Housing developments have changed drastically over the past 20 years. Back in the 90s, 40% of homes in the GTA were condos. Today, that figure has doubled to 80%. This means that most of the housing in Toronto is best suited for short-term residents and individuals rather than families looking to settle down.
To make matters worse, real estate prices have also soared over the years which means that many residents cannot afford to buy a home. Even renting is becoming increasingly expensive and can cost as much as half the renter’s salary. For those who are able to scrape together enough money each month to pay off their mortgage or rent, they will most likely only be able to afford a compact apartment which does not leave much room for growth.
Due to all of these factors, it might feel like the odds are stacked against you and your options are extremely limited! Fortunately, there is a way to get what you want without biting off more than you can chew. Prospective homeowners can choose to invest in land and have their dream house built in the perfect location!
That said, like houses, land is also in short supply and the GTA. Some might disagree with this when they note the seemingly ample plots in the area. However, it’s not quite as simple as buying where you like and building right away. Many pieces of empty land have zoning issues, and others might prove so expensive that buyers can’t afford the land and building costs. It’s all about finding that right balance, and this is where expert advice proves priceless.
Experienced real estate professionals in Toronto understand how the market has developed over the years and, with this kind of information, they can identify trends as well. All of these factors make it easier for agents to offer hopeful buyers the best advice in terms of where to buy, when to buy, and how to go about all of the legal terms and conditions.
It is also important to understand that apartments and homes in a developed city will automatically be expected to have running water, electricity, and other services already installed and functional. When purchasing land in certain areas, some of these services might not be available yet. Now, with this in mind, imagine attempting to build a home without water or electricity! Not to mention trying to maintain your current standard of living without the right facilities. Again, this is where a qualified estate agent will come to your rescue. Not only are they familiar with all the different areas and zones, but they will also be able to inform you regarding facilities available in various locations.
Call Marina Rigenco today for more information on properties available in the Greater Toronto Area. Simply tell us what your preferences and needs are, and we will do all the legwork!
