Toronto’s real estate prices are among the highest and impossible to ignore. However, buying houses in Toronto this summer could be wise. Here are real estate trends in 2022 you should look out for:
Let’s Start with the Kind of Property
Home hacking could be the key to getting your foot on houses in Toronto. We recommend acquiring a property that has the potential to incorporate a secondary suite, such as a basement apartment or is already large enough to rent out the extra space to tenants. That way, you earn additional income for your mortgage or other expenses. If you can buy the property without any debt, your home becomes an income-generating asset!
We also encourage you to look for condo assignments in slowly developing markets, as they tend to be more affordable. You could also look for a fixer-upper if you’re motivated and eager to work on restoring a house.
What about Neighbourhoods?
Keep an eye on the massive new East Harbour development east of downtown Toronto. The idea is to create a mixed-use urban centre with regional transit and connectivity. The southeastern corner of Wallace Emerson and the area around the intersection of Bloor Street West and Dufferin Street are good pickings for houses in Toronto because of the proximity to the Galleria Shopping Centre and the Dufferin Mall, and a new transit station!
You can also look into the northeastern part of Wallace Emerson, around the intersection of Dupont Street and Lansdowne Avenue. It’s still close to the Bloor subway line, St. Clair streetcar route, and a new park. Keep an eye on Stockyards, the area around Metro Park condos near the Ontario Science Centre, and Freed Developments across from Victoria Memorial Square. This neighbourhood's demographics are getting younger, so it might be an ideal community for millennials and gen Zers.
Houses in Toronto on a Budget
Word almost always goes around when interest rates go up. This time is no different. When homeowners hear about rising housing costs in one area, they move to less expensive areas in other parts of the city.
As prices jump 20 or even 30 percent, buyers look beyond the boundary lines of the city core and into neighbourhoods like Malvern in Scarborough or around the intersection of Weston Road and St. Clair Avenue West. Meanwhile, buyers of condos outside of downtown will have to look a great deal further out to find affordable houses in Toronto.
What about Unsuitable Properties?
The word “overrated,” much like “affordable,” is subjective, even if what’s overrated to one person might be perfect to another. Your view of a neighbourhood’s value will depend on your wants and needs.
If you’re in your 20s, you may love the excitement of Liberty Village, but if you’re older, you may see that neighbourhood as overcrowded and expensive with poor public transit. The decision hinges on what kind of houses in Toronto you're looking for. If you want to live in a bungalow in Willowdale, expect to pay around $1.8 million.
To recap, we’re not talking about horrible investments here. We’re pertaining to properties that may not suit your needs and blow a hole in your savings.
While “location, location, location” is the be-all, end-all of real estate, you must always consider your needs and capabilities. Can you afford it? Are the property and community suitable for your family? Who knows, you may just locate the ideal middle ground when you pay attention to these property trends in 2022!
Find houses in Toronto by contacting Sold With Presta! I’m a real estate agent specializing in commercial and residential real estate in the Greater Toronto Area. Book your appointment with me today