Many first-time homebuyers aren’t sure about what they want. They have a vague idea of a two or three-bedroom home and a budget but aren’t 100% sold on a specific style or look. Toronto is a city that doesn’t wait for anyone, so it’s important that you know what you’re getting into before you start house hunting.
These are the best tips to learn before you start looking at Toronto homes!
The First-Time Home Buyer Incentive
Buying a home is a huge investment to make. Because of this, many are worried about the prices or aren’t sure if they can make the down payment. Thankfully Canada has a first-time homebuyer program that can help you out!
If you’re in Toronto and currently make less than $150,000 a year, this incentive may provide you with a 5-10% down payment to help you get across that first hurdle. It’s important to take advantage of any help you can get: so talk to your real estate agent about this.
The Market in Toronto is Hot
Much like most of Canada within the last year, the market in Toronto is hot. Home prices have skyrocketed, and houses have stayed on the market for less than two weeks. The average had been 20 days as of 2019, but many have been more motivated to buy than ever before.
You must know what you’re looking for, pay attention to every property thoroughly, and make an informed decision quickly. Don’t say yes to a house just because it’s available; make a smart choice.
Don’t Focus Only on the House Itself
The home isn’t the only thing you’re buying into when you purchase real estate in Toronto. When home shopping, pay attention to the neighborhood and look at the local schools and entertainment. Toronto has endless communities in it, so seek out an area that feels comfortable and like home to you.
If you’re planning on starting a family, look for homes near schools and public parks where you’ll get to take your future children. Vancouver is the most diverse city on Earth, don’t hold yourself back from experiencing some of that in the area you live in!
Consider How the Price Has Changed
All home prices have skyrocketed, of course, but you must consider the home’s price past. Look for any sudden dips or changes in the cost of the house and pay attention to what may have caused these.
If a home has experienced water damage or fire damage, this can impact the price, and if they repair it, a seller may resist disclosing it. Get to know the properties and their history so you can see if you’re purchasing a property that comes with any risks.
Toronto is an Awesome Place to Buy if You’re Ready
Although there are plenty of fantastic cities in Canada for industry or art, Toronto is the best of both worlds. This city has some of the best industries at its fingertips and offers neighborhoods and homes that could suit anyone’s tastes: don’t be afraid to make this move!
