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The Toronto Real Estate Market
The Toronto real estate market is red hot and if the pundits are to be believed, it will still get hotter. In the Toronto real estate luxury market, house sales in the million dollars plus range across the Greater Toronto Area (GTA) increased by more than 20% since last year and 10% more resale home transactions took place during the month of March than during the same month a year ago.
Low unemployment figures, an increase in wages, and low borrowing costs have created a lot of confidence in Toronto Ontario real estate. Home buyers are now interested in leaving the suburbs behind and moving back into the city. However, many are not interested in a concrete jungle. Mature neighborhoods and ravine lots are particularly coveted. And the Toronto real estate boom is not restricted to homes. The condo market is showing no signs of slowing down and after a two decade lull, office towers and hotels are springing up again. The skyline is now full of cranes as Toronto real estate development moves along full steam ahead.
Whether you are in the market to buy or sell property, the professional advice of a Toronto real estate agent can prove invaluable. Select a realtor that is licensed in Ontario and a member of a Toronto real estate board. It is always best to use a realtor that has a track record of buying or selling properties in the neighbourhood that you are interested in and that your Toronto real estate agent has had success helping clients buy or sell your type of residence in your kind of community.
If you are selling, it is crucial to market your property effectively. A Toronto real estate professional does much more than place advertisements and organizes open houses. A key element related to the sale of your property is the appraisal. Your Toronto Ontario real estate agent will base the asking price on several factors - location, the asking price for similar properties in the neighborhood, the selling price for similar properties in the neighborhood, the condition of the economy, and the current Toronto real estate market. Before you put your property on the market always make the necessary repairs, and make sure that the inside and outside looks fresh, neat, and clean. They put your Toronto home or condo on the Toronto MLS system for maximum exposure.
When purchasing a property, an agent who is very familiar with the area is in the best position to know which of the Toronto real estate listings will best suit your needs. Arrange for a consultation with a Toronto real estate agent in order to discuss your wish list – your housing wants and needs in addition to your budget. Your agent will be aware if there is anything available in the Toronto real estate listings that meet your criteria or whether you will have to make some concessions in order to achieve your dream home.
In addition, discuss mortgage financing with your Toronto real estate agent as he/she may be able to negotiate a better mortgage rate for you than your bank or trust company will offer you. At this point your agent should explain the entire process involved with buying a house or condominium, from the computer searching of the Toronto real estate listings right through to the offer presentation stage.
A home inspection prior to purchasing real estate in Toronto Canada can avoid potential disaster and give you peace of mind when you sign the sales contract. A comprehensive inspection includes a visual examination of the structure from top to bottom – heating, air conditioning, electrical systems, interior plumbing, roof and visible insulation, walls, ceilings, floors, windows and doors, foundation, basement, and the visible structure.
Following the examination, a report will be provided on the piece of Toronto real estate that you are interested in purchasing, delineating the defects or areas of concern. You may now request that these issues be resolved before closing the sale. Or if you sign a contract before the Toronto real estate inspection, include a clause making the sale contingent upon a satisfactory structural inspection.
The age old question is whether you are better off purchasing a new home or a resale from the MLS system. One out of four homebuyers purchases a new home. The majority of Toronto real estate purchases are resale properties. However, there is no right answer. Each choice in Toronto real estate comes with advantages and disadvantages. If your preference in Toronto real estate is an established neighbourhood, then a resale is your best bet. These well developed neighbourhoods feature mature landscaping and amenities including transportation, schools, community centers, shops, restaurants, shopping centers, and professional services. The Toronto real estate MLS listings are quite comprehensive and offer an extensive selection of properties.
A new home may be more attractive to young families or to those who would prefer not to renovate or redecorate. When purchasing a new Toronto real estate home you will be given a myriad of choices in decor – standard and upgraded. Newer materials and modern construction techniques may mean that new homes require less maintenance and repairs. New furnaces, ventilations systems, and new windows and doors, will certainly result in lower utility bills. The Toronto real estate new housing market also offers new designs and modern floor plans which mesh well with today’s modern lifestyles. Open concept, kitchen and family rooms in close proximity, laundry rooms conveniently located, and large closets are just some of the advantages to a new home. And the safety factor is one to be considered.
The Toronto real estate new housing market features homes that have been built according to electrical and other safety requirements including smoke detectors. As you can see there are advantages and disadvantages to a resale or a new home and the choices are endless. Most people explore both options when looking at Toronto real estate. The choice is totally individual and ultimately rests on your particular wants, needs, and finances.
The Toronto real estate condo market is an excellent alternative to home ownership, particularly if you are a first time buyer or looking to downsize. In fact condos provide many of the advantages of home ownership without many of the maintenance issues. The Toronto real estate condo owners associations generally take care of mowing the grass, removing the snow, as well as other regular maintenance and repairs. If you owned a home you would have to deal with each of the maintenance items individually, while a single cheque for your condo fees leaves you free to enjoy an unfettered lifestyle.
The Toronto real estate condo market has really taken off. Urban living is all the rage. Trendy commercial developments have given rise to trendy residential neighbourhoods. And, it’s not just the youth market that prefers urban condo living. Empty nesters and upwardly mobile singles and couples love the virtually maintenance free urban lifestyle. With mortgage rates quite low, buying a condo may not cost you more than paying rent, and best of all you are building equity.
The ever increasing cost of a home in today’s Toronto real estate market has made it virtually impossible for a large percentage of the population to become home owners. Condos provide an opportunity for ownership. Condos also represent sound Toronto real estate rental investments. They make an excellent option to rental properties and in a tight rental market they are in great demand.
The Toronto real estate market experienced record breaking sales and record breaking prices in the year 2005. This year has kicked off at record pace. Whether you are in the market for resale homes, new homes, or condos, the Toronto real estate market provides endless possibilities.