Toronto is an incredible city known for being a hot spot for people ready to start life fresh. If you want the chance at something new, these are the most important things to know while looking at homes for sale in Toronto.
The Market Is Hot in 2021
The housing market across North America has been a wild ride, with homes selling for almost double what they would have claimed just ten years ago. Toronto isn’t any different, with homes right now sitting at $1,136,280 as the average. Thankfully it’s gone down by eighteen percent, from last year’s average of $1,526,465.
The most important thing to keep in mind when buying a home right now is that the market is changing quickly, so it’s a good idea to avoid jumping on a house on a whim because that property may drop in value rapidly.
The Area You Choose Can Make A Difference
The area of the city you pick will make a huge difference in how much your house costs. This is obvious for every town, but it can be the difference of a million dollars in Toronto.
Pay attention to the city’s layout, decide what district makes the most sense for your lifestyle, and which communities you can afford. Hopefully, these will align for you, but if not, other options can be followed to still ensure you get a home.
If You Need To Save Money, Get Out of Town
If push comes to shove and you can’t afford property within city limits, don’t fear driving out of town! Properties just a twenty-minute drive outside city limits can be extraordinarily cheaper, with some going as low as half the price of similar homes within Toronto.
Of course, you pay for the location when you move to Toronto, but if you want far more space, cleaner air, less noise pollution, and less traffic, moving outside of the city only to venture in for work can be a good plan.
You’ll Do Better With An Agent.
Working with a real estate agent is the best way to ensure that you find out about homes the moment they hit the market, and you have your chance at buying them before anyone else does. They’ll also be able to guide you through which areas of the city suit your needs and which sites aren’t what you’re looking for.
Be aware that they do often require a three to five percent commission, so this is money that you’ll have to pay on top of the cost of your home.
This Is The Second Most Expensive City In The Country
Above all else, anyone moving to Toronto must understand the price they’re going to have to pay. Although it’s not the most expensive city, Vancouver absolutely took the cake on that; homes for sale in Toronto are prohibitively costly.
For the last two years, the average price of a home has been over a million dollars, and although the market has been wild, the prices are still staying that high. Be aware of the costs, and go into this utilizing what you know about the market.