Toronto offers so much diversity and history, making it one of the best places to put down roots. Whether you plan to move here or stop renting and buy a home, the Toronto luxury real estate market is hot and guaranteed to meet your property needs. The city is teeming with history, personality, and a deep sense of community. However, because of the level of diversity, a home in Toronto will often mean different things to different people. Here is your guide to navigating the market.
Toronto Real Estate
As mentioned, the Toronto luxury real estate market is highly varied and able to cater to different buyer tastes and budgets. How much you spend on your new home will depend on where you buy it and the type of home you want. At the moment, condos in Toronto average a sale price of $745,951. Townhouses and semi-detached homes, on the other hand, may set you back $981,759 and $1,431,988, respectively. Detached luxury homes sell at an average of over $1.8 million.
If you are getting out a mortgage to buy your Toronto home, you will need a 20 percent minimum down payment for purchases above $1 million. This means you need at least $200,000 to get a semi-detached or detached home in the area. Your real estate agent can help you better navigate this.
Toronto Luxury Homes
The Toronto market has a near-equal supply of townhomes, multiplexes, single-family homes, and condos. Its luxury market, however, is one of the hottest in the country. In most cases, luxury properties are located away from the hustle and bustle of the city and offer more space and privacy.
Detached luxury homes are the largest, most spacious properties in Toronto. They are built in a wide range of styles and are full of history and character. Of course, they are also the most expensive, with many listings hitting and surpassing the $2 million mark.
Living in Toronto
But even at these high prices, luxury properties in Toronto are a real steal, mostly because of the community. The city houses over 140 neighborhoods, all with something to offer.
People looking for excitement, activity, and nightlife can live within the city. However, you can still access Toronto’s many events, dining, shopping, and performance experiences from the suburbs. Toronto is also very active industry and business-wise, making it ideal for career people.
If you want to raise your family here, many neighborhoods have safe parks and good schools. Toronto also has a rich immigrant community, with over 50 percent of the residents being immigrants. This means you can expect it to be a melting pot of different cultures and languages.
Work with a Toronto Real Estate Agent
The Toronto community is vast and intricate, which can overwhelm you as a new resident. This is why you should always work with a Toronto real estate agent when looking for a new home here. Because they have an intimate knowledge of the market and people, they can help you find your dream home faster. They can also consider your needs and budget to ensure you don’t break the bank moving. Barry Cohen is one such real estate agent. With over 3 decades of experience, he is one of Toronto’s best realtors and your invaluable guide to your new home. Call him today to learn more.