Buying a house in “the 6” is nerve-racking for two main reasons. First is the amount of money you have to shell out is massive. Secondly, the real estate market can be overwhelming.
Both concerns are easy to address, though, especially the latter. Reading the latest real estate news in Toronto will help you learn how the industry works and how to adapt to it.
Learning the ins and outs of the market can be daunting, but don’t worry. It’s easy to get acquainted with it if you know where to start. To help you do just that, here are a few trends that are good jump off points in getting to know the Toronto real estate market.
Prices are Falling But are Expected to Rise?
A quick search about the standing of the Toronto real estate market will tell you conflicting things. Some say that the prices are falling but there will also be others who predict that they’ll climb in 2018.
The numbers are certainly confusing, especially for first-time buyers. So, which one should you believe?
Both, actually. The prices are falling slowly but it’s still higher than the numbers from last year. So if you wish to buy soon, it will still be good to consider the current prices and create your budget around it.
Watch Out for the Interest Hike
Everyone who’s planning to buy a property in 2018 knows to anticipate the constant price increase in properties. However, the mortgage hike is just new, so it will be best to be wary of it.
Experts say that it can create financial difficulties for many homebuyers and it’s very likely to be true. This can really apply to buyers in a hot market like Toronto because the prices are already high,. Preparing yourself for the higher interest rates is very important if you want to purchase a home without a hitch.
Planning to Buy a Rental Property? Get Acquainted with the New Rent Control Rules First
With the rental vacancy rates in Toronto at 1%, lots of people might want to cash in on the earning opportunity that’s lying in wait. If you have the money to make the investment, why not, right?
Before you jump into a new real estate arena, you should note that owning a rental property isn’t as easy as it seems. The current market conditions have pushed the government to take measures to deal with various issues. For one, there are tighter rent control rules in place nowadays.
Ontario’s Fair Housing Plan specifies a few points that are aimed to protect renters, boost the number of rental properties, and address the local housing demands. While the effort is there, not every point proves to be effective. Some have even backfired entirely.
Developers have already backed out from some projects because they’re too risky. There’s also a massive move to convert apartments to condos just to get around the strict rent control rules in the city. All of these are worth considering if you’re thinking of investing in your own rental property.
There’s Still a City in GTA where Houses are Below $1M
Property prices in Toronto may be sky-high but all hope is not lost yet. If you’re willing to go farther outside the central area just to own a property, you can still find affordable single detached family homes in GTA.
Brampton is considered as one of the last affordable neighborhoods in the locale. Some reports say that you can still find properties below $1M in the area which is very promising for many homebuyers.
You might need to act fast, though. With the high demand for housing in Toronto, it shouldn’t come as a surprise that new homebuyers are flocking to the area.
