Navigating the Gap: How to Move Up from Your Condo or Townhouse to Your Dream Home

A lot of people are feeling stuck right now, unsure about their next steps in the real estate market. Many homeowners, especially those in condos or towns, are finding it challenging to bridge the gap between their current property and the next stage—a detached home with more space. If you find yourself in this situation, I want to reassure you: there’s no need to panic. You might be closer to making that move than you think.

Understanding the Value You’ve Built

Depending on when you purchased, there is a good chance that your property has appreciated in value. The market over the past few years (overall) has seen steady growth, especially for those who bought 5-7 years ago. As a result, many homeowners are sitting on a bunch of equity that can be leveraged for a move to that next home.

But how do you make the leap when there seems to be such a big gap in pricing? The answer lies in understanding the numbers and doing some careful planning.

A Real-Life Example

I recently worked with a couple who felt stuck in their townhouse in Oakville. They loved the area and wanted to stay within the same neighbourhood, but the prices of detached homes seemed way out of reach. I asked them to share the details of their home purchase—what they bought it for, when, and what their current equity situation was.

Here’s the surprise: Based on conservative estimates, their townhouse had appreciated by 30-40% over the past five and a half years—without us even listing it yet! Once we realized this, we discussed their options. They went to the bank for pre-approval to see how much they could afford.

Crunching the Numbers

It’s not just about the purchase price—it’s about understanding the full scope of your monthly expenses. There are utilities, property taxes, groceries, insurance, car payments, daycare costs, and more to factor in. Once they had their pre-approval in hand, we ran the numbers to ensure that their monthly costs would make sense within their budget.

What happened next was unexpected but exciting. We listed their townhouse and sold it for the highest price in the complex. They netted an additional $65,000 above their expectations. This extra cash allowed them to stretch their budget just enough to secure their forever home: a beautiful, detached four-bedroom, four-bathroom house with a walk-out basement, large lot, and located in the perfect school district.

The Long-Term Perspective

Now, real estate markets can be volatile. We can always expect fluctuations in the market, that isn't new or is going to change. There will be highs and lows, but over the long term, real estate values will rise. What’s most important is that they could afford the monthly payments on their new home, even if the market takes a spill.

Because they did their due diligence in understanding the true costs of homeownership—beyond just the mortgage—they felt confident in their ability to manage the new property’s monthly expenses, regardless of market conditions.

Why You Shouldn’t Wait

If you’re in a similar situation, don’t let the fear of market fluctuations hold you back. If you can afford the monthly costs and are able to sell your current property for a price that allows you to make the move, then the timing doesn’t have to be perfect. The key is ensuring that you’re financially prepared for the transition.

If you’re feeling overwhelmed or unsure about what your home might sell for, or if you’re uncertain about how to make the leap to your next property, I’d love to help. Together, we can take a closer look at your options, assess your property’s value, and develop a plan that makes sense for you. You might be surprised by how attainable that next step is.

Reach out today, and let’s talk about making your move. You might be closer than you think to finding your forever home.

Next step (1): To learn how to up-size your home, check out my free "Move & Grow Method" guide. 

Next step (2): Follow me on my Instagram @trevorthiessen for more tips on real estate, and how we can help.