As your Realtor, I have always been asked many questions by most of you and one of the common question I recently got is as you already know it of course, "Are the Toronto Real Estate Prices ever going to Cool Down?"
Well, The answer is NO... I think.... and to support this, please read the blog just posted on my website. For mover upper and First Time Home Buyer, please continue reading below first. at http://www.century21.ca/
Many home buyers (Especially First Time Home Buyers) are sitting on the fence due to our Toronto Real Estate Price Increases. Based on the super express price trend, I would suggest now is best time to get into a home, any home that your budget will allow. As a first time home buyer, your major concern should be to save on rent and with the price increases, rents are also increasing and most families are finding it harder to manage that alone. Don't compare your self with your friends and families' homes as they would have probably bought long ago and most likely, they too, I am sure must have started small. I cannot insist but it's always easier to upgrade once you have a home.
Now, I know most of you would like to be in a freehold property and that already to quite a few is out of reach. I would like to say this to you, get a condo. Yes, Get a Condo as those are now being scooped especially new ones like cup cakes.
With a condo, most people fear the maintenance cost and appreciation. Again, as a fist time home buyer, appreciation should not be your major focus especially if you can afford to get into a condo and save $2000 rent per month. They too appreciate by the way, although not as much as the freehold of course. As for the maintenance fees, there are usually are 2 costs associated with home ownership i.e. utilites and taxes. You will find that most freehold taxes are higher then Condo. So within the same budget or less, you will cover both of these costs in a condo. So there you go, if it makes it feel any better, your monthly costs will be the same or lower in a condo (Certain exception always applies).
Condo's are still available in Toronto From $150,000 and above.
As for mover upper, when you sell high, you buy high too.
Talk to Taha Burhani to assess your customized needs and advice you accordingly for all your real estate needs. Taha Burhani can be reached at 647-835-7152 or via email at firstname.lastname@example.org