Toronto’s housing market continues to soar; it is growing and expanding any way possible. There are buildings going up on every single corner, old buildings and housing complexes are being torn down to rebuild neighborhoods. The outskirts of the city are also growing vastly. Homes for sale in Richmond Hill are no longer the “out of the city, cheaper option”. That ended a very long time ago! Richmond Hill now is basically the city and the prices are through the roof.
1. LET’S TALK REAL ESTATE
Today’s Toronto real estate market is booming, whether you are selling or buying, looking
for investment properties, completely new to the city or born and raised in the city. No
matter your circumstances it’s easy to see that the city is vastly growing. There are
condominiums going up on every inch of available land, housing complexes, new areas and
exciting developments.
The city has something for everyone, no matter what age you are, where you are from and
what your interests are. The city has amazing nightlife, museums, art galleries, endless
restaurants catering to whatever possible cuisine you might want, great shopping (with a
few major retail stores coming soon to Toronto – Nordstrom’s being one of them!), great
music scene with loads of concerts going on throughout the year.
Real estate market in Toronto
Toronto’s housing market continues to soar; it is growing and expanding any way possible.
There are buildings going up on every single corner, old buildings and housing complexes
are being torn down to rebuild neighborhoods. The outskirts of the city are also growing
vastly. Homes for sale in Richmond Hill are no longer the “out of the city, cheaper option”.
That ended a very long time ago! Richmond Hill now is basically the city and the prices are
through the roof.
Toronto properties go very quickly, even if your home is not newly renovated and the best
house on the block people will scoop it up to renovate themselves. The land itself and
location of the home is more important to people, they are willing to put money into the
house and make it exactly what they want instead of buying somewhere else.
A good real estate agent is so very important to have! You want someone who is
knowledgably of the city, is aware of the up and coming areas, the main/most coveted
areas, the city’s history (which includes housing price history so that you can get a good idea
if the home you have your eye on is worth its current listed price). Your agent should be
able to gather information from you in detail to make sure they understand exactly what
your wants and needs are, what your exact budget is and how flexible you are willing to be.
If what you tell them is way out of line and impossible, they should tell you that right away
and let you know what the real options would be for you and present you with other ideas.
You don’t want someone who is just going to say yes to everything and then put you in a
bad situations when they are not able to deliver, thinking that you will just fold and put up
extra money or change your mind. Waste of time for everyone involved.
The best real estate agents in Toronto will make you will comfortable and secure, they
should be trustworthy, professional but overall be genuine and in the business of making
sure their clients are happy and get the best deal possible.
2. Big City Real Estate
Toronto’s housing market breaks yearly and monthly records again and again. The city just
keeps on growing with a steady rise that is not predicted to slow down to sometime later in
the 2016 early 2017. These records are not just for the greater Toronto area, we are also
talking about record sales for the city’s surrounding neighborhoods such as North York,
Pickering, Mississauga, Etobicoke, Markham and etc. Toronto is growing in all directions;
condominiums are going up in these areas as well as houses and townhouses. More and
more people are going a bit out of the city’s lines to get a better price for the
home/apartment they are buying and more space.
People choose to have a bit more of a commute to work rather than having to cram into a
tiny apartment. For others it’s the other way around, they don’t mind sacrificing space to be
right in the city. It’s all about individual choice.
Houses and condos sell very quickly and if it’s a great property there are often bidding wars
as well. It’s not uncommon to have over ten offers on the house and receive more for it
then you originally listed it for.
Choosing the right area for you
If you are new to the city or are just looking to relocate having a great agent again is a major
plus. Taking some time and exploring neighborhoods and educating yourself about the
prices is very necessary. You need to make a smart purchase, knowing you are making a
good investment. Whether you are looking to settle down in that place for 10 years plus, or
maybe you will be there for only a couple of years. All of these aspects matter.
Prices will vary throughout the city, so you should be shopping according to your budget.
Even if you are not in the core of downtown there are lots of great/young up and coming
neighborhoods that might work out well for you. Midtown or Uptown, North York also has
growing neighborhoods that are getting makeovers.
If you have a family and are looking for a home, there are so many options to choose from
when looking for the perfect area for you. Think about if you will need schools nearby,
transportation, shopping and etc. Budget again will be a major factor for you as well as what
type of home you are looking for. Homes for sale in Toronto are a great place to start
looking, wonderful family communities, a lot to choose from and a great place to give you
an idea of what might work or not work for you.
Option to Renovate
Buying a property that is not exactly perfect but saving some money could also be a great
deal for you. It has to be a smart purchase of course; you have to know what is worth
renovating and what isn’t. Definitely get an inspector and have someone with a professional
eye on renovations there to help you. Have a set budget in mind allocated for your
3. renovations (and always add extra here as renovations do tend to go over sometimes),
figure out a plan of how you will complete them and when. Before moving in? After you are
already living there?
With renovations I would recommend to keep it to the cosmetic type, so maybe you don’t
love the floors or the kitchen etc. Major renovations tend to get a lot trickier and if you have
never done them before it could be quite overwhelming.
Also think about how long you are planning on living in the house, if you are settling down
and are not looking to move in the near future at all then you could definitely do anything
with the house just the way you like it. Customize it just for you! But if you are purchasing
an investment property and are looking to sell in the next few years, I would definitely
recommend really thinking about your choices. You want to make the house décor
appealing to the majority, think clean lines, classic, nothing too overwhelming. Hire a
designer for advice if needed or just do some research online. This will for sure pay off for
you, most people don’t realize why their house is not selling or they are not getting the
price they want when it’s something simple like blue walls in one room, purple in the other,
tacky décor in the bathroom etc. All important things! Most people are looking for ready to
move into/turnkey home.