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A Simplified Guide for Toronto First-Time Home Buyers

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Toronto is the largest city in Canada, the fourth largest city in North America, which makes it an exciting place to live in.

But as with other major cities, finding the perfect place to move to can get tricky. If you’re planning on buying a home for the first time in this city, it is indeed a big decision and there are things you should know in advance.

Don’t worry, this guide will help explain the basics of what you as a buyer should know when you decide to buy a home. It will make you feel like a true expert during the buying process.

Decide what type of home you are looking for

There is no right answer to what makes a good home. It all depends on your preferences and needs as the resident. It is, therefore, a good idea to determine as early as possible which features of a home are important to you. If you are buying a home and moving in with someone, it can be a good idea for both of you to make a list and compare.

Toronto is a city that offers different styles of living accommodations and its neighborhoods are quite versatile and diverse, same as the people living there who come from all parts of the world.

The most common forms of housing and real estate opportunities in this city include bungalows, two-storey houses, split-level homes, and the very popular Toronto condos. Due to the high property values, the city boasts of construction of many condominiums as they are a more cost-efficient choice and provide a plethora of benefits.

When you decide on the type of home you want to buy, it is good to do some research and learn the biggest differences between them.

What to think of when choosing homes in Toronto

There are certain things you need to consider when choosing your home in this city. 

Being close to the things you need to visit every day makes life a lot easier. Pay attention to the proximity to shops, preschools, schools, and your job. In addition, access to good public transportation is crucial. Being able to move around the city easily and the opportunity to commute is important to many.

Know that having a balcony can significantly increase the value of your home and improve your well-being. Being able to move easily in the area is something that many people underestimate, but can be very convenient, and this is why you should see if there are good cycles and walking paths. 

And finally, make sure that the house is well designed which is a quality that does not disappear with the age of the house or with renovations. 

Set your budget

Before you start the search for your new home, you must know how expensive of a home you can buy. It is preferable to know in what price range to look for. The budget is usually decided based on your mortgage and how large are the monthly costs you can handle.

A mortgage is always about a balance between risk and income for the bank. The higher the risk for the bank to lend to a particular home, the more expensive the mortgage will be. When it comes to the bank’s reasoning when applying for a loan, it is in principle always a question of whether you as a borrower will be able to repay the mortgage.

The bank also takes into account your financial history. If you are a person who has managed your finances well, the chance increases that you will get your mortgage approved. If, on the other hand, you have a bad reputation with banks, it is weighed in as an aggravating circumstance.

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Real Estate

This Ontario Manor Has More Rooms Than You Could Use & Costs Under $1 Million (PHOTOS)

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It turns out that some Ontario family homes are basically mini-mansions.

This Ontario house for sale comes with more rooms than you’ll ever probably need, and it will cost you less than a small Toronto home would.

The house is in Milverton, Ontario, which is a short drive away from Kitchener.

The listing was built in 1910 and has a ton of rooms, plus it sits on over an acre of land.

There are 12 rooms in all, but that doesn’t include the attic and fully renovated garage.

With that much space comes some pretty unique features, like this amazing vintage safe that’s hidden away in the house.

The house’s turret also lends itself to some unique interior room shapes as well.

There are five bedrooms, which will come in handy when you can have friends and family stay at your place again.

Outside of the house, the barn/garage comes with its own spacious interior.

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Real Estate

8 Of The Cheapest Homes You Can Get Around Ottawa (PHOTOS)

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Not all houses in the National Capital Region come with an enormous price tag. Luckily, there are still some affordable homes for sale around Ottawa if you’re on a tight budget.

The average price of a home in Ottawa is $591,413, according to Zoocasa. But if you’re willing to look outside of the city, you can find much cheaper options.

Here are eight incredible places to live that will make you eager to pack up your stuff and move, including one home with a pool.

Five-Bedroom Home

Price: $299,900

Address: 981 Dianne Ave., Rockland, ON

Description: If you crave a separate space for your home office, this five-bedroom home with a garage has tons of room.

Constance Lake Retreat

Price: $260,000

Address: 168 Constance Lake Rd., Ottawa, ON

Description: While living here, you can enjoy swimming in the pool and the picturesque lake view.

Two-Bedroom Duplex

Price: $259,900

Address: 138 Rue Archambault, Gatineau, QC

Description: This duplex has so much potential and is only a short drive from restaurants and stores.

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It’s a renters’ market for businesses that believe the office will make a comeback post-pandemic

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Empty offices left behind by newly minted remote workers and other upheaval caused by the pandemic have begun to show up on the rental market, and it’s presenting some prospective tenants with opportunities they couldn’t have imagined prior to COVID-19.

“They’re getting the red carpet rolled out,” said Darren Fleming, an Ottawa-based commercial real estate broker.

It’s almost a year into the pandemic, and Fleming and his team at Real Strategy Advisors are seeing companies that were on the fence about what to do with office space that’s been sitting empty now starting to downsize.

“It’s to either get rid of about half their space or go [fully] virtual,” said Fleming, the firm’s CEO.

That’s an even bigger shift than he expected just six months ago, when he estimated clients would shed about 25 per cent of their space.

But for those clients who are looking for new space, Fleming says they have an “unparalleled amount of choice” and the potential to land incentives such as free rent for one year.

“If you’re a tenant looking for space right now, there’s a whole lot of people who don’t have a lot of alternatives to rent to,” he said.

Michael McNaught and his growing team at RVezy, an RV rental marketplace company, are prospective tenants seeing the market change first-hand.

In March 2020, McNaught was about to sign a lease for new office space in Ottawa, but then the pandemic hit. RVezy sent all of its staff home to work remotely and put the lease-signing on hold.

Since then, RVezy’s business has doubled and its workforce has nearly tripled from about 20 employees at the start of 2020 to 55 now, with plans to keep hiring.

“We just happened to be one of the fortunate businesses that was well suited during this pandemic,” McNaught, the company’s co-founder, said.

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