Unveiling the True Cost of Living in Cabbagetown, Toronto

 

Nestled in the heart of Toronto, Cabbagetown is more than just a neighbourhood; it’s a historic enclave renowned for its Victorian homes and vibrant community. However, before you make the decision to move to this picturesque district, it’s crucial to understand the financial implications. From housing costs to everyday expenses, let’s delve into what living in Cabbagetown truly entails.

Housing Prices & Property Taxes

Cabbagetown offers a diverse mix of housing options, including detached homes, semi-detached homes, and row houses. Over the past year, the average home price has been approximately $1.8 million. While this might seem steep, it’s significantly more affordable compared to neighboring areas like Rosedale, where homes average around $4.6 million.

Property taxes in Cabbagetown average about $7,500 annually. This figure is influenced by the neighborhood’s prime location within Toronto, reflecting its proximity to downtown and desirable amenities. Understanding these costs is crucial as they directly impact your monthly expenses and overall budget.

 

Factors Affecting Property Taxes

Property tax rates in Cabbagetown, as in much of Toronto, are determined based on several factors including the assessed value of the property. Factors considered by the Municipal Property Assessment Corporation (MPAC) include location, property dimensions, living area, age adjusted for renovations, and construction quality. These assessments play a pivotal role in determining the annual property tax obligations for homeowners.

 

Insurance Considerations

When purchasing a home in Cabbagetown, insurance premiums should be carefully evaluated. Insurers assess factors such as the age of the roof, condition of electrical and plumbing systems, and whether the basement is finished. These elements are typically covered during a home inspection and directly impact insurance costs.

 

Everyday Essentials: Grocery Shopping

For day-to-day needs, Cabbagetown offers a range of grocery shopping options. Along Parliament Street, residents can find butcher shops, bakeries, and organic stores like Cabbagetown Organics. Larger supermarkets such as Loblaws are within short driving distances, and for bulk shopping, Costco is just an 18-minute drive away. This variety ensures that residents have convenient access to all their shopping needs.

 

Conclusion

Living in Cabbagetown offers a blend of historic charm and modern convenience, but it’s essential to be aware of the associated costs. From housing prices and property taxes to insurance premiums and grocery expenses, every aspect contributes to the overall cost of living. By understanding these financial considerations, prospective residents can make informed decisions about calling Cabbagetown their home.

Whether you’re captivated by its Victorian architecture or enticed by its tight-knit community, Cabbagetown presents a unique opportunity to live in one of Toronto’s most cherished neighborhoods.

If you have any further questions or want more detailed information, feel free to reach out. Don’t forget to like, comment, and subscribe to our Youtube channel for more insights on Toronto’s real estate and lifestyle!

 

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• Are the home renovations I plan to do truly necessary? 
• Can minor upgrades  improve the use of space or enhance the use of space?
• Have I quoted with 2 or more contractors the work that needs to be completed?
• Will the property (type and location) support the investment the project entails?
• If planning to stay home while the property´s renovation process, have I assessed the impact it´ll have on my everyday life and my family´s health? 
• If not, have I budgeted for alternate accommodations during the renovation process and accounted for any possible delays?

If you have already made up your mind and you’re ready to “take the [renovation] bull by the horns” as a good friend of ours used to say, the following 4 improvements can be prioritized.  

1. Finishing your basement: It is a fact that there are unfinished basements that can be used and lived in “as-is” condition. However, it is also a fact that most of the time an unfinished basement can create issues down the road, and you will want to identify and deal with these sooner, rather than later. By finishing your basement you are not only increasing the liveable space in your home without affecting the lot coverage of the property, but you are also making your home more appealing for when the time to sell comes.  The differences between a property with a finished basement vs. one with an unfinished one, can have a significant impact on your home’s value.

2. Upgrading/fully renovating kitchen and bathrooms: Having a functional kitchen with updated appliances, storage space and good lighting adds value. Same goes for having a bathroom with improved functionality, upgraded fixtures, a better bathtub/enclosed shower and improved ventilation. The level of renovation will depend on the quality and age of the most recent update. Be mindful that sometimes you might not need the full home renovations. Minor hacks can help you improve the look and feel of these areas greatly, when done correctly.

3. Tuning up/Changing the roof: As houses age, it’s important to keep an eye out for the wear and tear that they can experience, especially in high exposure areas like your home’s roof. This is particularly important in locations with extreme weather conditions like the ones we experience. Super low winter temperatures combined with shifting weather, where cycles of  ice, snow, hail and rain are common, will surely put your roof shingles to the test! Make sure to inspect your roof once a year and address any current or potential issues proactively.

4. Updating the flooring: Newer or upgraded flooring can help increase not only the aesthetics of your home, but also its value. Make sure to focus on the quality of the materials and its installation. If possible, go with a look that is timeless and/or that speaks to the architectural style of the property. 

While the true Return on Investment (ROI) of these changes is hard to measure, we know they have the highest impact in the perception of a buyer if/when you decide to sell your home, and therefore can help reduce the time of the sale and improve your odds at attracting more buyers. 

For a full list of the renovations that can return the best value, contact us and we’ll provide you with our in-depth guide. This list also includes ‘hacks’ that do not imply a full renovation, but that can significantly help you make your home look updated without incurring in higher costs. Follow us on social media to stay updated on all things Toronto real estate.

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The City of Toronto Garden Suites By-law is now in full force and this will now allow a greater variety in the type and form of housing that can be built as part of the City’s Expanding Housing Options in Neighbourhoods (EHON) program focused on missing middle housing and gentle intensification. Garden suites are not only a solution to increase housing choice for current and future residents, but can also provide help to homeowners to offset mortgage payments on their primary residences.

If a proposed garden suite meets various performance criteria, such as maximum building height and setbacks, as well as all applicable bylaw standards, only a building permit application is required.

Any garden suite proposal that does not meet the Zoning By-law requirements can seek a minor variance application at the Committee of Adjustment. Through that process, City Planning staff review the application to determine if the proposed variances are appropriate and meet the intent of the Official Plan policies and the Zoning By-law.

You are encouraged to check out the City of Toronto Garden Suites By-law to learn about the rules, regulations and key considerations in order if you wish to consider adding a garden suite to your primary residence.

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DID YOU KNOW THAT YOU MIGHT BE ELIGIBLE FOR HOME OWNER GRANTS, LOANS OR SUBSIDIES WHEN UPDATING YOUR HOME?

We have been involved in the renovation of our home for some months now and along the way, we have also found information on home owner grants, loans, and subsidies, that we want to share with you in the event you’re considering to update yours. Take a look at the information below.

1. Toronto Heritage Grant Program

If you own a home designated under Part IV (individual property designation) or Part V (a property within a conservation district) of the Ontario Heritage Act, you might be eligible for the Heritage Grant Program to repair and retain defining heritage attributes of your property. Some of these include windows, masonry, wood detailing, doors and slate roofs.

MORE INFORMATION ON ELIGIBILITY CAN BE FOUND HERE

2. Canada Greener Homes Initiative

As part of our government’s objective to help Canadians live more energy-efficient, the CGHI offers:

• Grants from $125 to $5,000: To get a part of your costs back for eligible home retrofits.
• Up to $600: As a maximum contribution towards the total costs of your pre and post retrofit EnerGuide home evaluations.
• From $5,000 to $40,000 Interest-free loans with a repayment term of 10 years to help you undertake major home retrofits.

MORE INFORMATION ABOUT THE INITIATIVE, ELIGIBILITY AND HOW TO APPLY CAN BE FOUND HERE

3. Basement Flooding Protection Subsidy Program

Being the lowest level of a building or home and considering the complex system of underground pipes and sewers our city is still subject to, during heavy rain sewers can overload and basements are prone to flooding. As a complement of the plan to improve that pipe system, the City of Toronto is also offering a subsidy of up to $3,400 per property, to owners of single-family, duplex or triplex residential homes to install flood protection devices. These devices include:

• Sump pump installation
• Backwater valve
• Severance and capping a home’s storm sewer or external weeping tile collection

TO CHECK ELIGIBILITY AND APPLY ONLINE FOR THIS SUBSIDY, USE THIS LINK.

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TAKING A PULSE OF THE MARKET: OUR TORONTO MARKET REPORT FOR FEBRUARY 2022

The Toronto Real Estate Market continues its trend. We have compiled the most recent numbers for the City of Toronto. These are not statistics for the whole GTA so if you’d like to know the numbers for your specific location outside the M postal code districts, please reach out here, or follow our social media. We’ll be happy to provide you with information. Read on for more details on the Toronto Market Report for Feb 2022.

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