Living in central Toronto – the vibrant heart of Canada’s largest city is nothing short of exciting. With gorgeous and historic homes and neighbourhoods, spirited energy, and truly endless cultural amenities, there really is no other place like it.
Of course, buying a home downtown isn’t just great from a lifestyle standpoint. With some of the most in-demand real estate in the world, owning property here makes for a great investment.
In short, there are countless advantages to buying in the city centre, but there are also a few special considerations too. Here are five things house hunters should take into account before buying downtown.
The Homes Are Older
From a real estate perspective, one of the most important considerations about buying a property downtown is the age of the homes. Neighbourhoods in the city centre include some of the oldest in all of Canada. Cabbagetown, for example, features homes dating all the way back to the 1800s.
While these heritage properties are remarkably charming and picturesque, there are certain age-related factors to consider. If a home is older and hasn’t been upgraded or renovated, there’s a high chance that it will require some work down the line. You’ll want to keep this in mind before placing an offer.
Buying a home in downtown Toronto? You’ll want to work with a locally knowledgeable real estate agent. Visit these blog posts for helpful tips.
- How to Read Between the Lines of Agent Reviews
- What If I’m Ghosted by My Real Estate Agent?
- How Many Real Estate Agents Should You Interview Before Choosing One?
It’s Just as Neighbourly as the Suburbs
Today when most Torontonians think of the downtown core they think of fast-paced, ultra-urban living. While it certainly does feel like a big city, living downtown can feel just as private and close-knit as in the suburbs.
One of the hands-down highlights of central Toronto is its diverse array of neighbourhoods. For buyers who are looking for something that’s more removed from the hustle and bustle, there are plenty of great options. Areas like Harbord Village, Cabbagetown, or Grange Park all have quaint and neighbourly atmospheres despite being just steps away from the action!
There Are Unique Add-on Costs
On its own, buying a home is no small expense. And, if you buy in the city centre, there may be unique recurring costs that you wouldn’t face elsewhere in the city.
One common example is parking. As you might expect, parking spaces are a hot commodity in downtown Toronto. Depending on where you buy, you could be looking at a fairly substantial monthly rate just to keep your car nearby. That being said, after getting settled in you may find that you no longer need your car as the core is well-served by public transit.
In the case of condos, which are a popular path to homeownership for many downtown buyers, you’ll need to budget for condo fees in addition to your mortgage payments.
Getting ready to buy your first home? Explore these resources to help make it a great success.
- Leveraging Mortgage Rules When You Don’t Have Traditional Income
- A Condo Buying Guide For Millenials
- How to Realistically Save For a Downpayment in Toronto
Gentrification is Moving Quickly
As Toronto evolves, its core neighbourhoods will continue to see fast-paced gentrification. This type of development has its advantages, such as increased housing inventory and higher-quality amenities, but there are drawbacks as well.
For example, if one of the things you love most about your new home is the amazing view from your top-floor window or balcony, future developments such as high-rise condos could eventually obstruct your line of sight. Or, if you’re particularly fond of the independent businesses in your neighbourhood, rising costs could cause your favourite spot to relocate elsewhere.
Your Buying Agent Matters
In addition to being a unique place to call home, Toronto’s urban core also has a distinct and fairly nuanced real estate market. If you’re looking to buy a home here, you’ll want to find the best possible real estate agent for the job.
Downtown is a remarkable place to live, but there are special considerations that come with it. When it comes time to buy, working with an agent who specializes in the city’s central neighbourhoods is your best route to success.
In addition to the factors outlined above, a full-service local agent will ensure you’re educated and informed throughout your buying journey. Whatever you need to know to find a home that you love, they’ll make sure you know it.
Searching for a Toronto real estate agent with decades of experience in the downtown core? Silver Burtnick & Associates would love to work with you. Click here to get in touch with us.
