Real estate market has recovered from its drastic fall in the last couple of years. The economic impacts were great, but the world is recovering quite nicely from it. Canada was also stricken, but because of its good economic strategy, it wasn’t hit as hard as the other countries. Nowadays, the real estate market in Canada is blooming. While the homebuyers compete for properties, they can overlook some of the important details. That is why you need to consider a lot of things when you are buying a home in Ontario.
What to buy and when
When it comes to buying a home in Ontario, you need to think about location and what you are looking for. Regarding when to buy it, there’s no real bad time for the purchase. Real estate market doesn’t have its peak season, but it has its slower moments, mostly during the summer holidays and the beginning of the year. In that time, you may home seller that needs to sell its property fast and it is willing to negotiate. However, you should realize that the offer of the properties will be lower in that period. During the fall and spring, there will be more options to choose from. Of course, with the bigger offer, comes more competition for the ideal home.
House or an apartment?
What better suits your need – house or the apartment?
While the experts are claiming that these days apartments are a more lucrative investment, if it doesn’t suit your needs, don’t even consider it. Since young generations want a more urban lifestyle, they are willing to downsize into condos. Apartments also have lesser utility costs and are easier for maintenance and cleaning. That is why this market is a little stronger today than the freehold market.
Still, when you are buying a home in Ontario, you have to think long-term. If you have little kids, think about the space that they need when they are growing up. Especially if you don’t want to move. On the other hand, if you are single and you want a family someday, buying a condo isn’t such a bad option. You can live in it, and when the time comes, you can rent it or sell it. The apartment market will only rise over the years.
Anyways, you need to think long and hard what type of home you will be buying in Ontario. It is always a good suggestion to make a list of pros and cons (based on your personal needs) for the apartment and for the house. The housing with the most pros is a clear winner.
If you buy a home that has no place for all of your stuff, there are always affordable ways to keep them safe. You can leave them in the storage units Ontario and be sure that they won’t suffer any damages. This company offers the best storage conditions that will ensure that your belongings will remain intact and safe for as long as you need to store them.
We all have the neighborhood that we wish to live in, but the reality is different from the dreams. It could happen that you can’t afford to buy a home in Ontario at your preferred location.
In that case, you have to ask yourself what is more important to you – the home of your dreams or the location of your dreams?
Sadly, they rarely come together.
While there are some tips that can help you decide this, it all comes down to your personal preferences. Will you be happy with the smaller housing option in the desired location, or the spacy house with the yard is enough to make you move to another neighborhood or even a city.
The best cities for buying a home in Ontario
If you are a newcomer in Canada and you are deciding the ideal place for your new home, these are the best cities to buy a home in Ontario:
- Thunder Bay
Hire a real estate agent
While you can go on the home hunting on your own, hiring the real estate agent will surely save you a lot of time and patience. It is also the safest way for purchasing the home since real estate salesperson or brokers in Ontario must be registered with the Real Estate Council of Ontario (RECO). RECO is making sure that real estate employees are honoring the rules of the Real Estate and Business Brokers Act, which protects the homebuyer and home seller from malversation and scams.
When you are choosing the real estate agent for buying a home in Ontario, pay attention to this things:
- Make sure that real estate agent is a member of the RECO, and that it has a proper license
- A good real estate professional has deposit insurance. This insurance is necessary since it protects homebuyers from losing their deposit money.
- Good references or recommendations.
How will you finance buying a home in Ontario
When you think about buying a home in Ontario, your finances will finally dictate a lot of factors. Including the location and the size of your home. Before you fall in love with a home, make sure that you can afford it. Most homebuyers need a mortgage loan to purchase their home, and they usually get it from the bank. There are also other ways to get this kinda loan from the other financial institutions, like:
- Credit unions
- Caisse Populaire
- Insurance companies
In order to borrow this money from any kind of financial institution, you’ll be charged interest. That interest will depend on the condition of the bank or other institution and the duration of the mortgage (it is usually up to 25 years). Of course, a good credit history is crucial when you’re trying to get a mortgage. If you are a newcomer in Canada, the Canadian bank maybe can’t recognize your credit history. So before you pack your things, start to organize your location and hire some reputable moving company like long distance movers Ontario, ask about your credit score and will it be visible in the Canadian bank system.