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Real Estate New Beginnings

 150 150 Chris
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Buying a new home is one of the best examples of declaring a new beginning. Not only does it signal a shift from what you are leaving behind, but it gives you a chance to make a mark on what you are heading to. Whether you are a first time home buyer or a veteran house flipper, finding that perfect dwelling is always a fantastic feeling.

The Toronto real estate market provides significant challenges for buyers of all stripes. Given the city’s red-hot property sector and the price tags that most homes in the city boast, it is no wonder that preparing to enter the home ownership market requires forethought, discipline and a lot of careful planning. However, it is not a challenge that is insurmountable and so thousands of homebuyers close on their next residence every year.

Moving can be an emotional time for all parties involved. If you are a first time homebuyer then the feeling of owning your own place is definitely heady and sometimes overwhelming. If you are transitioning to a larger home, then you can experience the joy of moving up in the property game; in either scenario you are leaving one way of life behind and starting a new one. These new beginnings can be fraught with anxiety over moving costs, notarial fees, taxes and other ancillary elements involved in home ownership, but it also includes such happy moments as getting the keys in your hands for the first time and entering the house as the new owner, choosing the paint palate you want and dressing the windows with your favorite treatments. A new home is a chance to start all over; to really imprint your design ideas and stylistic vision to a property.

With the old year coming to a close and a new one just around the corner, if you were thinking about purchasing or selling your home, now is the time to start getting your financial house in order so that you know exactly how much you can afford to spend on a mortgage. In the New Year, we will discuss how to put together a proper budget so that you can most accurately forecast just how well you can afford to live with the fixed expenses that a home and mortgage entail.

Starting anew is always a fun yet intimidating experience than can be made less so with simple preparation. We look forward to helping you start your New Year off on the path that will lead straight into the home of your dreams.

Ontario’s Real Estate Market & Urbanization

 150 150 Nisha Muire
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Ontario’s real estate market is still in a very health place. Although many forecasts predict that Canada’s real estate sector is heading towards a softening and a dip in housing prices with a rise in interest rates, one of the variables that will actually help keep prices up is urbanization. With the cost of living rising, the time spent commuting getting longer and the wish for a balanced lifestyle becoming more prevalent, younger buyers are trending towards moving back into the city.

There was a time when Toronto families and first time buyers would automatically ditch their urban digs to scout out a home with a yard and for a quieter existence away from the bustle. Not only were they looking for the dream of white picket fences and a haven away from the work-a-day world, they knew that their real estate investment dollars would go a longer way outside the core. Today’s home buyers, however, are eschewing the path of their parents and are increasingly looking to put down roots in metropolitan areas. Favoring a short commute and easy access to services, the younger demographic is keen on staying close to their workplaces and connected to the lives they already know.

The push towards urbanization means that developers are increasingly looking towards plots for building that are close to urban centers. The trend for such housing has also come to Toronto where growing numbers of young families are choosing to renovate their existing property instead of selling for something bigger; they are choosing location over space.

Such a trend is good news for Toronto’s property market as it means that prices will not flatline or fall as is being widely projected for the Canadian housing market in 2015. Should a rise in interest rates occur, it will impact new homeownership as well as affect those with looking to renew their existing mortgages, which will in turn put pressure on housing prices. However, with low availability in urban markets with mixed high demand for residential units, prices are not expected to drop significantly, if at all.

For those interested in urbanization and emerging trends in Canadian real estate, there is a good article over here //pwc.to/11PsNw2 that covers it in a global way.