FROM DREAM TO REALITY:HOMEOWNERSHIP BASICS FOR TORONTO

The hot Greater Toronto Area housing market still has a lot of affordable gems. Here are three homes we found on the Multiple Listing Service (MLS) at press time. While they may no longer be for sale, they are representative of the deals out there.

While it’s a hot market, Toronto isn’t impossible to break into, says broker Kevin Somers, vice-president of operations of Toronto’s Royal LePage Real Estate Services. Here are Somers’ top tips for first-time homebuyers wanting to buy in Toronto.

“Don’t be fixated on your dream ‘forever home,’ with all the bells and whistles,” advises Somers. “Just get into the property market.” Build equity in a starter home that you can safely afford, and save those luxury dreams for the next rung up the property ladder.

“Larger condos have become increasingly popular and desirable – not as a jumping-off point ‘until a real house,’ but for the longer term,” says Somers.

Don’t limit yourself to new builds. “Older buildings may be less sexy from an amenities-rich view, but they tend to have bigger floor plans, from two bedrooms, two bedrooms plus den or, that rare bird, a three-bedroom condo,” he says. Sizes can range from 850 square feet to a positively roomy 1,200 square feet or more.

The average cost of a new detached home in the Greater Toronto Area is over $1 million*, making it beyond the reach of first-timers on a budget. But if you head beyond the core, you’ll find more relative affordability, says Somers, who recommends the following areas.

City of Toronto: Weston-Mt. Dennis, West Don Lands, Rockcliffe-Smythe, Mimico, south Etobicoke and The Stockyards area.

Greater Toronto Area: Aurora, Whitchurch-Stouffville, Newmarket, Brampton, Oshawa, Ajax and Whitby.

“As you get farther out, you get bigger lot sizes, more features and benefits, and more new housing developments, all of which can present an attractive set of compromises,” says Somers. “If you are fixated on getting dream-home features in a first-time home, looking outside the 416 may be your best option.”

BUYING IN TORONTO

REALTOR®tips stealsFIRST-TIMER

BETTER THANAVERAGE

Expert advice for first-time homebuyers

Three gems that can be found on a first-timer budget

Roughly a one-hour drive from downtown Toronto, Hamilton is a hot market for Millennials seeking an up-and-coming city with a dynamic arts, local food, and restaurant scene. This small-but-mighty 954-square-foot bungalow (one bath, two

bedrooms) is fully renovated with a luxurious chef’s kitchen, granite counters, plus a sleek

and contemporary one-bedroom in-law suite in the basement.

Ajax’s city-sleek townhouses satisfy first-timers on the prowl for value and style. This 1,240-square-foot, three-storey, two-bedroom, two-and-a-half-bath urban town overlooks a park. The open plan second floor gives it a family friendly vibe.

A Toronto bargain for the low, low price of

The Scarborough area of Toronto yields amazing deals for first-time buyers. This renovated two-bedroom, two-bath

condo is 700-plus square feet and comes with parking, two lockers and an

ensuite laundry. Condo amenities include a pool, party room and gym.

Manage Expectations

Consider a Condo

Explore Beyond the Core

Steal NO. 2 $419,000

Steal NO. 1 $293,000

Steal NO. 3 $234,000

Oshawa:

$446,468

Toronto Central:

$1,728,087Richmond Hill:

$1,272,939Areas ranked by median property value for September 2016

Clarington:

$465,200Whitby:

$595,528Ajax:

$618,239

WHERE THE HOUSES ARE INVESTMENT VALUE

Toronto

$380Hong Kong

$1,118London, UK

$1,590New York City

$1,068Stockholm

$1,516Paris

$3,287

DEALS!

OVER 1 MILLION!

If a traditional detached home is what you seek, here’s where you’ll find deals in the city and the Greater Toronto Area.

Homeownership is one of the surest ways to build your nest egg. Property values continue to grow in the Greater Toronto Area.

*Source: CREA Housing Data, average prices for single detached properties, year over year change*Source: CREA Housing Data, median prices for single detached properties only for time period YTD 2016 (as at Sept. 2016)

*Source: America's Top Cities: Cheapest Real Estate in the World (Sept. 26, 2011; updated Aug. 7, 2014), creditsesame.com

7

4

11

12

8

13

6

6

5

2

1

9

3 10 1415 17

16

1. Toronto Central 2. Richmond Hill3. Markham4 Oakville

8. Caledon9. Toronto East10. Pickering11. Milton

5. Vaughan 6. Mississauga &

Toronto West7. Burlington

12. Halton Hills13. Brampton 14. Ajax 15. Whitby

16. Clarington17. Oshawa

RELATIVE AFFORDABILITY Toronto’s red hot real estate market invites comparison with other in demand cities around the world. But if you crunch the numbers, its affordability is better than its reputation. Take a look:

*Prices per square foot, in U.S. dollars.

Sept. 2015: $616,608

Sept. 2005:$334,960

7% average increase

year over year

Average cost of residential real estate

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