how to buy a home toronto

This is how to buy a home in Toronto right now

The prospect of buying a home or condo in Toronto right now is daunting.

Even as Canadian prices cool a bit, the Toronto market is still red-hot with average home prices over $1 million and condos around $700,000.

The market is volatile but there are people that can help. For those looking to take the plunge into home or condo ownership, there are several things you should consider starting your search.


Depending on what you want to buy — a condo or house — you will need savings and an annual income of about $130,000 to $200,000.

So the first step in buying a home is sorting out your financial picture and meeting with a mortgage broker, says TRREB (Toronto Regional Real Estate Board) president Kevin Crigger. A broker can also let you know about first-time buyer programs.

"I think really exploring the financial piece, looking at all of the potential tools available, especially as a first-time buyer, and making sure you make use of all of the relevant programs," Crigger tells blogTO.

After that, there are a few things new home buyers should consider when starting their search.

Finding an agent

The best way to find a good realtor is through your social networks says Steven Fudge, a sales representative with Bosley Real Estate Ltd.

"People will tell you, the realtors that they found really helpful and went above and beyond or those they had a bad experience with and who to avoid," Fudge tells blogTO.

If you are looking to buy a home in a particular neighbourhood, you may want to post for recommendations in Facebook groups for that community.

After you get some recommendations, Crigger suggests meeting with a few agents to find the right person.

"Realtors are ultimately very similar to job applicants," Crigger says. "You know, not, not all realtors are created equal, not all realtors have comparable experience. And not all realtors have a service offering that will work for every buyer."

Getting an agent to work for you is the first logical step in buying a home, he adds. They have the market knowledge, can coordinate multiple showings, and provide advice and guidance throughout the process.

"Buying a home is not like buying a pair of shoes, it's a pretty involved process, and there are some big decisions that are life-changing that one is making," he says.

Where to check for listings

The first place most people look is as it has the bulk of properties currently on the market aside from a few homes up for private sale.

" is probably the most comprehensive set of properties out there," says Fudge.

There are other sites such as Properly, Zolo and Zoocasa, which may offer additional information about homes but they won't have all the properties on the market, he says. Realtors can choose not to allow these sites to post their property.

Those looking in the GTA, may want to search on the TRREB website, which has all the current listings in the area and also has market statistics, adds Crigger. It is not connected to a brokerage and there is no login or sign-up required.

Those who don't want to look through listings can simply let their realtor do the leg work.

"Let's face it, we all have full-time jobs," Crigger says. "So the full-time job of your realtor is basically your home search…(realtors have) a huge amount of experience and understand nuances of neighborhoods, they understand nuances of market data."

How to research neighbourhoods

Before you make a big purchase, you will want more information about the neighbourhood. blogTO has comprehensive neighbourhood guides with information on restaurants, shops, fitness clubs and art galleries.

For more about what is happening in a community, Facebook groups such as Friends of Roncesvalles Avenue, I am a Leslievillian or The Danforth Community are another great source.

Fudge suggests people also look at the City of Toronto ward profiles, which provide demographic information on each area.

"It's a great way to find out how a neighborhood is changing with each census, culturally, socially, economically," he says.

Your realtor will also have a lot of information about a neighbourhood's access to transportation, location of schools, retail and entertainment. And then you will want to spend some time there — visit during the day and at night.

"I think experiencing the neighborhood is key. Walking around the neighborhood, grabbing a coffee at the local coffee shop, checking out local grocery store, looking at some of the retail nearby, going out for dinner, see what the neighborhood is like at night," says Crigger.

Hidden costs

While Toronto has low property taxes, some new home buyers get a shock when handed the land transfer tax bill.

"It's always been shocked to find out how much the land transfer taxes are in Toronto, because we've got a provincial and the city one," says Fudge.

On top of that, there are costs for getting a home inspection (which is recommended) and lawyer's fees.

There may also be unexpected costs shortly after you buy a home.

"If you're buying a house that is 60 years or older, there will probably be a surprise that has not been uncovered by the inspector because it's a visual inspection," says Fudge.

Check out the neighbours

Finally, before you put in that offer, make sure you really want to buy in the location. Is it noisy or sitting on a slope and may get flooded? Fudge suggests knocking on the neighbour's door and talking to people.

"Don't be afraid to pay attention to the immediate surroundings, as well as the community that you're buying into because we're so often focused on the property itself," he says. "And yet, so much of our real estate investment is based on the location."

Lead photo by


Latest Videos

Latest Videos

Join the conversation Load comments

Latest in Real Estate

Toronto was just ranked one of the most overvalued housing markets in the world

A block of Toronto businesses to be replaced by a huge condo development

Someone is renting out a terrifying basement apartment in Toronto for $1,450

Toronto home sales are taking a nosedive and experts are getting worried

Toronto's most famous curved house just dropped its price by $2 million

Someone in Toronto is renting out a cot in the corner of a shared bedroom for $700

Another Toronto area mall will be partially torn down for more condos

Everyone is talking smack about the shoddy quality of Toronto's new condos