What Makes an Ideal Neighbourhood for First-Timers?

While every buyer has their own unique wants and needs in a home, many first-timers share certain things in common. For instance, as many first-time buyers have young children or are planning on having a family in the near future, access to great schools, outdoor community amenities and a safe, quiet atmosphere are popular commodities. Other first-time buyers are single, young professionals who want a fast commute and are looking for a secure investment. As a buyer, the perfect neighbourhood for you will be the one that fits you best. 

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
• Why You Should Listen to Real Estate Referrals
• How to Realistically Save For a Downpayment in Toronto

Where to Start

If you’re about to begin your first home-buying journey, start with an experienced local real estate agent. As an expert in all things Toronto, a well-rounded agent can help you get the most out of your first home without going over your budget. They can also help you target desired neighbourhoods, or introduce you to new areas that may make a great fit. 

Riverdale

Nestled just east of downtown Toronto, Riverdale has a lot to offer both families and young professionals. Fairly large in area, Riverdale stretches from Danforth Avenue in the north to Lake Shore Boulevard in the south between the Don River and Leslieville. Across the neighbourhood, distinct community pockets such as Riverside or Chinatown East serve as micro-communities within greater Riverdale. 

With quiet, tree-lined streets, amazing cultural amenities, beautiful homes and great access to downtown, it’s no surprise that Riverdale is one of the city’s most popular neighbourhoods for buyers. The neighbourhood is also home to one of the largest green spaces in the city. Riverdale Park features three baseball diamonds, a skating rink, a swimming pool, tennis courts, a running track, and tons of great spots for families — including a movie night during the summer.

The area features a handful of great schools such as Riverdale Collegiate Institute, Earl Grey Senior Public School and Holy Name Catholic School just to name a few. The area’s only real drawback is its price point. With Riverdale’s rising popularity amongst buyers, average home prices have gone up in recent years. However, if it fits your price range, Riverdale is a great place to call home. 

The Beaches

As its name suggests, The Beaches is a lovely, lakefront neighbourhood in Toronto’s east end. Previously a hidden gem, The Beaches are slowly becoming one of the city’s most in-demand neighbourhoods. Bound by Kingston Road in the north, the neighbourhood’s southern border fluctuates between Queen Street East, Lake Shore Boulevard and Lake Ontario to the south. A total of four separate beaches run along the community’s edge, Balmy Beach, Scarboro Beach, Kew Beach, and Woodbine Beach – the latter two have a “Blue Flag” certification, ensuring cleanliness and safe swimming conditions. 

For both young professionals and families, the neighbourhood has virtually everything. Strong transit access, boutique shopping, local parks and green spaces, and a variety of local bars and restaurants. The Beaches also has a variety of well-ranking schools, including Neil McNeil Catholic Secondary School, Malvern Collegiate Institute, Kew Beach Montessori and Glen Ames Senior Public School. 

Homes in the area are mainly semi-detached or detached, ranging in size and architectural style. One trait The Beaches is known for is the cottage-inspired architecture of certain properties. There are even heritage designations along some neighbourhood streets in order to help protect the cottage-like appearance of certain properties. 

Want to learn more about Toronto’s housing market? Explore these resources from our blog. 

• Has Toronto Real Estate Killed the Asking Price? 
• Torontoism’s Top Picks: Phoebe on Queen
• Beginning Your Home Search

Cabbagetown

Despite being a downtown neighbourhood, Cabbagetown is well separated from the hustle and bustle. Rather, the neighbourhood feels like a quaint-yet-vibrant residential community with beautiful homes, lush green spaces and a down-to-earth vibe. Of course, no conversation about Cabbagetown is complete without mentioning the many amazing restaurants, bars and cafes in the area. Local favourites include House on Parliament for elevated pub fare, F’Amelia Ristorante for Italian dishes, and JetFuel Coffee Shop for grab-and-go coffee and baked goods.

Want to learn more about one of our favourite Toronto neighbourhoods? Check out 5 things we love about Cabbagetown here.  

As a neighbourhood, Cabbagetown is evolving quickly. While the area retains its historic charm and abundance of gorgeous heritage properties, the surrounding communities are seeing a high rate of gentrification. Redevelopment of the area has been long awaited and is introducing a handful of new amenities to the community. Cabbagetown also features a variety of well-priced and well-designed condo and townhome developments, making the area perfect for young professionals. 

Ready to find your perfect first home? As experts in all things Toronto, we help you find success in the market. Get in touch with us.

As Toronto’s housing landscape becomes more balanced, homes (on average) are spending more time on the market than they used to. As a result, some sellers are having second thoughts. 

That being said, selling your home in any market condition comes with a handful of variables that can impact your sale differently than others. Elements like unique property features and external economic or locational factors can all influence buyer interest and volume. 

If you’re considering a home sale in the near future but have concerns about how long your property will spend on the market, we have some helpful insights that may clarify a few things.  

Thinking about selling? Sign up for our insider newsletter to receive regular, in-depth updates and key insights from the Toronto real estate market. 

Mid-Year Market

Over the past decade, Toronto’s diverse and vast housing market has been anything but ordinary. From a steadily growing demand during the 2010s to an outright buying frenzy in 2020 and 2021, real estate in the city has been constantly evolving for some time. While today’s market conditions are a little more balanced than in previous years, truly understanding the current market requires some contextual analysis. 

Back in 2020 during the early stages of the COVID-19 pandemic, the Bank of Canada (BOC) slashed their target interest rate in order to prevent long-term economic damages. The freshly lowered interest rates suddenly made mortgages extremely affordable for Canadians, flooding the market with buyers. Almost overnight real estate in Toronto became hyper-competitive. Homes sold for record-high prices and often spent very little time on the market; in some cases, less than a day. 

Now, in mid-2022, interest rates are slightly higher than they were before the pandemic. As a result, far fewer buyers are entering today’s market, causing the previously competitive atmosphere to cool off. 

Should I Worry About Terminated Listings?

If you’ve been tuned into the Toronto real estate market in recent months, you may have seen some stories in the news or on social media about a rise in “terminated listings”. These articles have been causing some sellers to panic, as they see other homes entering the market, not selling and assume the homeowners are forced to stop trying.

In reality, 99% of terminated listings are really just price adjustments. This occurs when homes are removed from the market and re-listed the same day at a new price point. So there’s very little risk of listing your home only to pull it off the market completely down the line. 

Getting ready to sell? Preparation is key. Check out these blog posts to learn more. 

• Staging Your Home Matters More Than Ever – Here’s Why
• Should You Wait to Sell Your Home After COVID-19?
• Are Pre-Listing Renovations a Good Idea?

The Long and Short 

At the end of the day, determining how long your home will take to sell before entering the market is a bit of a guessing game. Although the competitive buying conditions that led to same-day sales and frequent bidding wars aren’t as prevalent today, demand for homes in Toronto is still high and properties are selling for strong prices. 

Selling Strategies 

If you have concerns about your home staying on the market longer than you expected, there are some strategies you can incorporate to optimize your home for the fastest possible sale. 

Of course, staging your home for sale is always a good idea regardless of market conditions. Great staging tells a story and allows potential buyers to truly envision themselves in your home. There’s also strong data suggesting staged homes sell faster than their less-prepared counterparts. 

Next, a robust marketing strategy including digital and traditional materials can help get as many eyes on your home as possible. As part of Sotheby’s International Realty Canada, we market our homes in a variety of leading lifestyle and real estate publications around the world – capturing the attention of both domestic and international buyers. 

Finally, pricing your home strategically can go a long way in turning the heads of potential buyers. Your real estate agent can guide you through the strategic pricing process to help you get the most for your home. 

Looking for more information about Toronto’s ever-evolving housing market? We’ve got helpful resources you may be interested in. 

• Interest Rates Are Rising – Here’s What Buyers Should Know
• Should You Wait to Sell Your Home After COVID-19?
• How Buying Your Second Home is Different Than Buying Your First

The Right Agent Makes A Difference

In a robust market like Toronto, it’s important to be thorough in your research before you hire a real estate agent. This is especially true as a seller. Not two agents are the same, and you’ll want to work with someone who has the right toolset to best support your home sale. 

Beginning with pre-listing preparations, thoughtful staging and cohesive marketing, a great real estate agent will ensure your home captures the eyes of even the pickiest buyers. Plus, strategic elements such as pricing and negotiations also make a big difference in landing fast, high-quality offers on your home. 

Ready to sell your Toronto home? As distinguished local agents, we can help ensure you have a smooth selling process with exceptional results. Get in touch with our team.

Charming and historic, Cabbagetown is one of Toronto’s most unique and perhaps most beloved neighbourhoods. With gorgeous homes, tree-lined streets and a bustling retail district, Cabbagetown is a great place to call home, or simply spend an afternoon. As long-time fans of the neighbourhood, we’re not shy about recommending some of our favourite places to eat, drink or shop. 

Here are a few of our favourite local businesses in the Patch! 

Want to learn more about one of our favourite Toronto neighbourhoods? Check out 5 things we love about Cabbagetown here.  

Jet Fuel Coffee Shop | 519 Parliament St

Founded in 1992, Jet Fuel Coffee Shop is nothing short of a neighbourhood staple in Cabbagetown. Over the past 30 years, the cafe has made a name for itself by selling incredible house-made pastries, serving up amazing coffee and simply being a great place to spend time. Uniquely, Jet Fuel also has a notable connection to Toronto’s cycling community, which helped inspire the cafe’s distinct culture and menu. Learn more about what makes Jet Fuel a Toronto landmark here. 

Chew Chew’s |186 Carlton St

For classic diner ambience and amazing comfort food, Chew Chew’s is the place to be. While the railroad-themed decor is quite lighthearted, the breakfast menu is nothing to laugh at. Chew Chew’s serves up some seriously good food, with the Conductor’s Special being a popular favourite. If you need a great meal to get your day started on the right foot, definitely check out Chew Chew’s. 

Looking for more fun things to do in Toronto’s core neighbourhoods? Explore these handy blog posts. 

• Embracing The Rich Flavours of Cabbagetown
• 5 Yorkville Eateries With Incredible Cuisine
• A Guide to Toronto’s Poutine Scene

House on Parliament | 454 Parliament St

The local neighbourhood pub spot, House on Parliament has been a community staple for more than 20 years. With a long list of beers on tap, there’s something for everyone. Or, if cocktails are more your style, try one of their acclaimed “fancy drinks”. The House also serves great pub fare, with a focus on using high-quality ingredients. Their weekend brunch is a Cabbagetown tradition and definitely worth checking out. The Steak & Stilton Sandwich also comes highly recommended. 

Cycle Solutions | 444 Parliament St

Located just across from the House on Parliament, Cycle Solutions is a family-owned bike shop that also happens to be one of the best in the city! They stock a variety of bikes for all kinds of different terrains, including road bikes, mountain bikes, hybrids and bikes for kids. They also carry a large range of cycling accessories and spare parts. In their on-site service centre, they offer repairs and tune-ups to keep your bike running smoothly. 

Looking for more Toronto content? Check out these blog posts. 

• Toronto’s 5 Best Brunch Spots
• Dining on Local Ingredients in Toronto
• Beating The Heat on Toronto’s Beaches

Cabbagetown Pet Clinic | 239 Gerrard St E

For almost 40 years, Cabbagetown Pet Clinic has been the neighbourhood’s trusted veterinarian. Known for their compassionate relationship-centred approach to pet health care, the clinic offers a wide range of veterinary services.  From parasite protection to microchipping, diagnostics and surgeries they offer complete support for your pet’s health. The practice is also AAHA accredited the gold star for animal hospitals in North America. 

Blooming Flower Bar | 194A Carlton St

Netsled in a small shop along Carlton, Blooming Flower Bar is Cabbagetown’s neighbourhood florist. Despite that relatively simple description, Blooming is far more than your average flower shop. Customers can shop artfully designed bouquets, custom bundles, or buy freshly cut flowers by the stem! They also carry some unique gifts and planting accessories. It only takes one visit to Blooming Flower Bar to see why a number of local residents and loyal customers have nicknamed the shop  “the happy place”. 

Thinking about buying or selling a home in Cabbagetown? We can help. Get in touch.

When the time comes to buy your second home, you may be surprised at how different the process can be compared to the first time. In addition to finding a new place to call home, you will also have to think about selling your current property too. 

While there are a few more moving parts that come with buying your second home, you’ll be able to use some of these new factors to your advantage. Here’s what you need to know about your second time in the market.  

New Market Conditions

Real estate is always changing. Regardless of when you bought your first home, you’ll be entering an entirely new market this time around. For instance, if you bought your home between 2015 and 2021, you likely encountered a very competitive buying landscape. Today, Toronto’s housing market is more balanced, and you’ll have new advantages like greater inventory to select from. 

You should also consider how the current market will impact the sale of your existing home. While each home is unique, if you’re expecting a fast sale far beyond the asking price, you may need to tailor your expectations somewhat. Your real estate agent can offer you an estimation of how your current home will perform in today’s market and how you can optimize it for a successful sale. 

Interest rates are back on the rise in Canada. Find out how this may impact you as a home buyer here. 

Existing Equity

When buying your first home, one of the biggest hurdles you’ll face is saving up for a down payment. Saving up extra cash and tapping into lines of credit until you meet the minimum amount can take years. Thankfully, things are a little bit easier the second time around. 

Not only will you now have existing equity in your current home that you can utilize, but you may even earn a profit on your new home if it’s gone up in value. This could mean you’re able to put a higher down payment on your new place, allowing you to potentially bypass costly mortgage insurance. 

No two real estate agents are the same. Check out these blog posts to learn more about finding the best agent for you.  

• How to Read Between the Lines of Agent Reviews
• Why You Should Listen to Real Estate Referrals
• Rightsizing With Agents: How it Works

New Mortgage Options

Obtaining a mortgage can be one of the most stressful parts of the first-time home buying process. Now, unless your mortgage has been completely paid off, you’ll need to decide what to do with it. While some mortgages are portable, most homeowners opt to break their mortgage and re-apply for a new one with a similar rate and term. Breaking a mortgage typically comes with financial penalties, however, it can still be the more affordable option depending on circumstances. 

That being said, each buyer is unique and you should work with an expert to determine the best route for you. Both your financial advisor and real estate agent can offer helpful advice about the mortgage process. 

Concerned about the ROI of selling in today’s market? Check out these resources from our blog.

• The Importance of Staging Your Home to Sell
• Why Right Now is the Best Time to Sell Your Home
• Are Pre-Listing Renovations a Good Idea?

Selling Costs

When you bought your first home, there weren’t many additional fees and costs outside of the mortgage and home itself. Now, as you sell your current place, there are some additional costs to anticipate.  

As a buyer of your current home, you weren’t responsible for paying agent fees or commissions. As a seller, this is something you’ll need to account for as it may impact your budget. Don’t forget, you’ll still be required to cover the relevant land transfer tax as the buyer on your new home too. 

Another common cost of the selling process is staging. Although this is an upfront cost, staging generally offers a strong ROI, and can actually help you maximize the profits of your home sale. Finally, ensure you budget for the legal fees that will come with your home sale. 

Buying your second home can feel overwhelming, but it doesn’t need to. As experienced local agents, we’re here to help. Contact us. 

While buying a home abroad has long been popular with retirees searching for warmer weather, today many young Canadians are also setting their eyes on foreign housing markets. As domestic housing prices become increasingly out-of-reach, some Canadians are choosing relocation as a realistic route to homeownership. 

From both a lifestyle and investment perspective, buying outside of Canada has its advantages. That being said, the international real estate process typically comes with far more considerations and complexities compared to buying at home. 

Here are a few things you should know before you begin your international home buying journey. 

Understand the Cost of Living 

The cost of living can vary by country, region, and even city. Depending on where you buy, housing and other everyday costs can be more affordable or more expensive compared to Canada. 

If you’re considering buying a home abroad, ensure you understand the local cost of living and whether or not it fits your budget. Expatistan features a great cost of living comparison widget that can help you explore and contrast average costs in your destination city. 

Thinking about selling your home and downsizing outside of the country? Download our complete downsizers guide here. 

Finding International Properties

Outside of Canada and the United States, most countries do not have centralized listing databases like MLS. Therefore, finding a home will require working with a real estate agent in your buying destination. However, interviewing and hiring a trusted agent who will have your best interests in mind isn’t always easy, this is especially true if they live in another country. 

That said, Your local real estate agent may have international connections that you can leverage. As a part of Sotheby’s International Realty, our team can help connect with trusted and experienced agents around the world. 

International Financing 

When it comes to mortgages and financing, there are some common misconceptions among Canadians who are purchasing their first foreign property. All buyers should know that most Canadian banks will not finance beyond the border. In fact, most foreign purchases are cash transactions. 

However, buyers can pull equity from their domestic properties in order to support international purchases. Your real estate agent can help you understand the full spectrum of financing options based on your locational circumstances. 

There’s more to finding a great real estate agent than you may think. Visit these blog posts to learn more. 

• How to Read Between the Lines of Agent Reviews
• Why You Should Listen to Real Estate Referrals
• Rightsizing With Agents: How it Works

Taxes and Inheritance 

While you won’t need to pay Canadian poetry taxes on a foreign home, be aware that you may be subject to one-time or regular taxation in your buying destination. 

One of the most common mistakes Canadians make when buying out of the country is including the property in their will, assuming Canadian rules and regulations will apply. In many countries, the inheritance process varies dramatically from Canada, so how you title your property is very important. For instance, in Europe inheritance taxes are quite common. Or, in Mexico, you can designate a ‘survivor’ who won’t need to pay any taxes. Some countries do not allow title transfer altogether.

Your agent and lawyer can help you navigate the fine print during this process as there may be potential loopholes or workarounds. 

Local Regulations and Legal Requirements

As you may expect, most of the legal red tape you’ll face when buying abroad will come from the regional and local jurisdictions of your destination. 

Distinct laws and requirements can differ all the way down to the township so ensure you are thorough with your research. For instance, you may have a co-worker who purchased a condo in Mexico’s Quintana Roo state, however, you could be subject to entirely different laws and regulations if you buy in the neighbouring Campeche state. 

Even if you’re buying a property for vacation purposes, you may require immigration or residency visas based on the duration and frequency of your visits. When in doubt, do your research and ask your lawyer. They can ensure you have your base covered and reduce the possibility of any legal challenges down the line. 

Thinking about selling your home and moving abroad? Explore these helpful resources from our blog. 

• Why Right Now is the Best Time to Sell Your Home
• Should You Wait to Sell Your Home After COVID-19?
• Are Pre-Listing Renovations a Good Idea?

Closing Costs

Similar to taxation and legal considerations, closing costs can vary by location. Like Canadian real estate transactions, the seller is usually responsible for the costs of agent commission in most popular buying destinations. However, each country is unique and you should do your research before you begin the buying process to avoid surprises. 

Don’t forget to ask your agent or lawyer about land transfer tax or any other one-time costs that you may be responsible for as the buyer.

No two real estate agents are the same, and some will cater to your needs better than others. When it comes time to hire an agent, knowing where to start can seem overwhelming. 

In a world of flashy websites and endless self-promotion, personal referrals are the best way to get an idea of whether or not an agent will be a good fit for you. A trusted friend or family member who has your best interests in mind can help ensure you hire an agent who will do the same. 

Here’s why personal referrals are your best resource when searching for a real estate agent. 

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

Real Estate is Personal

Buying or selling a home is a deeply personal and often emotional experience. Aside from being one of the largest financial transactions you’ll make in your lifetime, your real estate journey will require a lot of thought, patience and personal reflection. When choosing an agent to work with, it’s important to find someone who will be mindful of your emotions. 

If someone close to you is recommending an agent they’ve worked with, it’s a great sign that not only will the agent cater to your personal needs and wishes, but they’ll also respect your existing relationship with the referrer. 

Thinking about downsizing to a smaller home? Download our complete guide to rightsizing.

Lifetime Relationships

It goes without saying that great relationships are built on trust. While this is true in our personal relationships, it applies to real estate as well. If you receive an agent referral from a friend or family member, it’s because they’re confident that the agent will take care of your needs. 

When you work with a great agent who understands your unique needs, that relationship can last a lifetime. Whether you’ll need to buy, sell, lease or invest in the future, partnering with a dedicated agent means that heartfelt support is just a call away whenever you need it. 

Experience and Connections

A common mistake many people make when searching for a real estate agent is performing a quick internet search and opting to work with the first agent that pops up. While this can work for some buyers or sellers, it’s important to understand that no two agents are the same. Your agent’s personal insights and experience will have a big impact on your experience. 

Navigating Toronto’s constantly evolving housing market is no easy feat. Thankfully, working with an experienced and well-connected expert can help ensure you’re successful. When you’re looking for an agent to work with, it’s important to find someone with the best knowledge, skills and contacts to meet your goals. This is especially true if it’s your first time buying or selling.

A great way to get a strong understanding of an agent’s level of experience and expertise before you sign any paperwork is through referrals. Whether it’s a personal referral from a friend or through a past client’s testimony, their first-hand experience is a great way to know if an agent is right for you. 

Want to learn more about Toronto’s housing market? Explore these resources from our blog. 

• Has Toronto Real Estate Killed the ‘Asking Price’? 
• Toronto Neighbourhoods Young Professionals Love
• Best Toronto Neighbourhoods For Downsizers

Our Approach

Whether through word of mouth, an internet search, or good old-fashioned advertising; regardless of how you find our team, we’d love to work with you. We treat our clients like family and are proud to offer a level of service that you would proudly recommend to a loved one. From start to finish, our approach begins with understanding your unique goals and incorporating our expertise and experience to accomplish them. 

Whether you choose to buy or sell with us, we ensure your needs are met long after closing day. We value great client-agent relationships and strive to foster a lifetime partnership with everyone we work with.  

Ready to begin your real estate journey? We’d love to help. Get in touch with us.