Congratulations! You’ve made it.

You have saved enough to buy your very own home in the bustling Canadian metropolis in Toronto. That’s right, Toronto!

Toronto is the city where renowned personalities are honorary residents such as Sylvester Stallone, Nickelback, The Rolling Stones, Jackie Chan, Sophia Loren& Malala Yousufzai among a host of many others.

Also, the city is unique in its character because it constructed numerous apartment buildings and Condos to restrict urban sprawl from spreading outside the city’s boundaries.

It is no doubt one of the most happening cities of North America and among the safest as well. With a high livability rate, the city also ranks among the safest in all of North America.

Whether you have saved enough to buy your own home, or have saved a considerable amount with an option to take a small loan from Canada Mortgage & Housing Corporation, consider weighing the pros and cons before you make a decision in acquiring a residential property of your dreams either in the form of a house or a condo:

Evaluating your own lifestyle

Location of your new home

When deciding upon which property would suit best for you, it would be wise to begin with the location.

For instance, you are a first-time buyer having a budget of CAD$ 870,000. You will generally be restricted to a few neighborhoods (such as East York, Lytton Park, Oakridge, St. Clair West Village, Forest Hill and the like) in the inner-city area.

Since they are literally expensive, you then have to go find a home in outer suburbs like Markham, Ajax, Pickering and of course, nearby Etobicoke.

A condo comparatively is present in more accessible areas such as King West, Etobicoke, Toronto Waterfront, Bay Street, Yorkville and City Place. These areas give you access to offices and high-end retailers as well as entertainment places.

In the end, it will come down to your lifestyle; whether you are a fast-paced person or prefer a laid-back back lifestyle.

Maintenance charges

Let’s face it, those seeking a life of low maintenance can bet safely on Condos.

Condos usually require their residents and owners to pay a specified monthly fee, but its worth it especially when you are considering putting away the shovel to clear out any snow.

If you are considering buying a home in the inner suburbs, please know that most of those inner-city suburb homes are more than 50 years old. You need to have a safety stash fund to fix bad furnaces, leaking roofs, tiles and a myriad of other maintenance works.

Outer suburbs have fairly newer homes.

Comparison of convenience and space

Life of the Condo gives the resident access to numerous amenities. However, this varies upon the kind of property, but it does add to priceless savings. Most condominiums have a grocery store either on the ground floor or at a walking distance. Gyms and sports areas are also part of condominium complexes.

It is also easy to catch cabs and Ubers from a Condo.

In comparison, suburban homes are at a distance from markets. Travelling to the gym, super mart, market, office or another place adds to the car’s gas expense (slightly more than what a condo asks for).

Houses have their own charm because of backyards, personal garage space, sheds, own pools and the like. You can still find condos with amenities, secure parking, large square footing and terraces, but they come at a price.

Never forget your priorities.

Setting expectations

For first time buyers, Condos are an affordable option ad there is competition when it comes to buying and selling Condos. Within the past few weeks, data based on sale of 29 condos in the downtown area gave the average sale-to-list price of 103%.

Finding a home with respect to your budget will only limit you to certain areas (and the same can be held to finding a home of your desires and dreams). You will find it challenging to find a home in Toronto under CAD$ 800K that does not require renovations.

You can only find them in nearby Markham, Pickering and Ajax.

Long run viewpoint

When buying your own home, you need to keep in consideration your long-term objectives. If you are looking to buy a property just for gaining equity (hoping to sell it in a few years) then you need to consult your real estate agent.

The location and type of property you wish to acquire dictates the equity your property will earn most likely. Condos in downtown Toronto might give you a good equity but then again you need to check the location and the market performance.

Conclusion

Keeping the above facts in mind, nothing should deter you from buying your own home in Toronto. Toronto’s outer suburbs have good suburban homes whereas the downtown area, Yorkville, Etobicoke and Waterfront are renowned for their condos.

If you are actively looking for Toronto Condos Visit Toronto Condo Team without hesitation right away for accurate consultation and advice.