If you’re interested in buying a home in Toronto, you probably already know that the real estate market is currently booming. Investing in a home in the Toronto area now is a very smart idea. The average selling price for homes has improved month by month in 2022, while those for condos and other units have remained steady. But now you might be asking, “What are my next steps?” Follow along with us as we cover the homebuying guide for Toronto.
Research the areas that suit you best
Cosa Loma , which is close to downtown, is charming, and historical in its architecture
Forest Hill, Toronto: real estate here is some of the most-coveted
Hoggs Hollow, one of the more affluent and exclusive areas
Lawrence Park, a quieter suburban district with a unique feel
Rosedale, a center for gardens and stunning landscapes
York Mills, with many high-end dining options and an upscale culture
Get preapproved for your mortgage early
Once you’ve narrowed down the areas of Toronto that match your lifestyle, it’s time to get into the finances. The most important step is to get preapproved for your mortgage loan early on in the process. You should aim to do this before meeting with a broker because it will give you a good idea of your financial health and furnish you with a ballpark budget.
Reach out to a realtor who knows their stuff
You should search for a knowledgeable real estate agent with a comfortable sense of the surrounding area’s market. A realtor is an invaluable tool to have in your back pocket. They will be able to communicate with other agents in the area more effectively, as well as understand the ins and outs of Toronto’s real estate standards to ensure you’re following all the correct by-laws. A realtor has your best interests in mind, so don’t hesitate to reach out to several before finding one that recognizes your budget and your needs.
Hit the pavement!
Now it’s time for the fun part. House hunting can be an exhilarating process, but it’s also a time when you have to be attuned to what truly matters to you. It’s easy to attend an open house in a beautiful area and forget what you need. That’s why you should keep a running tally of the elements of a home that matter. These elements could include:
- A minimum square footage
- A floor plan or a number of bedrooms and bathrooms for you or your family, especially if you’re expecting to grow or invite more members
- Type of neighborhood, including proximity to work and schools
- Nearby grocery stores, parks, and pedestrian zones
Be realistic about your offers
Your deposit, which will usually be 5% of the selling price, due within 24 hours
The closing date
The items, appliances, and other accessories you want to be included in the property
Sign the agreement and get a home inspection
After you make an offer, it’s up to the home sellers to either accept it, provide a counteroffer, or reject it. It’s this period where a quality real estate agent can be invaluable. It’s not uncommon for negotiations to last a few weeks, so it’s important to stay realistic and not get attached to any one property until you’ve heard back from the sellers and your agent.