Given the existing market conditions, buying a home in Canada currently constitutes one of the biggest, if not the biggest, purchase an individual or a family would indulge in during their lifetime. For this and other reasons, it is important to be aware of the key considerations that go into the homebuying process.

To begin with, you should be clear about your reasons for buying a home, and the type of home you want to, and can, buy. Even as housing affordability and a lack of adequate supply continue to weigh on homebuyers’, especially first-time homebuyers’ limited budgets, it has become all the more important to make a prudent and astute homebuying choice.

Take a good, hard look at your budget

Homeownership is not for the faint-hearted. In addition to the sizeable investment you are making in financial terms, you also need to account for the continuing or recurring expenses homeownership entails, such as monthly or bi-weekly mortgage payments, home inspection, legal, moving, utility, home insurance, maintenance, and renovation costs, etc.

Meeting with a mortgage consultant or your lender to get pre-approved is a good place to start. It will also provide clarity on what kind of housing can you afford to buy, and if you have enough to cover the initial down payment, and ensuing expenses.

Do your research

Once you are sure about what you can buy, do your research on the neighborhoods that would be most suitable for you and your family. In terms of property features, make a list of features that you absolutely must have in your home or apartment, and those you could easily live without. This will help you further refine your search. Try to find out as much as possible about the housing market in the areas you want to live in, including the current property values.

Visit the neighborhood

If possible, it is always a good idea to visit the neighborhoods that are on your list for potential home purchases. Visiting in person always helps you get a better sense of the neighborhood and the community. It is also a good idea to visit at different times of the day or week, including on weekdays and weekends.

Use the web

While nothing can replace an in-person visit to a sought-after property you are considering buying, the vast and virtual real estate market has made it easier for prospective homebuyers to start an initial search, as well as refine it, helping save precious time and energy, in what can become an emotionally charged and stressful undertaking.

If you are looking to buy a home in Ontario, and the Greater Toronto Area (GTA) in particular, the websites listed below are a great place to kick off your dream home search. Most of the home sale listings on these sites are accompanied by pictures or virtual tours of the property, making it easier to cull unsuitable choices or conveniently filter your search results based on your current needs and budget.

Additional Resources

The Toronto Regional Real Estate Board (TRREB)

Real Estate Council of Ontario Guide – Working with a real estate agent: things you need to know.

REALTOR.ca – Includes listings for houses for sale in Toronto. 

TorontoMLS – You can access an array of home sales listings through the Multiple Listing Service (MLS) system, which also offers graphical searches and reports, etc. However, only registered real estate professionals can access the same so once you hire a realtor, you can use this resource as well.

The Toronto Property System database maintained by the City of Toronto Archives helps you find property owners using an address or street name.

Do get in touch with the RE/MAX Royal Team Sachdeva Realty for more information about any of your real estate needs.

Have a great weekend!