Tips For Immigrants In Purchasing Their First Ever Condos In Toronto, Canada. Welcome to Canada! One of the friendliest countries in the world!
You will be glad to know that Canada ranks high on various social, cultural, political and economic indicators. English & French are its official languages and the country’s population has around 250 ethnic origins.
Toronto is every immigrant’s favorite city when they come to Canada as it has gained fame for being a truly international city. It has grown gradually, and the real estate prices have risen as well.
Speaking of, Toronto ranks 10th out of 293 cities in the world in terms of unaffordability, according to the Daily Hive. StatsCan reveals 64.3% of Canada’s population lives in the cities of Toronto, Vancouver, and Montreal. Both Vancouver and Toronto have become expensive in terms of residential real estate.
The global implementation of Quantitative Easing (QE) today has aided the rise in real estate prices. Consequently, a lot of young people and families are finding it quite hard to save enough to pay a down-payment for their own home.
This hurts the house price to income ratio & has also made the availability of Toronto lofts for sale under 400k a hard task. Despite these factors, former mayor Rob Ford managed to make rents for newly constructed condos relaxed whereas incumbent mayor John Tory has promised to implement pricing controls, especially for residential properties.
What should immigrants do when they are looking to buy their first home in Toronto?
Immigrants coming to Canada have their sights on buying a home. The process of acquiring residential property is different from that of the United States and other countries. It is also normal to ask questions about the conditions of the real estate market when they start their search.
If immigrants are still thinking about which neighborhood in Toronto will suit them best, it is important that they should be knowledgeable and confident when researching about it. The city curbed suburban sprawl on a large scale by encouraging its residents to live in apartments in its inner suburbs. This is the reason Toronto is renowned for being a condo friendly city.
Buying any of the condos in toronto or a house is one of the biggest decisions of anyone in Canada. It is a highly personal & emotional decision, as well as being a major financial commitment because Toronto’s residential real estate is quite expensive.
The following are the questions immigrants should be asking themselves before they buy one:
- For how long will they be living in the area?
- Are there any restrictions on the renovation?
- How affordable is the property?
There is an advantage. The Royal Bank of Canada has been assisting immigrants in finding properties for rent for the first few years before they intend to buy one. Apart from that, top quality listings are also present in helping immigrants find the condo they desire.
Here are some handy tips that will assist them in successfully acquiring and settling in their first-ever home in Canada:
1. Consulting with a real estate agent (realtor)
The real estate market in Canada is dynamic & variable. Multiple factors are in process and among them, affordability is a point of concern. Realtors do more than just helping someone find a home (especially a condo). They help find properties, negotiate the contracts, assisting with the paperwork involved and balance several tasks in an instant to help their customers find the right home.
They are often with their clientele throughout the process of finding a home and help them discover the shades of Canada’s residential real estate market.
2. Understanding Toronto’s local housing market
Before starting the search for a home, immigrants must be sure that they have done their research in Toronto’s real estate market. The price of a condominium in Toronto is not the same as that of Calgary, Montreal or Winnipeg.
Most financial institutions in Canada have home affordability calculators helping buyers in this process, and among them are RBCs True House Affordability calculator. Such provides them insights regarding prices of homes (and condos alike).
This also helps them get connected with mortgage specialists in gaining further insights and assistance about their dreams of buying one in Toronto & help them find what they are looking for.
3. Have a good check of the condo’s location
No immigrant should rush into buying a home. They should take time to ask the realtor questions they have, learn more about the property market & the different neighborhoods in the city. They should also think about the following factors before they decide about buying a condo:
- Are schools nearby?
- Is there a bus stop or a subway station nearby?
- How far are the grocery stores and supermarkets?
No one loves living like a hermit. They all want to feel connected to their respective communities whether it is via a social program, a volunteering activity or a meet up at a local attraction. This adds up to their experience.
A first-timer in Toronto should no hesitate in digging to find out more about what is available based on their interests because that can help them seal a very important purchase.
4. Never overlook operating costs
These costs are often overlooked by home buyers. When buying a condo, immigrants must understand the heating & cooling costs, learn about taxes and other associated costs. These are major factors to consider when they put together a budget to buy their very own home.
If immigrants wish to purchase an existing condo, their realtor can help them obtain copies of bills of the condo’s current owner – such as those of electricity, gas, water, and taxes. This helps understand what operating expenses are and how they can plan their budget accordingly.
These are the handy tips each immigrant must remember when they are looking for a home. Suburban homes can be expensive, but condos can be available at the best price deals. With the city known for curbing suburban sprawl, immigrants should contact the best realtors if they wish to buy a Condo.