With a rising cost of living, and a growing number of people struggling to find affordable housing, real estate agents are seeing an influx of new and growing clients eager to buy properties.
The demand for new and more affordable housing is leading to an uptick in new listings, and as the real estate market recovers, the industry is facing an influx in new buyers.
In recent months, there has been an influx from China, the Middle East, and Asia.
But with that influx comes an increasing number of questions about how to keep prices affordable.
What is affordable?
According to a recent study from the Canadian Real Estate Association, about half of Canadian homes are under $600,000.
That means if you own a $600-million house, you’re paying about $8,000 more than you would in the city.
What about the other half of homes?
Many of these new homes, and the homes of people who own them, are more expensive than their older counterparts.
That is, the median sale price for a house in Toronto is $3.2-million, compared to $2.8-million for a home in the suburbs.
If you own your house in Scarborough, you’d pay about $2,000 per month more than in the GTA.
In Toronto, you would pay $1,100 more than a home on St. Clair Ave.
in the west end, and $1.7-million more than the average in the surrounding area.
Is there a way to lower your price?
The average price in Toronto for a single-family home is $1-million.
That’s the same as the average price for condos in the same market.
If your home is valued at $1 million, you are paying $1 in tax and $200 for water and sewer services.
The average home in Scarborough is valued between $1 and $2 million, but you would be paying $3,000 to $4,000 less per year if you were to sell your house.
The cost of a new condo in Toronto costs $3-million and that’s less than the cost of renting a one-bedroom apartment in the area.
If the value of your condo is over $2- million, the monthly rent for a one bedroom would be $1 to $1 per night.
What if your condo doesn’t meet the guidelines?
The criteria for a condo is very specific, says Paul Pendergast, the president and CEO of RealtyTrac, an industry leader.
There are requirements that you have to meet before you can buy a condo.
The owner of a condo has to be a Canadian citizen, be over 65 years old, have a job that pays at least $100,000 annually and have no more than four children under the age of 18 living in the unit.
The condo also has to have no excess parking space or other deficiencies.
If a condo doesn to meet the criteria, the condo is sold.
If it’s not sold, you have a 90-day deadline to find a buyer.
The deadline is Jan. 31 and the buyer has until Feb. 1 to move in.
It is also important to keep in mind that if you are looking to buy a property, you may not be able to move immediately.
The buyers may not have been able to find an apartment that fits their budget and they may not want to move into the unit right away.
If that’s the case, you can put off a decision until later.
What are the benefits of buying a condo?
The biggest benefit of a home that is valued above $2-$2.5 million is that you can get a much larger home, said Mark McBride, president and chief executive of the Toronto Real Estate Board.
The value of a house is determined by a number of factors, such as income, income tax, sales taxes, property taxes, taxes on rental income, etc. A condo can be an asset in a home for many different reasons, McBride said.
The price of a unit increases as income increases and as people age, so does the size of the unit and how much space there is.
If income is rising, it makes it harder for people to save for a down payment.
In addition, condo owners have an advantage because they have access to much more land than homeowners do.
With more land available, they can buy more expensive land.
That increases the value and, in turn, makes it easier for a developer to build a bigger home, McBrides said.
A second benefit is that if the property is on the market, it will attract many more potential buyers, Mc Bride said.
That can help lower the price of the home and help keep the condo affordable to people.
The downside is that the cost for the condo, if sold, will be the difference between the price that a new buyer pays and the price someone would pay for the same home in a