Welcome to The Canadian Home, your one-stop destination for all things real estate! Are you thinking of buying a property in Toronto? Investments like purchasing a home need to be thought out thoroughly. Also, these investments are meant to last for decades. Therefore, buying the first house you run into is never a good idea. There are ups and downs to each and every situation and decision we make in our lifetime. When compared, some decisions have a smaller, while others have a bigger impact on our life. Investing money into property is one of the bigger decisions you can make. That’s why you have to make sure that a particular property is suitable for you before you decide to buy it.
Let’s go through the pros and cons of buying a home in the bustling city of Toronto. From the concrete jungle to the cosy neighbourhoods, we'll explore the good and the bad in the quest for your dream abode. So, grab your maple syrup latte and let's dive deep!
Pros of Buying a Property in Toronto
It is a fact that homes in the cities are costlier than homes on the outskirts of them. However, not everyone is supposed to have the same lifestyle or desires. So, if you are planning to own a property in the city of Toronto, the choices you go for are based solely on your decisions and desires. Furthermore, doing detailed research on your own will help you to understand the housing market of the desired area. In the next couple of paragraphs, we will discuss the positive aspects of purchasing property in Toronto.
The main advantages are:
01Safe, friendly, and a pretty accessible
The first thing we want to mention is the overall safety of the city. As the communities exist so tightly knit together and neighbours care about each other, safety is never an issue in Toronto City. Talking about crime, you will be pretty safe there. But, the thing that makes the city unsafe here is the weather conditions. During winters, the snow completely covers and freezes the entire city. Besides the weather conditions, the community and your neighbours are there to ensure overall safety from crime.
02Great for raising a family
Owning a property in Toronto means ensuring that your children will have a great childhood along with education. Not only that, but Toronto is the hub of great cultural exploration and creates beautiful experiences. Furthermore, a high percentage of neighbourhoods offer high-class schooling systems to ensure your child gets the education they need and deserve.
03Location
When talking about owning a new home in Toronto, we have to appreciate the location. Most of Canada’s infrastructure is placed in big cities. As one of the largest, you will hear that you will basically be in the centre of all happenings. The similar to NYC in the USA. You will never need to go out of it if you do not want to. That is a great thing for you, that is for sure!
04Opportunities all around you
The best thing about buying a new home in Toronto is the chances you can take to make the most of your life. If there is a place in Canada where you can do this, it is Toronto! This mega city offers a ton of opportunities for all people willing to accept them. The competitiveness in this place is over the roof, so you will have to be pretty persistent in order to get what you desire.
05There is a chance to earn more money
This multi-million city is filled with people that want to work more and make more. Toronto is a place in Canada with some of the best stipends you can ask for. In the last few years, people have worked more in agriculture, the financial sector, building services, and much more. If you are a part of one of these groups, you will be pleased to hear that you have a higher chance of getting a proper job and earning more money.
Cons of Buying a Property in Toronto
The city of Toronto has some great advantages when living there; we cannot just talk about them. To put things into perspective, we will also be talking about some disadvantages. Read on to some of the main disadvantages:
01Unstable housing market and soaring prices
The housing market in Toronto is marked by rapid fluctuations, making it difficult to predict the best time to buy. In the last few years, the prices have increased considerably; the average price in Toronto is over $1M, making it highly unaffordable for many. If you are a first-time home buyer, buying a house in Toronto requires you to save heavily for that down payment.
02Constant traffic issue
Typically, the city undergoes a 0.98% population growth annually. This means that there are a lot of people residing in it and that more people come to live in this mega city every year. Now, let’s imagine that just half of the population drives a four-wheeler. That develops a severe traffic issue.
03Parking will be a problem
Toronto does not have too many parking spots. All megacities have this problem due to the number of cars on the road. However, the positive thing is that not all parts of Toronto are like this. If you choose to get a property in the suburbs, you will be at peace. You will probably have your own driveway where you can park. But it won't be the case if you choose to relocate towards the centre of Toronto.
From the quirky neighbourhoods to the unpredictable weather, Toronto is a city that will keep you entertained and on your toes. So, take a leap of faith, explore all the options, and trust that your dream home in Toronto is just around the corner. At The Canadian Home, we're here to support you every step of the way. Happy house hunting!