Let’s be honest, Toronto real estate is expensive. As Toronto becomes an increasingly global city attracting talent from across the world, prices are only expected to rise. If you feel you are priced out and stuck renting, think again! There are options for you.
24% of millennials surveyed by RBC would consider purchasing a home or condo with a friend. As many young people are staying single longer, we are seeing an increasing trend of friends buying a property together. The benefit? Monthly carrying costs are cut in half, as is the land transfer tax! Ensure the paperwork is done properly in the beginning using a trusted real estate lawyer so when it comes time to sell down the line everyone is protected.
Expand your Search
With many buyers, it is easy to get into the mindset of your perfect home, situated in your top neighbourhood of choice with all the features you’ve been dreaming about. If this has proven unsuccessful, it may be time to re-evaluate your home buying criteria. Could you give up a bedroom, a parking spot, skyline view or ensuite laundry? These small concessions could be the difference between endless searching and getting the keys to your (almost) dream home.
Dream of living on the water? What about on a boat?! Toronto Float Homes provides for alternative low-cost living not far from the downtown core. Of course, there are some quirks to living on the water (like sewage disposal) but overall it could be a great opportunity for the adventurous spirit.
If you don’t have the funds to put down on a property today but want to start realizing the benefits of property ownership, buying a pre-construction unit may be a great option. Most deposit structures have you putting down only 5-10% of the purchase price every year until hitting 20%, and you avoid CMHC fees (which is required insurance for purchases with less than 20% downpayment) this way too. While your condo is being constructed, you are likely receiving positive equity and will move into a property that has increased in value from the amount you paid.
Contact us today to discuss which option may be best for you, and we will get back to you promptly.