Although COVID-19 slowed down housing sales in the greater Toronto area during March and April of 2020, the GTA housing market remains one of Canada's hottest. Home values are still on par with what they were a year ago, despite the pandemic, confirming that GTA remains a great place to buy real estate.
4 Key Things to Know About the GTA Housing Market
1. New Homes Are Being BuiltToronto is a desirable area to live. City planners know this, and they've been making changes in recent years to make it easier for more people to get a home of their own.
As one example, as late as 2018, the laneways were car-only, and all building projects in those zones had to be parking or garage construction. Since then, new legislation has opened up these areas, encouraging investors to turn laneway garages into gorgeous modern living spaces.
2. It Helps to Think AheadThe process of making an offer on a property can be nerve-wracking. Ontario law requires you to make an offer in writing, and the Agreement of Purchase and Sale document is legally binding: if the seller accepts it, that's it. This document will lay out how much you're willing to pay, the deposit, the closing date, and all kinds of conditions.
Before you get to this point, think carefully about what you can afford and what you want in a home. Then talk with your agent about how you'll respond in the event of a bidding war. The GTA housing market is popular, so bidding wars certainly aren't out of the question. The process will be much less difficult if you've taken time to consider important factors before you start.
3. Renting Is Very ExpensiveThere are always pros and cons to both renting or buying, but in the Toronto area, the pros are weighted on the side of buying your own property. Rental prices have been going up steadily for the last two decades and show no sign of stopping.
When rents are high and property values are rising steadily, buying is an attractive prospect. Instead of handing over your hard-earned money to a landlord each month, in Toronto, it makes sense to invest it in yourself and your own future as you pay down a mortgage.
4. Be Prepared for Some CompetitionPeople want to live in Toronto, and that means competition for desirable properties can be tough at times. That doesn't mean you won't be able to find the right property for your needs, but it does mean it makes sense not to go it alone. Buying property is a complicated task at the best of times.
When you work with experienced local agents, sellers see you as a preferred buyer. Good agents can also streamline the pre-approval process for your mortgage and help you with all the difficulties of finalizing and closing.
The GTA is a wonderful place to live, and with some help navigating the GTA housing market, you're sure to find just the right property. To get started, reach out to GTA Selling today.