- Planning on listing your property with the neighborhood’s agent?
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TORONTO HOMES FOR SALE,TORONTO REAL ESTATE, TORONTO AND GTA HOUSES,TOWNHOUSES,CONDOS
The Toronto and GTA Area real estate market offers a wide variety of neighborhoods, housing styles and lifestyles.
With a population of about 5 million, Toronto and GTA is a bustling, cosmopolitan city. It is the business center of Canada and also shares many recreational and cultural facilities with millions of visitors each year. Toronto is also the Canadian center for education, technology, entertainment, and industry. Toronto is located on Lake Ontario, the 8th largest freshwater lake in the world, and has over 1,500 parks, including sports parks, trails, recreation centers and botanical gardens & conservatories.
Toronto is a city of neighbourhoods. Some of the most desirable neighbourhoods are located in walking and bicycling distance of the downtown.Toronto housing market is very dynamic. House prices in the City of Toronto are higher than in the rest of the Toronto region and most of Canada; however, they are still very reasonable compared to similar sized American cities.Low interest rates, pent-up demand and a lack of listings saw average Toronto house prices for existing homes hit $402,762 in the July-September 2009 period.
Condominiums Condos in Toronto, GTA, Ontario
Questions to ask when choosing a condominium
• What are the unit boundaries?
• What will my maintenance obligations be?
• What management style is being used, and am I comfortable with it?
• What are the rules regarding the allowable number of occupants, noise, pets,amenities, parking, etc., and how are these upheld?
• Can I alter my unit’s appearance? If I want to change something, what procedure do I have to follow to get permission?
• Does the condominium corporation have the minimum insurance required by my provincial or territorial legislation?
• What will my insurance obligations be?
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New Condominiums Condos and Lofts in Toronto, GTA, Ontario
Newly constructed condominiums can be an attractive option for the prospective owner.They offer all of the benefits of a newly constructed building (fresh appearance,modern fittings, surfaces, elevators, appliances) while providing unit owners with the chance to customize their units.
Advantages of buying a new condominium may include:
• A lower purchase price before development begins
• More choice of locations within the building (if applicable);
• A broader range of options and/or upgrades and free inclusions;
• Newer buildings have less risk of having to undergo costly, noisy and intrusive repairs and renovations;
• New home warranty protection.
Toronto the condo market is booming. Toronto condos offer an affordable alternative to home buying. The average price for Toronto condos is $300,000, but one can find condos ranging from $150,000 to several millions.
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Townhouses Townhomes in Toronto, GTA, Ontario
Townhouses over time have become residences for people who cannot afford to buy or rent a freestanding home, or prefer townhouse living. Like the townhouses of old, the modern townhouse shares walls in common with other townhouses.
Modern townhouses may exist as part of a large complex. It’s quite common, when townhouses are in large numbers, for the entire complex to be managed by a real estate company or a homeowners association. The idea is to keep the overall look of the townhouse uniform, so many restrictions on painting, landscaping and appropriate window covering may exist.
The shared walls with other neighbors provide advantages and disadvantages. People who live in a townhouse flanked on either side with other homes generally have slightly lower heating bills because only two sides of the home have direct outdoor exposure. Further, a townhouse in an HOA means the owner or renter has little responsibility toward maintaining the outside of the property. Roofing, painting and gardening may all be part of the HOA’s job, which can mean less maintenance costs for the townhouse resident, though the townhouse resident may have to pay higher HOA fees.
The townhouse is usually less expensive, either to rent or buy than is a freestanding home. This can be advantageous when money is tight.
In Canada, and especially in Ontario, townhouses are split into two categories:
- In condominium townhouses, the purchaser owns only the interior, while the building itself is owned by a condominium corporation. The corporation is jointly owned by all the owners, and charges them fees for general maintenance and major repairs.
- Freehold townhouses are exclusively owned, without any condominium aspects.
"Stacked townhouses" have multiple units vertically (typically two), normally each with its own private entrance from the street.
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Investment Property Toronto, GTA, Ontario
It is becoming a popular trend in Toronto to buy a home as an investment property.Start your search with Toronto Properties & MLS Listings For Sale.Toronto homes with a pleasant view of the horizon often sell at a premium above similar homes without the view. Even though most real estate value is usually concentrated in the building, the lot is important, too. Obviously, it should be as level as possible. Assuming the property is in a typical neighbourhood, the lot should be rectangular – no odd shaped lots or oddly situated lots. Yard sizes are smaller in modern homes than in older homes, but there should still be a decently sized front and back yard. Do not buy a house where the entire back yard is taken up by a swimming pool, for example. Do not purchase an over-landscaped property, either. You would normally pay a premium for that, which you may not be able to recover when you sell. You will get your best value if the house is moderately landscaped or under-landscaped for the area. You can always improve the landscaping during your ownership by improving the grass and adding bushes and trees. This will improve the value of your Toronto investment property. In each Toronto residential neighbourhood, houses will vary in size and rooms, but they should not be too different. When resale value is important consideration, you should not buy the largest model in the neighbourhood. When determining market value, the homes nearest to yours are most important. If most of the nearby houses are smaller than your house, they can act as a drag on appreciation. On the other hand, if you buy a small or medium house for the neighbourhood, the larger homes can help pull up your value. This is one of those times where determining your "wants" versus your "needs" can be extremely important.
Three and four bedroom houses are the most popular among homebuyers, so if you can stick in that range you will have more potential buyers when it comes time to resell your Toronto investment property. Five is okay, too, as long as you do not have to pay too much extra for the additional bedroom. There should always be at least two bathrooms in a house, preferably at least two and a half. One bathroom with a place to wash up for day-to-day visitors, one for the master bedroom, and at least one to be shared by the other bedrooms. Walk-in closets are extremely desirable for the master bedroom. For the rest of the house, just be sure there is plenty of closet space. Don't forget space for linens and towels.
Garages add to the resale value to your investment property and you should always make sure to get at least a two-car garage. Lately, three-car garages have become desirable in some areas of the country. The laundry facilities should be located somewhere convenient on the main floor of the house, but not in a place it will create an eyesore. Think about whether future purchasers will want to walk up and down stairs when carrying loads of laundry.
Family activity centers around the kitchen, so this is the most important room of the house. Larger kitchens are better, and they should be provided with modern appliances. Obviously, the dining room and breakfast nook should be located adjacent to the kitchen. In newer Toronto house, the family room should also be extremely close to the kitchen. There should be easy access to the backyard, as there will be occasions for barbecues and outdoor entertaining. In addition, it should be a short trek between the garage to the kitchen so hauling groceries in from the car does not become a horrendous chore. Swimming pools do not provide as much added value as they once did. As a result, having a pool may actually reduce the number of potential homebuyers when you try to resell the home in Toronto.
Toronto offers many investment opportunities. Toronto housing market is very dynamic and fluctuates based on the area and the number of units on supply in that area.With a slow stock market and a boom in the housing market, Toronto is the ideal place to make an investment in resale homes ,new condos and or commercial properties Toronto.
Duplexes also known as semi-detached homes in Toronto offer an affordable housing alternative to a detached house. Duplexes are buildings that consists of two dwelling units, one above the other under the ownership of a single person. Usually each unit has each own separate lot and entrance. Duplexes can be found throughout Toronto. Prices for Toronto duplexes can vary greatly depending on location. For example while the average Toronto duplex sells for $200,000-$500,000, a duplex on Young & Davisville would on average sell for $400,00 to $500,000.
Triplexes (also known as row homes) in Toronto offer an affordable housing alternative to a detached house. This is a building which consists of three units, all owned by the same person. Usually each unit has each own separate lot and entrance. In Toronto triplexes are not as common as duplexes though many new triplexes are being built to the north of the city or in nearby communities of Vaughan, Mississauga, Pickering, and Scarborough. |