Homeowners on average will own approximately five different real estate properties in their lifetime. Moving is usually due to a change in life circumstances, thus it is not surprising that the type of Toronto homes we own follow our differing life cycles. Historically, first time buyers entered the market with little money in the bank and a smaller down payment. Because of the real estate prices in Toronto, many first time buyers are entering the market by purchasing condos.
There are many different reasons why people want to make the switch from renting to buying and getting on the property ladder for the sake of paying yourself rent is a big one.
Having proper knowledge of neighbourhoods in Toronto is very important to know where your life stage fits in and where to buy accordingly. For example if you are looking to buy your first home, you may want to start out with a condo or something with relatively low maintenance issues (though there are fees, of course), surrounded by other first time buyers. As a renter, you may be used to having your landlord fix any housing issues. Many people new to homeownership find the assurance of condo fees in the event anything goes wrong a nice ease into owning in the Toronto real estate market. You should always check to see what is covered by the monthly fees as it varies from building to building.
Continue reading →