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Understanding the Need for a Bigger Home

For many families in Toronto, the need for a bigger home comes when the current one feels cramped. As families grow, they find that their cozy house doesn’t meet their new needs. More bedrooms, bigger living areas, and extra bathrooms become important. This decision can be exciting but needs careful thought. Let’s explore what you should know about upsizing in Toronto.

Benefits of Upsizing

Upsizing offers several benefits for families. A bigger home means more space for everyone and every activity. Children can have their own rooms, and parents can get their own office or hobby space. Here are some more details:

• Extra Space for Growing Families: With a larger home, you’ll have room for everyone. Kids can have their own play areas or study spots, and adults can find quiet spaces to work or relax.
• Better Rooms for Guests: Having a bigger home allows you to welcome friends and family without feeling cramped. Guest rooms and extra bathrooms can make visits more comfortable for everyone.
• Increased Comfort: A larger home offers more comfort. Bigger kitchens can fit the whole family and allow for easier meal prep and family dinners.
• Higher Home Value: In Toronto’s real estate market, a bigger home can be a good investment. Larger homes often have a higher resale value, making them a smart choice if you’re planning for the long term.

Important Things to Consider

Upsizing is not just about buying a bigger house. It’s about planning and making the right choices for your family. Here are some things to keep in mind:

• Budget Planning: A bigger home usually costs more. Before deciding, look at your budget carefully. Consider all the costs, including mortgage, utilities, taxes, and maintenance. Make sure you can afford these without causing stress.
• Preferred Location: The location of your new home is crucial. Think about proximity to schools, work, and amenities. Pick a neighborhood that fits your family’s lifestyle and needs.
• Future Needs: Think about your future when you choose a bigger house. Will you need more space later? Maybe you’re planning more children, or perhaps you’re thinking about aging parents. Choose a home that can accommodate future changes.
• Lifestyle Preferences: Make sure your new home matches your family’s lifestyle. If you love outdoor activities, look for a home with a yard or nearby parks. If you’re more urban, you might prefer a city location with access to shops and restaurants.

Steps to Finding the Right Home

Finding the right bigger home involves several steps. Following a clear plan can help make this process smoother and less stressful.

1. Assess Your Space Needs: Start by identifying how much space you need. Write down what each family member needs and what you would like to have. This list will help guide your decisions.
2. Research the Market: Learn about the Toronto real estate market. Check the current prices and see what you can afford. Understand the trends in different neighborhoods to make an informed choice.
3. Set Your Budget: Having a clear budget will direct your search. Include all costs, like mortgage, taxes, and little things like moving expenses or new furniture.
4. Select a Location: Consider what areas in Toronto suit your family best. Decide if you prefer the city buzz or a quieter suburb. Research schools, parks, and public transportation availability.
5. Hire a Real Estate Agent: A professional agent can be very helpful in your search. They know the market and can find homes that fit your needs and budget. They also help with negotiations and paperwork.
6. Visit Potential Homes: Attend open houses and arrange private tours. Seeing homes in person gives you a better feel than online pictures.
7. Analyze Each House: When visiting, note each home’s pros and cons. Consider room size, storage space, and layout. Think about how each would work for your family now and in the future.
8. Make an Offer: When you find the right home, make a competitive offer. Your agent can help with this step, ensuring your offer appeals to sellers.
9. Review Legal Steps: Once your offer is accepted, there are legal steps to follow. This includes inspections and finalizing your mortgage. Professionals like real estate agents and lawyers can guide you through this.
10. Plan Your Move: After closing the deal, arrange to move. Give yourself time to pack and set up your new home.

Upsizing to a bigger home in Toronto can bring many benefits. It’s all about creating the space your family needs to grow and thrive. Understanding your needs, budgeting wisely, and following a structured plan can make the process smoother. Remember, choosing a home that fits your current and future lifestyle is key. With careful planning, you can find a home where your family can create happy memories for years.

Navigating multiple offers can be thrilling yet overwhelming, especially when selling a luxury home in Toronto. In a competitive market, making the right choice requires a methodical approach. This guide breaks down the steps to help you select the best offer for your lifestyle needs.

Understand the Market

Toronto’s housing market is always buzzing with activity. Understanding the market trends can provide you with a backdrop against which to evaluate offers. Over the past year, luxury home sales in Toronto have experienced fluctuations, driven by various factors like interest rates and buyer demand. Having a real estate expert who understands these trends is crucial. They can offer insights on recent sales in your area, enabling you to set realistic expectations and better evaluate offers.

Prepare Your Home for Offers

Before you even start receiving offers, make sure your home stands out. This involves staging your home to highlight its best features. A beautifully presented home attracts more buyers and increases the probability of receiving multiple offers. While luxury homes often come with spectacular amenities, playing up these strengths can enhance buyer interest. Consider professional photography and virtual tours, especially for international buyers who may not view the home in person.

Setting a Competitive Price

It’s important to price your luxury home competitively. Your real estate agent can provide a comparative market analysis (CMA) to help you determine the right price. This analysis compares your home with similar homes that have recently been sold, are on the market, or were listed but didn’t sell. Setting a realistic price from the start can save time and increase chances of receiving earnest offers.

Evaluate Offers Carefully

When offers start coming in, it’s critical to evaluate them carefully. Here’s what to look at:

Offer Price

While a higher offer price can be appealing, it’s not the only factor to consider. Look at the net proceeds after closing costs and other expenses. Sometimes, the highest offer may not yield the highest profit after all costs are factored in.

Buyer Qualifications

Assess the buyers’ financial readiness. Are they pre-approved for a mortgage? Do they have a good financial history? Serious buyers readily provide this information. Verifying their financial status protects you from potential deal-closing hiccups.

Contingencies

Contingencies are conditions that must be met for the sale to proceed. Common contingencies include home inspections or financing. Fewer contingencies often make for a smoother transaction, though each one should be evaluated for its impact on the sale.

Consider the Timeline

Every buyer will propose a timeline for moving forward. Could you decide how soon you need to sell your home? Some buyers may offer quick closings, while others might need more time to secure financing or close on another property. Align the offer’s timeline with your schedule and plans, especially if you’re buying another property.

Consult with Your Real Estate Agent

Having a real estate agent by your side is invaluable, especially when navigating multiple offers. They can provide analysis and insights on offers, help in negotiations, and guide you through the complexities of closing a deal. Trust in their expertise ensures you make decisions based on well-examined facts rather than emotional reactions.

Balance Emotion and Logic

Selling a luxury home is not just a financial decision; it can be an emotional one. Maybe it’s where you watched your family grow or celebrated life’s milestones. While having an emotional attachment is natural, your choice should primarily be driven by logic and informed decision-making. Weigh all factors without letting emotions override rational judgment.

Next Steps After Accepting an Offer

Once you’ve selected an offer, the process isn’t over yet. Here’s what comes next:

Due Diligence and Inspections

The buyer will likely conduct inspections and appraisals. This is a standard part of due diligence. Be prepared for negotiations that might arise from these findings. Work with your agent to handle any requests or issues, ensuring both parties remain satisfied.

Finalizing the Deal

This stage involves your real estate lawyer. They’ll handle the paperwork, ensuring everything is for closing. This process could take a few weeks, when you may need to answer queries or provide additional documentation.

Celebrate and Move Forward

Closing the sale of your luxury home is a significant milestone. It marks the start of a new chapter. Whether you’re relocating, downsizing, or investing the proceeds into a new opportunity, celebrate this achievement.

Toronto’s real estate market is known for its high demand and limited supply. This means there are often more buyers than homes available. To succeed, buyers need to be well-prepared and proactive.

Get Your Finances in Order

• Please take a look at your budget, and start by understanding how much you can afford. It’s important to consider your income, savings, and any other financial commitments.
• Get Pre-Approved for a Mortgage: A mortgage pre-approval shows sellers that you are serious and ready to make a purchase. It can give you an edge in competitive situations.

Partner with a Skilled Real Estate Agent

• Find an Experienced Agent: Look for an agent who specializes in the Toronto area and knows the ins and outs of luxury real estate. They can provide invaluable insights and help you navigate the market.
• Leverage their Network: A good real estate agent has a network that can alert you to new listings as soon as they become available, sometimes even before they hit the public market.

Be Clear on Your Wants and Needs

• Prioritize Your Needs: Make a list of what you need in a home versus what you’d like to have. This will help you stay focused, especially when time is of the essence.
• Be Flexible: In a competitive market, being flexible can increase your chances of finding a home. Consider whether you can compromise on certain features or the neighborhood to widen your options.

Be Ready to Act Fast

• Stay Alert: Properties in Toronto can sell quickly. Staying informed and ready to act will help you seize the right opportunity when it arises.
• Make a Strong Offer: When you find a home you love, be prepared to make a strong offer right away. This includes being ready to meet or go above the asking price if needed.

Consider a Personal Touch

• Write a Personal Letter: Sometimes, a personal letter to the seller about why you love the home can make your offer stand out. It’s a simple gesture that can make a big difference.

Home Inspection

• Don’t Skimp on Inspections: While you may feel pressured to act quickly, never skip a home inspection. It gives you important information about the property’s condition and can save you money and stress in the long run.

Plan for Multiple Offers

• Prepare for Bidding Wars: Multiple offers are common in Toronto. Knowing your maximum offer price beforehand keeps you from making rushed decisions.
• Stay Calm and Objective: It’s easy to get emotionally attached, but keeping a level head is crucial. Remember, there are always more homes.

Use Technology to Your Advantage

• Set Alerts for New Listings: Many apps and websites allow you to receive notifications for new listings. This helps you stay ahead of the competition.
• Virtual Tours: If possible, attend virtual tours. They save time and allow you to assess whether you want to pursue a property further.

Consider Future Prospects

• Research Neighborhood Developments: Knowing about upcoming developments in a neighborhood can give you insights into its future appeal and value.
• Long-Term Considerations: Think about your future needs and whether the home will continue to meet those as your life changes.

Be Prepared and Informed!  Preparation and knowledge are your best tools in Toronto’s real estate market. You can find a home that meets your needs by understanding your finances, working with a skilled agent, and being ready to act quickly and strategically. Always keep a calm and thoughtful approach, and your journey to owning a home in Toronto can be a success.

A recent study by Altus Group for the Building Industry and Land Development Association, sheds light on the current state of Toronto’s new home market. It’s an interesting snapshot of what’s going on, and I think you’ll find it helpful.

Here’s the quick scoop:

 Worst February for New Home Sales in History
New home sales took a huge hit in February, with a shocking number of nearly 17,000 new and pre-construction condos sitting unsold. Just 152 units were actually sold.

 High Prices Persist
Despite the drop in sales, prices remain high. The benchmark price for a new condo in Toronto is still a hefty $1.02 million — down only 2.4% from last year.

 Buyers Are Frozen
Even though interest rates are coming down, affordability remains a major challenge for buyers. To put it into perspective, a 20% down payment on a $1M property is still over $200,000. That’s a big ask for most people.

Smaller Units
The size of new condos is shrinking. The average new condo now comes in at just 766 sq ft — a significant drop from over 900 sq ft in 2022. Smaller units mean less space, but the prices are still sky-high.

 Single-Family Homes Struggling Too
It’s not just condos. New and pre-con single-family homes are also facing tough times. There were only 248 sales in February across the GTA, compared to nearly 5,000 homes on the market.

What does this mean for you?

This is a good opportunity to stay informed on what’s happening in the market. With prices still high, affordability challenges, and shrinking unit sizes, it’s crucial to help you make the most informed decisions possible.

If you have any questions or would like to discuss these trends further, feel free to reach out anytime!

Celebrate Toronto – City’s 191st Anniversary Festival

Cherry Blossom Season at Colborne Lodge

VISIT OUR CALENDAR PARTNERS EVENTS IF YOU FIND YOURSELF IN THE CITIES BELOW:

New York

Washington DC

Miami

San Francisco

Los Angeles

San Diego

Santa Barbara

Seattle

Orange County

Chicago

Greenwich

Denver  

Naples

Taho, Reno-NV

Sacramento

The Hamptons, NY

Atlanta

Tampa Bay

Park City

Sarasota