Buying a house in Toronto as a first-time home buyer can be amazing. Toronto is an exciting place to live, with lots of diverse neighbourhoods and pockets of the city that has a lot to offer. If you’re looking to buy your first home in Toronto – congrats! What an incredible choice. The city is rich with properties of all shapes and sizes, and the market is doing well.
When you look to buy in a busy market like Toronto, in can often feel overwhelming. There are many different home types – detached, semi-detached, town homes, and condos – and also many different areas and price ranges. It can feel daunting! Luckily, with a great Toronto real estate agent and some research it doesn’t have to be.
How to Buy a House in Toronto:
1. Find a good realtor!
This is the number one step, regardless if you’re a first time home buyer or buying your fifth property. A good realtor will help you from step one all the way to the day you bring the moving trucks out front of your brand new home. You can find a good realtor by looking online and reading reviews, asking around, or visiting real estate brokers.
You want to find someone you can trust. Ask lots of questions, and make sure you feel comfortable with the realtor. If you want to really make sure you’re making the best choice, as the realtor for references. At the end of the day, go with what feels best. There are many great realtors in the city, so make sure you find your perfect match. Your realtor will be key in walking you through the entire process, from pre-approval on your mortgage, to house hunting and putting in an offer.
2. Organize your Finances
Toronto is a competitive market since there is a lot of supply and demand. It’s best to get pre-approved before you go house hunting so you know what you can afford and feel at ease knowing you’ll get the mortgage once your offer is accepted. Especially with the first-time home buyer’s stress test, it’s important to talk to your financial advisor and make sure you’re set-up financially for this next step.
How much you can afford will also be a factor in what types of homes your realtor will show you, and what areas you can live in. It’s good to have a comfortable idea of what you’re looking to spend so your realtor can work within your budget.
3. Research the areas in the City
When people think about how to buy a house in Toronto, researching the locations they want to live in is often the biggest to-do item. Toronto has a vast range of areas, all with different things to offer. Do you want to live in the East end or the West end? North, or South? What about Etobicoke or Ajax? Maybe you are looking for a certain school district, or want to be close to public transit (or walking distance to the Go Station).
Take time looking into each area, talking to other people who live there, and spending time walking around the areas. The vibe in the West end is so different than the East end, which is so fun, but everyone has their preference and it’s important to understand what yours is so you realtor can help.
4. Be ready to Act Fast
As we mentioned earlier, the market in Toronto is competitive. When you find that dream home, you’re going to want to make a pretty quick decision on whether or not you want to put in an offer. This is why the above three points are so important! Once you have a good realtor, the finances in order, and know where you want to live, then you’ll be ready to make an offer on that perfect home.
A Good Realtor is the Key to Buying a Home in Toronto
Toronto realtors not only know Toronto, and but they know the real estate market and all of the ins and outs of how it works. Toronto is a big city, but expert knowledge goes a long way. You have to make some choices, like how much you want to spend, what sort of house features you want, and what areas make you happy, but your realtor will do the rest.