How much more affordable are homes in Mississauga compared to Toronto? - As real estate agents who’ve spent decades serving Toronto, Mississauga, Etobicoke, Oakville and many other communities across the GTA it’s a question we’ve heard a lot. 

With a lot of real estate in the city coming at a premium cost, plenty of buyers set their sights on suburbs like Mississauga in hopes of more affordable property. While in some instances these communities may have a lower cost of living compared to downtown, we believe buyers should approach their home search based on what will actually suit them best. 

Some homes in Mississauga, Oakville, or Burlington may have a smaller price tag, however, if you end up purchasing a home that doesn’t fit your needs or lifestyle, it could actually lead to you spending even more money in the years following if you’re unhappy and choose to sell. 

If you’re preparing for a home purchase and want to take every step possible to stretch your budget (such as living away from the city centre) we’ve got some insights to help you make the right decision. 

Working with an experienced local Realtor® is the best way to maximize your home purchase. Learn more about how to find the best real estate professional for your needs here. 

Suburban Living 

Purchasing a home in a suburban community has several advantages, but it’s not for everyone. If you’re considering a move to Mississauga simply for its affordability, you should take some time to learn what everyday life there entails, especially if you’re unfamiliar with the area. 

Keep in mind, suburbs are not one-size-fits-all. Just like Toronto, Mississauga is made up of a variety of distinct and diverse neighbourhoods, each with a unique atmosphere and identity. The neighbourhood you choose to buy in will directly impact your lifestyle. 

Consider how your lifestyle may need to adapt if you relocate to the suburbs. While Mississauga does offer easy access to the city by car or transit, it doesn’t have certain big city conveniences. For instance, most errands will require a car and businesses can close earlier than they do in the city. If you’re accustomed to an urban Toronto lifestyle, moving to Mississauga could bring certain unpleasant surprises. 

Other Cost Considerations

One area where buyer savings can be directly attributed to suburban relocation is land transfer tax. In Toronto, home buyers are subject to a city land transfer tax. If you buy in Mississauga, you are not subject to this cost, which is a significant save on cost. 

Another factor to consider is your commute. For transit riders, there are several great options for getting in and out of Toronto, however, these services come at a cost - particularly for those living furthest away from the city core. For instance, utilizing GO Transit on a daily basis can add up to several thousand dollars a year. 

If you drive to work, the added distance and increased traffic will lead to you spending more on gas than you're accustomed to. Not to mention, you may see an increase in monthly insurance payments as a result of your extended commute. 

Are you hoping to buy your first home? It helps to get familiar with the process of obtaining a mortgage before you head to the market. Have a look at these blog posts to learn more. 

• What’s the Normal Term of a Mortgage in the Toronto Area?

• A Guide to Mortgages if You’re Self Employed

• When is a Good Time to Refinance?

Finding The Home You Need 

Purchasing a home is a significant process, one that comes with a host of options and variables.  While finding a property that fits your budget is undeniably important, it’s equally important to ensure your new home meets your overall needs. 

First, ask yourself why you want to buy a home. To upgrade to a larger house? To stop paying rent? Do you plan on raising a family? Your primary motivations for home buying will play a big role in finding the right property. 

Next, it’s time to build out a specific list of what kind of home you want, separating the “wants” from the “must haves”. Start with size - how much space will you need? Do you require a one-level home or are stairs suitable? Is your ideal home move-in ready or are you willing to do some fixing up?

Think about where you really want to live. Start with a broader area such as a city, and narrow it down as much as possible, your end target could be a specific area, neighbourhood, or even school district. Consider nearby amenities like parks, grocery stores, and fitness or community centres. Don’t forget to ask yourself how far you're willing to commute. 

Looking for more real estate insights about the GTA’s suburban communities? Check out these blog posts. 

• 3 Things to Love About Living in Etobicoke

• Tips For Moving to Mississauga

Make Your Budget Go Further - Work With a Realtor®

If you plan to purchase a home the best place to start is with an experienced and qualified Realtor®. As a dedicated expert, a great Realtor® will work hard to make the process of purchasing your home a smooth and enjoyable transaction. Starting with your home wishlist, they can help you find a home that actually meets your needs, is priced well, and suits your budget. 

In addition to helping you find the right home, a Realtor® can walk you through each stage of preparation for your purchase and the myriad of details attending the transaction. 

Overview of Greater Toronto Area housing market activity during September 2022.

We’re not going to sugar-coat it, real estate in the GTA is just not the seller’s market it once was. 

As market conditions tilt towards the middle, home buyers are experiencing greater power and flexibility during the buying process. One of the most significant developments in today's market is the return of conditional offers. 

Whether you’re buying or selling, neutral market conditions mean navigating a myriad of new factors along your real estate journey. Thankfully, we can help! Call or text us. 

Conditions Are Back

During the seller’s market heyday, buyers were frequently competing against other people on the market. As for-sale homes typically received multiple offers from those interested, buyers began foregoing conditions (also called contingencies) in an effort to be competitive. Despite creating risks and challenges for buyers, this trend stuck. 

In 2022, the GTA’s buyer pool has shrunk noticeably compared to years past. With an overall reduction in buyer competition, conditions have finally returned to GTA real estate. This is good news for buyers as they’ll be better protected during their home purchase. 

What’s In A Condition?

First and foremost, conditions will always come with a deadline. The process of buying or selling a property can be very stressful, and no one wants to spend weeks or even months trying to finalize the sale. Therefore, each condition included in an offer will come with an established timeline. These timelines, among the other details within each condition, can be negotiated between the buyer and seller before settling on an agreed deadline. 

Conditions must also be distinct and easily measurable. As a legally binding contract, there should be no grey areas or conditions where the results or outcome are up to interpretation. 

We pride ourselves on offering our clients top-quality advice and insights. Want to learn about more ways to find success in GTA real estate? Check out these blog posts. 

• Are Toronto Condos Still a Good Investment?

• Do You Need a GTA Realtor® to Buy Pre-Construction?

• Garden Suites in Toronto: What You Need to Know

Common Conditions

Buyer Financing

Buyer financing is one of the most common offer conditions in today's market. Essentially, this condition prevents the deal from being finalized if the buyer can't secure adequate financing for the home. 

While this condition has been picking up steam lately, we always advise receiving mortgage approval before anything else. This can help you avoid the heartbreak of finding the perfect home and making an offer only to have the financing fall through. Your bank or financial lender will check your credit, employment, and downpayment savings to determine whether you qualify for a mortgage (and for what amount).

Home Inspections

For buyers, home inspections are an essential step in evaluating potential risks that may come with the property you’re interested in. During the peak of Toronto’s booming buyer’s market, some buyers would unfortunately bypass home inspections in an attempt to be more competitive. Thankfully, this important condition is making a comeback. 

When you receive the inspection report, it is critical that you sit down with your real estate agent and carefully review it. Be ready to ask clarifying questions about any repairs and related expenses that are required.

Are you planning on buying a home in Toronto? Click here to check out our list of 5 home buyer mistakes to avoid.

Tenants

Tenant conditions apply to certain properties that have renters living in them at the time of sale. These conditions typically ask that any tenants be removed or evicted from the property by the date of possession. In Ontario, these conditions can be somewhat complicated as renters have pre-determined rights regarding evictions. Usually, these rights boil down to providing sufficient notice to the existing tenants, with a legally-adequate eviction timeline being established within the condition. 

If the buyer is purchasing the home for investment purposes, they may also have the option to assume the existing tenants. 

Buyer’s Home Sale

Although they’re not very common in the GTA, conditions pertaining to the sale of the buyer’s home are worth taking into consideration as you could run into them at some point in your real estate journey. 

Also called an “SOP” or Sale of Property condition, this contingency stops the purchase from going through if the buyer’s existing home does not sell within a specific time frame. As this condition introduces additional risks to the seller, it’s relatively easy to see why it’s unpopular. However, if a property remains unsold for an extended period of time, an audacious buyer may attempt to include an SOP condition in order to create a financial safety net for themselves. 

Escape Clause

SOP conditions often include an escape clause, which allows sellers to continue receiving offers while the buyer’s home is still for sale. If the seller receives a better offer, buyers have the option to drop the condition or simply break the deal and move on. 

What to Know About Conditions & Condos

In the GTA, condos are subject to several of the same conditions as homes and other properties with a few key additions, such as status certificates. Status certificates are documents which contain important information about the condo unit, condo building, board and corporation. They cover essential details like condo fees, upcoming building upgrades, legal disputes regarding the building or corporation, and the size of the reserve fund. 

At GTA Selling, we help buyers with all kinds of real estate goals. Today, one of the most common questions we get is whether or not condos in Toronto still make a good investment. 

The truth is - no two buyers are identical and determining which investment paths are most successful requires a myriad of considerations. Depending on your unique motivations, goals, and wants, buying a Toronto condo could be a wise and profitable investment. 

Let’s take a closer look at today's market and some things you need to consider if you’re curious about buying a condo. 

Considering a Toronto condo purchase? You’ll want to work with an experienced local Realtor®. Learn more about how to find the best real estate professional to work with here. 

Market History

Just a few years ago real estate across the Greater Toronto Area was defined by a fast-moving and competitive seller’s market. At the beginning of the COVID-19 pandemic, interest rates were drastically lowered by the Bank of Canada in order to reduce the chances of entering a  recession. These low-percentage interest rates made home financing extremely affordable and caused Toronto’s housing market to become busy with buyer activity. 

During this lending heyday, condos became particularly valuable commodities. For landlords, the condo market was an opportunity to expand their portfolios and secure a high-demand investment property with a low bottom line. For end users, affordable lending meant having the chance to begin a journey of home ownership and find refuge away from the rental market. 

Since then, the Bank’s target interest rate has grown from 0.25% to 3.25% - making it more challenging for some buyers to acquire loan approval. This has caused Toronto’s condo market to slow down noticeably, causing potential buyers to wonder how this change could impact their investment. 

With rising interest rates greatly impacting buyer financing in today’s market, it’s important to understand your mortgage inside and out. Have a look at these blog posts to learn more. 

• What’s the Normal Term of a Mortgage in the Toronto Area?

• A Guide to Mortgages if You’re Self Employed

• When is a Good Time to Refinance?

As A Resident 

As a homeowner, your property is often the largest investment asset you’ll have in your lifetime. This is one of the primary advantages homeownership has over renting. 

With higher interest rates disqualifying many residents from the prospect of home buying, an elevated demand for rental properties has made the cost of renting in Toronto exceedingly expensive. In fact, many market analysts and real estate experts have declared Toronto a “landlord’s market”.

If you’re currently renting and have the financial means to consider condo ownership, it makes sense to buy. Rental costs in Toronto are unlikely to drop anytime soon. Rather than simply giving your money to your landlord, condo ownership allows you to build long-term equity that you can tap into in the future. 

Exiting the rental market and investing in a Toronto condo makes sense now more than ever. As most Toronto condos come at a lower price point than houses, they’re a strong option for entering the cycle of home ownership. 

As A Landlord

Today, the cost to rent in Toronto is reaching record-breaking heights. As a landlord, buying a Toronto condo in 2022 means earning higher volumes of passive income than ever. As a global city boasting a high standard of living, Toronto is growing at an exponential rate. As the city expands, the demand for local rental housing will undoubtedly remain high for the foreseeable future. With these factors in mind, buying a Toronto condo as a landlord can be a profitable and relatively low-risk investment.  

Remember - even if you intend to buy property exclusively for investment purposes, you must consider how the property suits you. As a landlord, you will have distinct duties and responsibilities. Selecting a property without considering how effectively you can manage it can cause difficulties. Your Realtor® can address your situation and help you find a suitable property that matches your needs. 

What About Pre-Construction Condos?

If you’re serious about buying a pre-construction condo, you’ll want to work with a well-connected expert Realtor®. Click here to learn more. 

From an investment standpoint, buying a pre-construction condo offers unique advantages over existing properties. 

For instance, buying at an earlier access level can help optimize your margins as the property value is likely to go up before you even move in. In addition, many pre-construction developments feature modern on-site amenities and are located in trendy, high-demand areas. As a landlord, these factors can offer you the opportunity to charge premium rental rates on your unit. 

Unfortunately, many pre-construction condo developments are experiencing new challenges following the pandemic. Labour shortages, supply chain delays, and ongoing inflation are introducing potential complications to a few of Toronto’s large pre-construction projects. Thankfully, pre-construction buyers are generally well protected in the case of delays or other issues. If you have specific concerns or reservations about buying pre-construction, ask your Realtor®. They can help you determine if the path is right for you based on your wants and goals. 

We love this lofty 2-storey penthouse! It’s a showstopper with views of the city, the water and the CN tower. This Mystic Pointe stunner is showcased in the building formally known as The Warehouse of McGuinness Distillers and offers 3 bedrooms, a sitting room and 3 balconies. Huge energy-efficient windows allow for natural sunlight to flow throughout 1785 square feet of carefully crafted living space. Great space. Fabulous amenities. Perfect location. 

Listed by: RIGHT AT HOME REALTY, BROKERAGE

To book a showing or get more details, reach out! 

Contact: Nancy Pierce - 416 985 1486

Our Property Crush Pick…

We cannot say enough about this private, electronically gated beachfront property. Begin your day with glorious views of The Blue Mountains over Georgian Bay. End your day around the fire pit with family and guests.

Throughout the summer days enjoy the beach, your very own saltwater pool, and various outdoor activities Simcoe County has to offer. Swim, hike, bike, golf or take in a drive-in movie in Midland. Experience the natural beauty of Georgian Bay as the seasons change with stunning fall colours and frosty winter scenes. Hit the slopes at Blue Mountain or ski on cross-country trails or snowshoe in the forest. The options are endless!

The home, itself, offers approximately 5800 square feet of luxury living space. Your fussiest
client will appreciate the attention to detail including the security, audio, lighting and home
management systems integrated with control 4. There are 3 plus 2 bedrooms, 4 bathrooms, 3
fireplaces, vaulted ceilings, chef’s kitchen and recreation room with a full entertaining wet bar.

Want to see more stunning homes? Check out our other recent Property Crushes here. 

As long-time beachfront property owners in Simcoe County, we know the area and have helped
clients buy and sell properties along Wasaga Beach, Collingwood waterfront, Oro-Medonte farm
country and Nottawasaga. We are here to help you find your dream home.

Please call Nancy at 416-985-1486 for more information or to book your private tour of this fantastic
property.

1728 Tiny Beaches Rd S - Simcoe County

$4,950,000 

Listed by: Forest Hill Real Estate Inc. 

Located just north of the GTA, Simcoe County is one of Ontario’s most scenic outdoor destinations. With countless kilometres of shoreline between both Lake Simcoe and Georgian Bay, year-round outdoor amenities, and the world’s largest freshwater beach, there are not many better places to buy a cottage than Simcoe County. 

If you’re interested in purchasing a cottage, buying during the fall season can help you be successful. As sellers look to offload their property before winter, buyers have a greater chance of finding a deal. Plus, as the market slows down, buying a cottage during the off-season can make the process feel more relaxed. 

If you enter the market this fall there are certain variables you’ll need to navigate as rising interest rates and other factors are sure to impact real estate in the coming months. Here’s everything you need to know about buying a cottage in Simcoe County this fall. 

Want to learn more about the historic and beautiful Simcoe County? Read our local guide to discover everything we love about the area. 

The Summer Market is Closing

The most popular time to buy a cottage property is often the summer months. As buyers dream about spending days at the lake before the fall, cottages can sell for top dollar during peak season. However, more often than not, there are several beautiful unsold properties still left on the market come September. This is particularly the case in 2022, as higher interest rates have cooled off the market. 

As the summer market closes, sellers may feel like their best opportunity to sell for a high price has passed. As a result, they’ll be even more motivated to negotiate with buyers. While the listing price may remain unchanged, it doesn’t hurt to make a low offer and see what happens. The more prime local properties that don’t move over the summer, the more likely sellers are to be flexible. 

With rising interest rates acquiring a loan for a vacation property may require special considerations. Learn more about the many options for mortgages on our blog. 

• What’s the Normal Term of a Mortgage in the Toronto Area?

• A Guide to Mortgages if You’re Self Employed

• When is a Good Time to Refinance?

Don’t Stress the Season

Rather than purchasing a cottage and rushing to use it as much as possible before winter, buying in the fall gives you time to plan for the next season. You’ll be able to enjoy the anticipation and have time to nicely set up and prepare the property for spring. If there’s work that needs to be done or upgrades you wish to make, hiring local contractors can be faster and more affordable in the off-season. 

Market Uncertainties

Since the beginning of the year, rising interest rates have caused real estate to become more balanced. In these new market conditions, both buyers and sellers are taking a hit. Right now there is buyer uncertainty in the GTA and across Ontario. While property prices aren’t currently going up, new interest rates are still making things more expensive overall. 

As it’s been a long time since the GTA has seen these types of conditions, it is hard to predict where the market will head next. Interest rates could again increase, prices may go back up, or both. If you want to buy a cottage, the best way to avoid the risk of future market pitfalls is to begin the buying process today. 

Just like cottages, traditional real estate can also see seasonal shifts. Read these helpful blog posts before you navigate the market. 

• Buying in Toronto: Will it Get Less Expensive This Year?

• Essential Analytics | August 2022

• Navigating Design Trends in the Real Estate Market

Working With an Area Specialist

Just like a home, buying a cottage requires navigating a myriad of market variables. The best way to find a property that suits you is by working with a Realtor® who specializes in the area. Although it’s just 1.5 hours away from Toronto, real estate in Simcoe County is unique. Not only will an experienced Realtor® help you locate and assess cottages that match your specifications,  but their local market expertise can help you determine which properties are priced well and which ones don’t offer the best value. 

Just like lived-in properties, buying pre-construction developments come with a myriad of details and considerations. If you enter the market without a highly-qualified expert, you may have a stressful and less successful buying experience. 

In a wide housing market like the GTA, new options and developments are constantly emerging. Working with a Realtor® will not just help you locate and assess potential properties, but their knowledge, professional network and negotiation skills can support your buying goals all the way through. 

If you’re serious about buying pre-construction, you’ll want to work with an experienced, high-qualified Realtor®. Discover how to choose the best professional for your purchase here. 

More Selection Than Meets the Eye

Like lived-in homes, finding a pre-construction property that meets all your needs isn’t easy. By working with a Realtor®, you can make the process more enjoyable. In addition to doing the homework for you, a Realtor® can also increase the selection of properties available. 

In the GTA, a well-established Realtor® will have access to new or upcoming pre-construction developments that aren’t yet available to public buyers. This gives you the opportunity to maximize your chance of finding a property that checks every box on your wishlist. 

A Realtor® will assess your individual “must haves” and “want to haves”. Next, they’ll analyze all on-market and off-market developments to zero in on the best properties for you. 

Dreaming of buying a condo in the GTA? Read these helpful blog posts before you navigate the market. 

• Buying in Toronto: Will it Get Less Expensive This Year?

• 3 Tips For Buying a Home in Mississauga

• 4 Qualities to Look For When Purchasing Etobicoke Real Estate

Understanding Access Levels

One important factor of pre-construction purchases that all buyers should understand is access levels. As a buyer, your transaction will change depending on the access level you buy at. In most cases, earlier access levels mean a better price and other property-specific advantages. Access levels come with a myriad of details and can be difficult to assess. This is especially true if you are looking at or considering properties from a multitude of developers. 

An easy way to navigate through the various access levels is by working with a Realtor®. They can summarize the crucial details of each access level and frame the information in a way that works for you.

In some instances, a Realtor® may even be able to offer you an earlier or exclusive access level based on their relationship with the developer or greater industry network. This is just another example of how working with a Realtor® makes a big difference during a pre-construction purchase. 

Buying Power

Most buyers don’t realize that pricing on pre-construction properties isn't always cut and dry. Just like the traditional real estate market, there’s an opportunity for negotiations during a pre-construction transaction. As a buyer, you’ll want to use every advantage you can to make the purchase as successful for you as possible. Working with a Realtor® can help you do just that. 

During the transaction, a Realtor® can present you to the developer as a qualified, preferred buyer and if necessary, reference nearby or past developments to help you get the best price. They may also utilize their existing relationship with the developer to secure additional bonus perks, such as a parking space or upgraded appliances.  

With rising interest rates It’s more important than ever to consider each detail of your mortgage. To know more, have a look at these blog posts. 

• What’s the Normal Term of a Mortgage in the Toronto Area?

• A Guide to Mortgages if You’re Self Employed

• When is a Good Time to Refinance?

Your Dedicated Advocate 

If you live in the GTA already you know that construction projects can often take longer than expected. As a buyer, there’s a small chance you may experience delays with your pre-construction property. If you find yourself in this situation, it’s helpful to have a Realtor® at your side. 

With your experience as their top priority, a Realtor® can guide you through the delay period step by step. In most circumstances, you will be entitled to financial compensation, and they’ll work exhaustively to ensure you receive every penny and perk you’re owed. A Realtor® can also assist you in finding temporary rental housing should a delay conflict with your sale or lease. 

Are you thinking about buying a pre-construction home and in need of a trusted Realtor®? We can help you! Get in touch.

Overview of Greater Toronto Area housing market activity during July 2022.

gtaselling Garden suites can now be legally built in Toronto backyards thanks to a recent decision by the Ontario Land Tribunal.

A garden suite is a smaller, separate dwelling built behind the main residence and is typically utilized as a rental unit.

These suites may be a great opportunity to house aging parents or provide rental income to offset your mortgage payments.

Garden suites will remain under the same ownership as the main house with no option to sever the property. The suites will be serviced with utilities through a connection to the main house or to the street.

Proposed garden suites will need to meet building criteria regarding height and bylaw standards to obtain a building permit. Minor variance applications may be approved.

Do you think this is an exciting new development for Toronto?

Overview of Greater Toronto Area housing market activity during June 2022.