to finding the perfect backyard, we’re here every step of the way. Reach out today for personalized guidance tailored to your family’s unique upsizing goals!
