These 3 Tips Can Help You Find a Place to Rent in Toronto

Toronto has a lot to offer its residents, such as employment opportunities, good public transport, highly rated schools, colleges, and universities, top-of-the-line amenities, entertainment venues, exotic eateries, and multiculturalism. 

Because of these factors, Toronto is growing faster than any other city in Canada, and the resulting demand for housing has caused rental vacancy rates to drop to historically low levels

While it can be challenging for tenants to find a home in the city, it’s not impossible. Landlords receive many applications and have the luxury of looking for reliable renters. As a prospective tenant, you can set yourself apart from other applicants by following these tips:

#1 Get Professional Help 

You can improve your chances of finding a place to rent in the city by seeking professional help. It’s important to use the services of a Toronto rental agency that’s experienced, uses a proven formula, and won’t waste your time, instead of an inexperienced real estate agent who is too busy juggling multiple clients to understand your needs and is more interested in collecting their cut. Remember, it costs nothing to use such an agency’s services as a renter, so stack the odds in your favour. 

#2 Do Your Research

Before you start sending applications, do your research. Center on areas where you’d like to live and check the rental rates. Match this with your income. It’s recommended that you budget 30 percent of your earnings for rent. If the rent is more than 30% of your income, then your application may be rejected. 

Many properties include some or all utilities such as gas, water, electricity, internet, and more. Read the details of a listing carefully before making an offer. A home with higher rent that includes all utilities could be more cost-effective than a cheaper home where you’re responsible for paying more bills.

#3 Have Your Documents in Order

Due to the fast-paced nature of the city’s rental market, it’s vital to have your documents ready. This is especially true nearer to the city’s core, where renters are closer to businesses and can avoid the cost of vehicle ownership. 

It’s not unusual for high-demand rental properties to field multiple applicants at once. To avoid vacancy, usually, a landlord selects the first good candidate who submits all their paperwork. Have as many of the following documents ready when you start looking for a place to rent:

    • A credit report from Equifax
    • Character letters from professionals unrelated to you

 

  • Reference letters from previous landlords that support your candidacy as a reliable renter
  • A job letter from your employer that verifies your employment

 

  • A photo ID 

If you lack a rental history or if your credit report is less than ideal, then don’t panic. You can improve your candidacy by offering a co-signer or a personal letter explaining your situation. Alternatively, consider renting with a roommate until you can rebuild your credit. And if you’re self-employed, then you may need to prove your income with bank statements or a Statement of Business Activities

These three tips can help you find a place to live in Toronto. By staying organized, vigilant, and using a little professional help, you can establish yourself as an excellent candidate.

How to Buy a Home in Toronto This Year

We’re still in the first month of the new year, and prognosticators are saying that 2020 will continue to be a hot market for real estate in the region. People are moving here and looking to buy. Prices are high and they’re likely to stay that way for some time. That said, here are some tips to help you get into your new home.

Save as much as possible for your down payment.

This is the most expensive part of buying a new home, but it’s the necessary first step. Many Canadians put between five and 20 percent down. If you’ve looked around the market, you know the price range of homes in the various Toronto neighborhoods and the type of down payment you’ll need, and it goes without saying that the more you pay upfront, the less your mortgage payments will be.

If you’ve been saving for a down payment, explore options for growing your money. Look around to learn what options might exist for growing your savings, like an account that pays higher interest than what you’re currently earning. Continue to save. Every little bit helps.

Prepare for the other costs associated with new home buying.

There are a number of expenses you’ll need to consider; for example, closing costs, which can encompass several different fees. The land transfer tax depends on where you buy, but it represents a percentage of the overall cost of your home. Here in Toronto, if you’re a first-time homebuyer, you may be eligible for a rebate.

Then, there’s Canada Mortgage & Housing Corporation (CMHC) insurance. If your down payment is less than 20% of the home sales price, you’re going to need mortgage loan insurance in the event you can’t make your payments, and this insurance is taxable at the time of purchase. The good thing is that CMHC insurance allows you to get a mortgage for up to 95 percent of the purchase price of a home, while also ensuring that you get a reasonable interest rate. While we’re on the subject of costs, don’t forget about home inspection costs and any legal fees you might need to incur.

Check your credit score.

This number will determine how much your bank or other financial institution will be willing to lend you. It’s easy to check, and worth knowing — even for those not planning to buy a house soon. Your past financial and credit history, along with payments you’ve made and other factors combine to determine this score.

Take a good look at the Toronto area.

While you’re preparing your finances, look around Toronto and the surrounding areas to learn what’s available, and for how much. If you’re not independently wealthy, you might not be able to afford a luxury home in the city — but you might find something in another part of the region that’s just perfect for you and your family. Explore all the options to see how much house you can get for the amount of money you’re willing to spend. Consider the pluses and minuses.

For most people, a home is the largest financial commitment you’ll make, so it’s worth evaluating what makes the most sense in the long-term. As you’re getting to know various neighborhoods, ask friends or family members who live in those places for their opinions. It’s not unusual for some people to start out with one goal in mind, then change course along the way.

Five Common Mistakes in Real Estate Investing

As someone who’s been recently introduced into the world of real estate investing, it is important to note that there’s a learning curve you have to go through before you become a pro. One way to shorten your learning process is to learn from the mistakes of others.

Here are five common mistakes in real estate investing:

Buying an Old Rental Property  

If you’re buying an old home to serve as a living space for yourself, it’s okay to go with an old property, considering the fact that most of the price appreciation in real estate comes from the increase in land value. But if you’re buying an old rental property, then you’re setting yourself up for future headaches; unless you are a really good handyman with some spare time.  Save yourself the stress of numerous calls from tenants to deal with several problems an old rental property is very likely to have. 

Paying too Much Attention to a Building’s Structure while Ignoring its Location

What do you fall in love with when you see a building?  Most likely, you are swayed by breath-taking structural masterpieces. However, when it’s time to put down your money while investing in a property, you can’t afford to pay so much attention to the building’s structure at the expense of its location. 

Of all the factors to be considered about a property, the only thing that cannot be changed is its location, especially because this is a vital determinant of land price appreciation of your freehold property. Don’t be so swayed by structure because if your house is located in a good location, you can always renovate it to suit your taste and needs!  

Working with an Inexperienced Real Estate Agent

Working with an inexperienced realtor is rarely ever a good idea. If you’re a seller, you need to choose wisely based on factors important to you, such as local experience of agent, connections, commission, etc. Some of which you can assess via online platforms like Wowa.

As a real estate investor, always search for the best local real estate agent, who knows the locality you plan to invest in very well. Location is so important because investing in a good location is sure to bring up the value of your own house. If you have kids (or plan to), consider the kind of schools in that neighborhood and be sure they suit your kids’ needs before you buy a house there. 

It is best to have a list of things that are important to you as you set out in your search for a house. This way, you’d receive proper guidance from your agent, as they would have lots of experience in securing good real estate deals that fulfil your requirements.

Underestimating the Importance of Home Inspection

The investor who fails to acknowledge the importance of home inspection and as such, skips this very vital step, is one who is likely to have short-changed him/herself in their purchase. It’s always best to hire a professional home inspector to help carry out a thorough examination of the house you want to buy, and come up with a valid assessment. When you hire a professional inspector, you would not be saddled with a home that has lots of hidden issues!

Underestimating the Ongoing Costs

Some real estate investors make the mistake of underestimating ongoing costs for the house. You need to prepare to make monthly mortgage payments, and also allocate money to cover your property tax, and other such amounts. Also for rental properties one should assume that it has tenant 11 out of 12 months of the year and for one month each year the property could be without any tenant. Never underestimate the importance of ongoing costs of maintaining your property.  

Wrapping Up

Investing in real estate yields bountiful results, and if you’re well prepared to scale through mistakes that blindsided previous investors, even better for you!     

An investor who’s able to avoid mistakes such as purchasing an old rental property, not paying enough attention to the house’s location, working with an inexperienced agent, underestimating the ongoing costs and the importance of home inspection; will enjoy the benefits of this investment.  

How To Pick The Best Value For Money Home

Buying your first home is an exciting moment in your life. However, we need to be aware of a few things in order to be satisfied with our purchase.

Sometimes we make rushed decisions, and that leads us to experience buyer’s remorse. We may start noticing defects in the house that we didn’t see before, and then we start questioning our purchase. But it’s too late – you already bought it! 

People search for months to find their “perfect home”. But the truth is that no house is perfect. Purchasing a home is a significant investment, especially for those who work really hard to earn money. If you get a loan, you might get into debt, but it’s the best investment you could make.

No one knows what their future is. You might have an outstanding financial situation right now, but later you could go crashing down. That’s why we need to make investments during our flourishing times. That way, you make sure that you have somewhere safe to live. 

After buying the house, you shouldn’t keep looking for houses. You might encounter a similar home at a lower price point. But don’t worry, we’ve got some tips to make sure that you pick the best house at the best price.

Choose the Right Neighborhood

If you want to get the best value for money, you need to take a closer look at the neighborhood you’re interested in.

Some neighborhoods are more expensive than others. It all depends on the location and what’s around them.

For example, an apartment in Montreal is going to be expensive due to the fame of the city. But, if you still want to be around that area but at a lower price, you could search condos for sale in Griffintown. It is still located in Montreal, but a bit further from the central city.

Being a little further from a city has its benefits. You can enjoy fresher air and a quiet neighborhood, but you can always go to the city for those things you need to buy. 

Look at Recently Sold Properties

Before making the big purchase, you should look at similar houses to the one you’re interested in.

A comparable property is one that is similar in location, size, commodities, and condition. If you find one, you should compare both of them. 

Comparing two houses involves questioning whether they are at a similar price point or not. Is your house more expensive than bigger houses? Or is it cheaper than a similar one?

All of these questions can be answered with a quick online search. If you find that the house you want is more expensive than others similar, you should ask for a different price or search for another house all around. 

Research about Unsold Houses

Unsold houses can speak volumes about a property. Most houses don’t sell because they are overpriced, and this can be the situation for your future home that you might not even notice.

Sometimes, an overpriced home has its reason for being at that price. Maybe the previous owners did a lot of renovations and put expensive materials in the home. This is the only scenario that could justify a higher rate than other houses. 

The inside of a home tells us a lot about the owners. It doesn’t matter if the property is rather small; as long as the inside looks luxurious, it will elevate the price over other houses.

Market Conditions

An essential part of buying a home is researching the market. Similarly to the stock market, the real estate market also fluctuates a lot. 

Sometimes, there is a peak of prices, and other times, the prices decline. You need to research those fluctuations and see where you stand on. If the market is declining, you might feel that the houses are overpriced. On the other hand, if the market is at its peak, this is the best time to buy because some houses might maintain their original price. 

For Sale-by-Owners Properties

This is when the owner itself sells the house without a real estate agent. Usually, the prices of these homes are lower because when the real estate agent sells, they get 6% in commissions. 

Without the presence of a real estate company, the price should go down due to the non-existence of the commission for the agent. 

Sometimes, these owners who decide to sell themselves, might not set a reasonable price. Maybe the agent told them a price, and they weren’t happy, so they went with a price that they thought was fair. 

Final Thoughts

Buying a house is complicated, and it involves a lot of factors. Make sure that the price is fair for the house, and apply all these tips during your purchase.

Finding the perfect property: top tips

Whether you are seeking to get your foot on the property ladder or you are hoping to purchase a new house, finding the perfect property for you can take time and effort. Make a list of all the things you would like to find in a property and order them according to priority. Presenting that list to an estate agent may help, but also be sure to keep an open mind. Sometimes, the things we are convinced we want are actually not the most important and we find other things we much prefer. Continue reading for our top tips to make the search for your dream home as pain free as possible. 

Take a trusted friend

Viewing properties on your own can be challenging, so take a trustworthy friend with you. If you are dazzled by the room sizes and struggling to see any pitfalls, your friend may well be the one who can ground you and show you the work that will need doing. Someone who will be honest with you is exactly what you need when you are about to make one of the most expensive purchases of your life.

View a range of properties

Looking at homes on the Internet can be a great way to narrow down the number of properties you would like to view. However, seeing photographs and floor plans does not convey the emotions you get when you walk into a house. Be sure to arrange viewings for a number of homes and focus on features as well as feelings. 

Revisit the properties and neighbourhoods

Even if you have fallen madly in love with a property and are certain it is the one for you, be sure to revisit on several occasions. This will allow you to see the home at different times of day and also the neighbourhood. In addition to checking out the area in person, you should also consult online city guides, for example, Markham real estate. Finding out as much as you can about to area to which you would like to move is vital.

Consider a house to do up

Sometimes, despite months even years of house hunting, it might be impossible to find a property that fulfils all of your criteria. If this is the case, why not consider buying a home that needs some work doing to it? Often, these properties will take into account the number of flaws and the price will be adjusted accordingly, leaving you more money to carry out renovation work on the property rather than spending it on the mortgage. 

Be proactive

Imagine finding the perfect street in the perfect city, yet no homes come up for sale in that area. That could be because of the idyllic location and wonderful neighbourhood. Instead of just sitting back and waiting, take the situation into your own hands and be proactive. Make flyers explaining that you are looking for a house in that area detailing exactly the type of property you desire. Post them into each house with your telephone number and you may well find your future home this way. 

Plotting Your Entrance in Real Estate – Key Steps You Shouldn’t Overlook When Flipping a House

House flipping is a huge investment solution today. Since television shows have made this sort of activity popular a while back, almost every person you know has at least thought about flipping houses. 

But getting in the industry is difficult, and staying in is even trickier. This is why you want to make sure your first investment of this kind is a successful one. And to help you tackle the process like a pro, we have a step-by-step guide you can follow.

 

First, what is house flipping?

The house flipping concept is familiar to many people out there, but if you’re not one of them, we have more details. Simply put, house flipping means buying a house, renovating it, and selling it for a profit. 

Generally, house flippers search for homes in poor condition that regular buyers can’t be bothered to renovate. Obviously, these properties’ selling point is quite low, leaving room for renovation expenses. Bringing it to a decent condition and ensuring it meets the buyer demand. Now that you have a better understanding of what the process involves, you know if you are ready to get involved in a project of this amplitude. 

Do your research

Like all investments, house flipping needs to be backed up by a ton of research. To end up with a hefty amount of money in your pocket, you must carefully analyze the local real estate market and its potential. 

Besides, analyzing different markets will allow you to make a much more suitable investment decision for your current buying power. 

For instance, if you only have a modest amount of money, let’s say CA$20,000, it would be futile to try to invest in markets where property prices go well above CA$900,000. 

In this case, regardless of your financing solutions, it will be nearly impossible to cover that sum. So, before starting your house flipping investment, research the market and decide what range you can afford to invest in. This will help you ensure you have a generous profit margin once you renovate and sell it. 

Write a business plan and set a budget

You have to start thinking like an entrepreneur. And so, you need to write a business plan for your investment. You don’t need to write a fancy corporate-sounding business plan. 

However, you do want to set a budget, timeline and project outlook. When writing your first business plan as a real estate investor, make sure to include the following.

  • How much money you want to invest in your first investment property?
  • How much money do you want to hold in reserve?
  • How much money do you plan to invest in renovations?
  • Do you have enough money to cover your expenses until you get the lending money?
  • What type of renovations do you plan to bring to your investment property? 
  • Are you willing to repair structural issues, too?

Try to answer all these questions and you will have an easier time planning the whole house flipping business. As a general rule, avoid structural fixes. These involve a lot of permits, work and expenses. Instead, try to focus on cosmetic updates. These are easier to handle and don’t involve paperwork at all. 

Get the financing before starting to flip homes

One of the most common issues encountered by house flippers is not planning the financing part in advance. You need to find financing before you make an offer and have it approved. This will simplify this type of investments tremendously and it is a piece of advice you must remember for your entire career as an investor. 

Be wise when you apply for financing. Some banks have impressive interest rates on this type of loans, which you most definitely want to avoid. Also, make sure that you pay close attention to fees and other similar variables. 

Networking matters

Get in touch with contractors and try to bound meaningful collaborations with them. This is one of the easiest ways to ensure all the projects you carry on your flip property will be successfully completed. 

Ideally, you should start getting quotes before starting to work on your project. This leaves you enough time to test different contractors and compare their fees. 

Find the right property

Learn how to find amazing deals in the targeted area. In short, you should learn how to spot properties under the market value but with huge potential. Try to collaborate with a realtor, at the beginning of your investment journey. Alternatively, you can try to work with property wholesalers or to build a strong mail marketing campaign. 

Renovate

We mentioned how you should only consider aesthetic renovations, and we stick to our suggestion. These are easier to handle and don’t require permits and other paperwork. Learn how to find contractors that work well and work fast, efficiency is one of the key ingredients to a profitable house flip. 

Pay attention to elements like kitchen, bathrooms, and flooring. These are some easy and affordable ways to sell a property for a profit. 

Clean it spotless

Once you finish renovating your property of choice, search for a Toronto commercial cleaning company that can handle the cleaning part in a timely fashion. With high-performing equipment and professional cleaning products, a similar company will do in a matter of hours what a maid can accomplish in a week. Acting fast is another secret to a successful and profitable home sale. 

Plus, cleanliness is one of the easiest ways to market your flip property to potential buyers, so it matters a lot in the large picture. 

Sell it!

This is the last and easiest step you must take care of before enjoying the results of a lengthy and tiring process. We say this step is the easiest because it will mainly be handled by your realtor. So, make sure you find one that can help you sell your flip property for a generous profit. Keep in mind that the entire pricing process can be a close collaboration between you and your real estate agent. 

This is one of the easiest yet comprehensive guides you can follow to start your investment journey as a real estate professional. 

How Do Construction Loans Work?

Building a new home is a dream for many Canadians, but unless you’re paying with cash, you’ll need to obtain a construction loan to make your dream a reality. These loans are different from conventional mortgages, so it’s important to understand how they work before you even think about starting the building process.

Types of Construction Loans

According to Maxiron Capital, construction loans are short-term and used to finance a building. There are two main types of construction loans:

  • Standalone: The first loan pays for the construction. Once you move in, you obtain a mortgage to pay off the construction debt. Ultimately, you’re taking out two separate loans.
  • Construction-to-permanent: You obtain a loan to pay for construction. Once you move in, the lender converts the balance into a permanent mortgage. It’s like having two loans in one package.

It’s important to understand the difference between these two types when applying for your loan.

Standalone

Standalone construction loans aren’t as popular as they once were, but it may work out well if it allows you to put down a smaller down payment. If you already own a home and don’t have much cash for a down payment, this type of loan may allow you to stay in your current home while your new home is being built.

But there are some drawbacks to a standalone construction loan:

  • You’ll pay two sets of closing costs: one on the construction loan, and one on the permanent mortgage.
  • You won’t be able to secure a maximum mortgage rate. If rates rise while your home is being built, your permanent mortgage may have a higher-than-expected interest rate.

Construction-to-Permanent

With a construction-to-permanent loan, you only have to worry about one closing. This reduces the fees that you have to pay.

While the home is being constructed, you’ll only have to pay interest on the outstanding balance. The interest rate will be variable during construction, meaning that it will move up or down with the prime rate.

Once the construction is complete, your lender will convert the construction loan into a permanent mortgage. The permanent mortgage is just like any other home loan. You can choose between a fixed-rate and an adjustable rate loan. You can also choose between a 15-year and 30-year mortgage.

With many lenders, you have the ability to lock in a maximum rate once the construction begins. Generally, lenders will require a down payment of 20% with this type of loan. Of course, every lender will have its own requirements.

One other important thing to note: construction loans are generally harder to obtain than a conventional mortgage. Because you don’t have a complete home as collateral, qualifying for a loan can be challenging. The lender will also want to be sure that you can afford to pay the monthly interest payments in addition to your existing mortgage or rent.

Don’t let the challenge of obtaining a construction loan deter you from building your dream home. If you take the time to make sure that your finances are in order and that your credit is in excellent shape, securing a construction loan may not be as challenging as you think.

 

 

 

Financing a custom-built home

If you’re considering a custom-built home, there are some core considerations  

Buying a turn-key home has some clear benefits in terms of offering you a ready-made home, where someone else has made all the tough decisions for you, while building offers you the opportunity to customise your home exactly as you want and need it – but it means making the tough decisions yourself.

It’s a good idea to familiarise yourself with some trends in the Canadian real estate market before you get started.

Here are some things you must consider:

Getting a loan for a custom-built home

Bear in mind that getting a construction loan for your custom-built home can be a little more difficult than applying for a traditional mortgage. Construction loans are generally considered to be a higher risk. This means that you’ll need to have really strong credit, and you’ll likely need to have a deposit of 20-25% saved. It’s usually easier to get a construction loan to build on land you already own.

Check out our overview of the Canadian real estate market here, and learn more about how to organiae your finances here.

Get ready for paperwork

As well as proving to the bank that your finances are in order, you’ll need to convince them that this house will definitely get built. How? You’ll need to demonstrate that this is a well-planned and low-risk project by providing details of the land where your house will be built, floor plans, ceiling heights, insulation and building materials.

The bank will also want to see a realistic timeline for when your home will get built.

Planning your budget

Building a custom home is generally considered to be more cost-effective than buying a standalone home, but only if you know what you’re doing.

Map out your budget projections carefully, research your costs carefully, get more than one quote for big elements of the project, and make sure to leave yourself a cushion in case any element costs more than expected.

A slight budget over-run can cause significant delays in your project if you haven’t prepared for it.

Work with professionals

It may be your dream home, but it’s not a DIY project – in order to secure financing for your home you’ll need to show the bank that you are taking a responsible and sustainable approach to getting your house built. That means brining in experts like the team at FC Developments. Working closely with a contractor like FC Developments from Edmonton, will ensure that you get your project financed, and also that the project gets completed by the deadline and is finished to a high quality.

So…

Building your own home is an ambitious endeavour. It’s an ideal project for those with a clear vision of what they want, and the tenacity to see the project through, even as occasional delays or budget over-runs happen.

Getting the right financing can pose initial challenges, but with sufficient forward-planning, you’ll be building your dream home in no time.

Foreigners Investing in Canadian Real Estate

There’s a gold rush in Canada…

Foreign buyers have been mining for years now, competing with domestic buyers for real estate, especially in Greater Toronto Area and Greater Vancouver.

Why?

Because the Canadian economy continues to grow at a rapid rate… and…

Canada is leading the way of all G7 nations in population growth. It’s expected to rise at a rate of 2.4% over the next few years (while most others are seeing a population decline). GTA is expected to receive 28% of this growth (according to CBRE’s annual Global Living 2019 report). With a rapidly growing population, there comes an influx of foreign buyers ready to sweep up gold-coated real estate.

Plus… you don’t need to have permanent residency or citizenship to buy property in Canada.

As a buyer, you can reside in Canada temporarily. If you choose to have an extended stay or become a permanent resident of the country, you will, however, need to fulfill immigration laws.

Or, you can choose to remain a non-resident. You simply need to comply with the CRA (Canada Revenue Agency) by filing annual tax returns.

This makes it easy for foreign investors to get themselves a slice of the pie.

Where Are Foreign Investors Buying?

#1 Toronto

According to the PWC – Emerging Trends Annual Report, net immigration in the Greater Toronto Area hit a 15-year high in 2018.

With an ever increasing population, always comes an increased demand in housing. But this demand isn’t just coming from those living in Canada. Increases in population and economy will attract millions of gold-frenzied eyeballs worldwide.

The CBoC reports that the local construction sector is estimated to hit 10 years in a row of growth this year (2019), with GDP estimated to reach approximately 2.3%.

In April 2017, once the 15% foreign buyers tax was enforced, market conditions fluctuated. Plus, interest rates rose (with Bank of Canada raising theirs 0.5% to 1.75% from 2017 to 2018. Not only that, but according to CBRE’s Global Living 2019, the average house pricing grew only 1.5% in 2018.

This is very low, compared to the average 10% annual growth (which we’ve seen for the past 10 years).

#2 Vancouver

Vancouver has been the West Coast pillar of Canada for decades. It’s one of the most expensive cities to live in across the globe. With an average house price of $1,011,200 (March 2019), Canadians are feeling the after-effects of major foreign investment over the years.

According to Stats Canada, foreign property ownership in Metro Vancouver is above $45 billion (including $22 billion in the City of Vancouver).

Also, 20% of condos worth $1.5 million or more are ownded by non-residents. This number is staggering, and it is rare to see a city in the world with foreign ownership this high on condos.

After there was still a struggle to cool the market in 2017 with the 15% foreign buyers tax, there had to be more done in Vancouver.

So the foreign buyers tax was increased to 20%. Another solution brought in was an increased tax rate on homes valued above $3 million. (Read more at PWC – Emerging Trends). Plus, an empty home tax of 1% of the property’s assessed taxable value.  

From August 2017 to August 2018, annual growth for house prices was 4.1%, which was much lower than the 9.3% average over ten years (according to Global Living 2019).

An Opportunity To Strike Back From The Foreign Buyer Frenzy…

Despite the difficulty in affordability to enter into the market (especially as a first time home buyer), this cooldown period in the two hottest real estate markets in Canada is good news for Canadians.

It brings an opportunity to enter the market during a cooldown from the fluctuations that have been greatly influenced from foreign buying.

Experts at SKYHUB suggest that if you’re looking to get in the market but have been dealing with affordability constraints, a window of opportunity has opened up for you to get in before it heats up again.

When it comes to choosing between Vancouver or Toronto: Analysts advise toronto homes takes the lead over Vancouver with the very promising economic and population growth fueling the future real estate growth.

With the Price of Condos Going Up in Toronto, It’s Important to House-Hunt Efficiently

Are you looking to break into the ultra-competitive and cutthroat world of condo-ownership in Toronto? Consistently scoring within the top 10 most liveable cities in the world, Toronto offers all kinds of reasons to put down roots and invest in property. Because so many others are thinking the same way, the housing and condo market tends to be extremely fast-paced, expensive, and competitive. With so many condos being built around the city, you may be under the impression that it’s simple to get in, but you couldn’t be further from the truth.

Here we’ll take a look at what you need to know about the condo-hunting process in Toronto to ensure that you get the most bang for your buck and a property you are happy with.

Target a Few Specific Neighbourhoods

Because Toronto is a big sprawling city, your search can feel pretty overwhelming. This is why it’s a good idea to start by narrowing it down to a few target neighbourhoods. Your “top” neighbourhoods can be decided by a number of factors such as proximity to work, nearby shopping, dining, and entertainment, access to public transportation, and the general feel of the neighbourhood.

By targeting your search to a few neighbourhoods you’ll be eliminating all kinds of options that ultimately won’t fit your list of criteria.

Create a Wish List of Amenities and Features

Now that you’ve got your eye on a few specific neighbourhoods, it’s time to create a wish list. These are items that you’d like the condo to have, and these should be prioritised. Some will be deal breakers whereas others you may be willing to live without.

Typical amenities you may want to look for include on-site parking, additional storage locker on-site, washing machine and dryer in the unit, secured premises with an on-duty security person, a pool, a gym, your own outdoor space (a patio or balcony), etc.

Be Aware of the Condo Maintenance Fees

It’s also important not to just focus on the list price of the condo but also the maintenance fee. What can seem like a reasonably priced unit can actually be quite costly once you factor in the monthly maintenance fee. Statistics show that condo fees in Toronto have actually gone up 2.5% in the past two years, so it’s something you need to be aware of.

Don’t Be Fooled by the Staging

As you tour the various condo units, you also want to view things with a critical eye. Don’t be fooled by the seller’s staging with furniture and décor. That stuff won’t be staying, so you need to look at the bare bones.

Still Looking for More Information?

If you are still looking for more information and want to be sure you know all there is to know before you dip your toes in the market, it’s best to continue doing your research. This guide outlines most of what you need to know before and during a condo-hunt in Toronto. It can answer all your burning questions, and ones you didn’t even think to ask.

Find the Condo That Meets Your Budget and Needs

By following these tips, you’ll be able to head into the condo hunting process much more confident, and ready to find the best unit for your budget and needs.