Becoming a homeowner is a major milestone in life, and if you're buying a house in Toronto, there are a few key elements you should keep in mind during the process. From the financial preparation to walking through your new front door, here are our top tips to consider during your house hunting journey.

1. Evaluate Your Finances

Some home buyers have spent years saving up for a down payment, but that doesn't have to be the case in every scenario. The best way to evaluate your price range is to pre-qualify for a mortgage at your bank. With this information, you can then start researching the different neighbourhoods of Toronto to see which is in your price range.

This is a great point to go ahead and bring in a realtor to help you evaluate your price setting and keep your house goals realistic.

2. Consider the District

Each individual or family is going to need different things when it comes to their neighbourhood and community. Do you have small children that will be going to school for the next several years? That is a major factor to take into consideration when choosing a neighbourhood for your house hunt.

But if your children are older, you might be willing to drive them to school for a year or two across town so you can be in a neighbourhood better suited for the empty-nester you will soon be. Or maybe you don't plan on having children at all, which means other determining factors will come into play. It's important to reflect and research all the ends and outs of each neighbourhood so you can make the best decision for your lifestyle.

3. Decide What You Can't Live Without

Now that you know your price range and your top choices of neighbourhoods, you should consider the things that your new house NEEDS to have. How many bedrooms does your family require? Do you need a large backyard for your pet? Make a list of must-haves, but also a list of things you'd like to have, but that you are flexible on. This list is important to keep with you on your house hunt!

4. Start the Hunt

If you haven't contacted a realtor yet during the process, this is the point where having an expert on your team will make the process exciting instead of daunting. And that's important because the actual house hunting is the best part! You'll attend showings and see inside the current homes on the market. Keep your must-haves list in mind, and be prepared to make an offer quickly, as houses in Toronto can go fast.

Because the housing market in the Greater Toronto Area is competitive, be sure to choose more than one house to make an offer on, just in case you don't get your first pick.

5. Closing the Deal

Once your offer is accepted, you're nearly there! You'll then book a home inspection of the house and an appraisal before finalizing your mortgage approval. All that's left is to sign the papers and hire a moving company.

Buying a house is exciting, and having an expert on your side makes all the difference. Call Nancy at 416-985-1486 or Dave at 416-894-4079 at GTASelling.com to start your journey as a homeowner off on the right foot.

Overview of Greater Toronto Area housing market activity during December 2020.

High demand and low inventory have created an unlikely housing situation in Canada: booming house prices. This scenario is expected to carry-over into 2021 as lifestyle changes bring some people into cities and encourage others to search for more space. And Canada's most populous city is not immune to these changes, with Toronto house prices reflecting shifting priorities.

Are Toronto House Prices Increasing or Decreasing in 2021?

The answer is increasing, as housing supplies continue to drop and demand rises. This is owed to immigrant homebuyers who are expected to enter Toronto for educational purposes. First-time homebuyers are also likely to move into the city in hopes of finding affordable condominiums, which still reflect a buyer's market thanks to diminished demand. The rest of the market, including single-family homes, continues to favour sellers.

Toronto housing prices are expected to climb by an average of 6% in 2021. Forecasts for condo prices, however, suggest a stall at an increase of less than 1 percent. This upward mobility is expected to spread across Canada, with home prices projected to rise by 5.5% to an average of $746,100. Condominium prices are similarly expected to climb a modest 2.25% to $522,700.

Desirable Areas

Although Toronto will likely see a spike in home prices, it falls a little short compared to numbers forecasted for other areas. The key is in location; many Canadians are seeking larger, more spacious homes they can also work from. The COVID-19 pandemic has given way to fewer people commuting to offices. As this trend persists, people find they have the flexibility to work from anywhere and thus want to explore their options.

Retiring baby boomers likewise want out of congested cities and to settle into quiet but convenient towns. Those areas expected to witness above-average home prices include:

• Vancouver 
• Halifax
• Ottawa

Moving Out of the City

Suburban neighbourhoods in Vancouver are also expected to be top performers with their access to outdoor space. An August 2020 survey echoes this sentiment, finding that 32% of Canadians want to relocate from urban centres into small towns or the suburbs.

Recreational Housing

Forecasters also anticipate an 8 percent jump in the average price of recreational properties. Eighty-six perecent of recreational regions now report insufficient home inventories as buyers look to work remotely from farmlands, seaside cottages, and ski chalets.

As little as two years ago, shoppers sought these properties to relax on the weekends. Now, however, attitudes have shifted, and buyers seek recreational homes not as holiday getaways, but as their primary residences. The following illustrates how prices have risen, on average, in the last year:

• Single-family recreational homes are up 11.5%
• Recreational condos are up 9.7%
• Waterfront properties are up 13.5%

Home market activity will likely be driven by a combination of move-over and move-up buyers as prices across Canada, including in Toronto, continue to rise. For more information on buying or selling your home, contact Nancy Pierce at 416-985-1486 or Dave Duncan at 416-894-4079.

Overview of Greater Toronto Area housing market activity during November 2020.

From contingencies to Addendum to dual agency, there are so many real estate terms that it's easy to get lost. At GTA Selling Real Estate, we believe in making your house buying/selling process smooth and successful. To that end, we've created a list of the top 7 terms that'll allow you to confidently navigate the real-estate world and achieve your housing goals.

7 Real Estate Terms Everyone Should Know

1. Gross Scheduled Income

Sometimes referred to as potential gross income, Gross Scheduled Income (GSI) is an estimate of the highest possible annual rental income a rental property would generate if 100% of rentable space was rented.

2. Comparative Market Analysis (CMA), or Real Estate Market Analysis

CMA is a process where a real estate agent or appraiser compares the subject property to active listings, pending sales, and recently sold properties in the area so as to derive its real value. CMA reports help sellers to understand the current housing market, enabling them to set realistic prices for their properties.

CMA reports also help buyers respond with counteroffers that are still strong enough to keep the sellers interested.

3. Addendum

An addendum, also referred to as “amendment,” is a form attached to and made a part of the original purchase and sale agreement/contract. Typically, it is either a more detailed and more comprehensible explanation of specific provisions or sections in the agreement or a proposed change to the agreement.

Addendums are very powerful and can completely change the terms that were in the original purchase and sale contract. An addendum also must be signed by the buyer, seller, and witnesses for it to be legally binding.

4. Contingency

This is a provision or section of the purchase agreement that makes it clear that certain stipulations or actions must be met for the transaction to keep moving forward and eventually be finalized. If the contingencies in the contract are not met, the contract can be declared null and void.

Some of the most common real estate contingencies include appraisal contingency, closing date, satisfactory walk-through, and sale of the old home contingency.

5. Listing Agent

This is a term used to refer to the realtor who represents the party that wants to sell their property. A listing agent helps the seller invest in the right repairs, set the asking price, stage the house, and market the house.

6. Buyer Agent

As the name implies, this is an estate agent who represents the buyer in the house-buying process. A buyer agent helps look for property that suits a buyer's needs, negotiate the most favourable buying terms, and ensure the buyer buys a property at the best possible price.

7. Dual Agent

A dual relator is a realtor who represents both the selling party and the party that's buying the property -- it's as simple as it sounds.

Got all that? Bookmark this glossary list and come back to it whenever you need to. If you need help with buying or selling a home in Toronto, experts at GTA SELLING Real Estate are here to help. Contact GTA SELLING Real Estate today for more details.

Overview of Greater Toronto Area housing market activity during October 2020.

Making the choice to buy or sell a house is a huge decision, and it comes with many complicated processes that can be difficult and confusing. Fortunately, working with a realtor can help simplify these processes and make the home buying or selling experience a pleasant one. There are many ways Toronto realtors can help you make the best decision.

4 Ways Toronto Realtors Can Help You Make the Best Decision

The Hunt

The Negotiation

The Inspection

In Toronto, the real estate market has seen a continuous sales boom, thanks to favourable economic factors and large consumer demand. A mortgage can help you purchase a house in Toronto without paying the full purchase price beforehand. Since mortgages typically involve long-term payment plans, you should learn how mortgages work and the different terminologies used in mortgage lending.

10 Popular Mortgage Terms You Should Recognize

1. Preapproval

2. Foreclosure

3. Appraisal

4. Down Payment

5. Escrow

6. Amortization

7. Closing Costs

8. Home Owner's Insurance

9. Balloon Mortgage

10. Equity

Overview of Greater Toronto Area housing market activity during August 2020

The coronavirus pandemic is creating a unique set of circumstances for nearly every industry. The received wisdom isn't always working these days, and if you're trying to sell your home during the pandemic, you need more than just general knowledge about the Toronto housing market. You need specific, real-time information about how things are playing out.

Navigating the Toronto Housing Market in Uncertain Times

1. Know What's Happening

The Bad News

Overview of Greater Toronto Area housing market activity during August 2020

Real estate in the Toronto area has been more popular than ever in the last couple of years - Toronto and its neighbouring areas are the places to be for young people, growing families, and those who are interested in taking advantage of the easy commute options to get around the city. But is Etobicoke real estate a good investment overall? Yes, and we're happy to explain why.

3 Ways Etobicoke Real Estate Is a Good Investment

1. First-Time Buyers

New Developments Are Popping Up Everywhere

2. House Flippers

Renovate Classic Residential Neighborhoods

3. Property Investors

Why Renting Your Property Out Is a Good Idea