Choosing Property in Toronto – Tips For Newcomers
Article by Svetlana
In Toronto there are many factors that you need to consider when searching for a property. Toronto is an extremely big city and there is no a unitary clearly defined center, and there’s no place with the most high priced or the lowest priced property. Toronto is more like a conglomeration of these centers. The city is like a multilayered quilt comprising numerous relatively large neighborhoods. The worth of each neighborhood is based on such parameters as proximity to a particular center, convenience of public transportation, proximity to important highways, the average income of families, ethnic composition of the population, etc. Consequently, each region is made of a certain type of houses, and is aimed at certain categories of people.
For example, there are expensive condominiums located at the waterfront of Lake Ontario at Yonge St. and Bay St.. Due to the very high cost apartments in these condominiums, it’s a lot harder to rent them than inexpensive ones, which are always in demand. Generally, people buy apartments in condominiums on Toronto’s waterfront for themselves, unlike in other neighborhoods. Statistically, over fifty percent of all condos are bought for investment purposes. Need for apartments in expensive condominiums on Toronto’s waterfront is extremely high, there hardly ever are any to sell, therefore the prices are increasing constantly. Most importantly, there isn’t any space for construction in Toronto downtown, so prices will rise even more, and demand will also rise. For that reason, in terms of investment, this can be a very good option .
The most typical mistake that prospective immigrants to Toronto make is to search for real estate ahead of time, before arriving to Toronto. With no knowledge of the specifics of the city and of the Canadian housing market, finding a good house is simply impossible. Real estate industry in Toronto has its own specifics. In some other countries, the wealthy can reside in the same areas as the poor. The primary factors in the choice of a hosing there are the proximity to the centre of the city or a subway, along with the size of the apartment.
In Toronto the situation is quite different. There’s an obvious gradation of bad and good areas. Some neighborhoods are definitely more prestigious than others, each neighborhood has predominantly a particular ethnic group as well as a particular median income of people that live in them. If you look at Toronto from above, it looks like v a patchwork quilt, sewn from a range of areas. Moreover, this “patchwork” is noticed on several levels. With no knowledge of and understanding of the reality of Toronto, it’s simply impossible to select a place where to search for property.
Let’s take, for instance, an apartment in a condominium near the subway, on Yonge St., and at a comparatively low price. It might seem a good option, at first. However, don’t forget that that in real estate if something sounds too good to be real, it really isn’t good. The reason why an apartment costs so very little in such a prestigious area is that the building is extremely old and requires repairs. This is reflected in the condo fee, which is 3 times greater fee in a new condominium. In addition, the building can be only remotely related to condominiums because it had no amenities seen in modern condominiums in Toronto – no swimming pool, no gym, no room for parties, etc.