Buying a Home in Toronto

toronto_houseWhether buying a home as a first time buyer, for an investment property, or moving into something larger to accommodate growing family needs, the residential real estate market for metro Toronto has seen an increase in demand with an often-limited supply, particularly for single-family homes. With no restrictions on foreign buyers and moderate mortgage rate options, the city that bears the motto “Diversity of Strength” sees a lot of diversity in their local real estate market.

As a multicultural city, foreign investors are often contesting with locals for a piece of the real estate action. It is common to see buyers from abroad, in particular Asia, Europe, and the Middle East. With no restrictions on foreign buyers, the market is busy and fast moving. Buyers are required to put five percent down for properties priced less than one million up to twenty percent down for pricier residence. For foreign buyers, there is often a request for a greater down payment – anywhere from thirty-five percent for United States buyers to fifty percent for international purchasers.

With the average property on the market less than 30 days and purchase offers often exceeding original asking price, there has been steady growth over the past fifteen years for the Toronto real estate market. The average single family home in Toronto is now at just over $760,000 and prices are expected to increase over the next couple of years. Searching for where in Toronto to call a house your home can be an overwhelming, yet exciting prospect.

There is a diversity of housing options throughout Toronto and the metro area, even within a singular neighborhood. Neighborhoods such as Rosedale, Yorkville, Forest Hill and Trinity-Bellwoods are in high demand and popular amongst buyers. Many of these neighborhoods feature turn of the century mansions in the Victorian, Tudor, Edwardian, or Georgian style and often sit on the same street as affordable condominiums.

The older homes are often highly sought after, even with the downsides of what comes with a more ancient property, such as sloping floors, smaller basements, outdated building codes, and lack of closets, particularly due to their proximity to what the area has to offer. Walkability to amenities, such as shops, restaurants, and cultural attractions is at an all-time high. Buyers talk the talk about finding a home with urban accessibility and livability and when they find the right house in the right location, they get to walk the walk. The resident Torontonians know all too well that metropolitan availability right outside your front door enhances your lifestyle.

Investors might find themselves moving to the family-friendly neighborhoods of West Toronto, with Bloor West Village, Brockton Village, High Park, Corso Italia, Parkdale South, Roncesvalles, and Wallace Emerson continually seeing a good return on the dollar. Central Toronto, with neighborhoods of Beaconsfield, Christie Pitts, Liberty Village, Little Italy, Trinity Bellwoods, and Trinity Niagara, continually sells as a hot area. In addition to the well-liked neighborhoods of West Toronto, many first-time homebuyers search out first time residences in the areas of The Junction, Leslieville, and East York.