As soon as people have a stable job and have established a life in Toronto, as well as having saved a certain amount of money, buying a home becomes the primary goal for the majority of people. For most of the first time home buyers Canada, the process of buying a home is very complicated, and some steps in the process may require a lot of time and effort, after all, it is a fairly long-term investment. So, if you are a first time home buyer Toronto, or someone who is interested in buying a home in Toronto, then I believe this article will be helpful to you. In this article, we will give a concise explanation of the process of buying a home in Toronto.
1. Determine your budget and type of home
Budget is probably the first thing that most first-time home buyers consider when buying real estate in Toronto. Whether you are buying for the home in full or taking out a loan, determining your budget can help you make the first filter quickly. For first time real estate buyers who are buying a home with a loan, determining a budget requires the guidance of a bank or loan broker who will determine the amount you can borrow based on each person’s unique situation.
Click here to know more: How to Determine Your Budget and Type of Home for First Time buying a home in Toronto? 2021
2. Contacting a real estate agent
For first-time homebuyers, a real estate agent is an indispensable aid in the home buying process. Although in the age of the Internet, you can find a large number of properties online, a real estate agent can help first time home buyers in Canada with many issues such as bargaining, choosing a lender, consulting with a real estate attorney, home inspection, appraisals, fees, taxes, and so on. Most importantly, a real estate agent will show you the property and help first-time real estate buyers in Canada analyze the pros and cons of the property.
Click here to know more: What can a Real Estate Agent do for First Time Real Estate Buyer Toronto? 2021
3. Negotiate the price and reach an agreement
If you have found the house you desire, then the next step is to negotiate the price and reach an agreement. The price negotiation process varies from person to person, so we won’t go over it here, but we’ll focus on the agreement part.
Click here to know more: How the first time real estate buyers Toronto deal with the price and loan? 2021
4. Closing
Much of the closing process is performed by an attorney for first time home buyers Canada. The bank will give the loan to your lawyer, along with your down payment and fees, and then the lawyer will deal with all the legal documents and make the various payments.
5. Toronto Condo Prices
There are many condos for sale in Toronto, and the price varies considerably depending on the area. Here are three recommended properties in different areas to give first time home buyers Canada a brief understanding of the price of housing in Toronto.
Queens Quay
Queens Quay is a 12-storey building located on the southwest corner of Bay Street and Spadina Avenue. The building houses more than 30 stores, boutiques, restaurants, a food court, cafes, and a movie theater. There are office buildings on the middle 4-8 floors and then 72 condominiums above. Located just steps from downtown Toronto and with beautiful views of Toronto’s Lake Ontario shoreline, condos are priced at approximately $995 per square foot.
Cielo Condos (https://condotrend.com/cielo-condos/)
Cielo Condos has a near perfect transportation score, and you don’t even need to have your own transportation to live here, as you are just a few steps away from the bus, tram and TTC subway stations. In addition, Cielo Condos also scores highly on the walkability scale, and the area is known for its mix of upmarket cafes, restaurants, bars, cultural and entertainment venues. Of course, Cielo Condos are also priced equally well, at around $1985 per square foot.
Westline Condos
Westline Condos is a new construction property in Toronto’s North York area, located near York University, a five-minute walk to Sheppard West subway station, close to Highway 401 and Yorkdale Mall. Although not as luxurious as Cielo Condos, it is a great choice for those who love nature and the outdoors, with an average price of $1177 per square foot.