It’s no secret that property values across Canada are exploding, especially in Toronto. According to the Toronto Regional Real Estate Board, the value of a detached home in the GTA has increased by 29%.
All of this may have you wondering: Should I sell my home? It’s a big decision, and the thought of moving might feel overwhelming, maybe even a little sad. Saying goodbye is never easy, but you know the time is coming. It’s just a question of when? Should you sell now? Or hold on for a few more years?
Ask yourself these questions?
- Have your children all moved out, or will they soon?
- Are there rooms in your house you rarely use for anything other than storage?
- Do you have boxes packed away full of things you haven’t used in more than a year?
- Is maintaining your home starting to feel like a burden?
- Do you feel safe alone in your home? Are there stairs that are getting difficult to navigate? Do you have family that can pop in and check on you regularly?
- Does it still feel worth spending time and money fixing your home? Or would you rather travel, or spend more time on things you love?
If any of these are true, there has never been a better time to sell your home.
Thinking of downsizing? Here’s a complete guide to finding the perfect size at a price you can afford: Download the Complete Guide to “Rightsizing” Today
Here are some other things to consider in the coming months:
Your neighbourhood is going to get louder and more crowded.
Millennials are moving away from the big cities in record numbers. More than ever, they’re working from home and no longer need to live close to their employer. Relocating to outlying areas of the GTA allows them to afford larger homes for their growing families.
The question is, who is moving in to replace them? Those buildings won’t be unoccupied for long. Chances are, investors are going to scoop up the properties and rent them out to whoever they can find, often to young single professionals living on their own for the first time.
If you think your neighbourhood is already too loud or too crowded, it’s about to get worse.
More people moving in means even heavier traffic, more pollution and more stress.
If you want to relocate to somewhere more peaceful, the time is now.
You don’t even have to leave the city if you don’t want to.
The downtown area and Distillery Districts are growing like wildfire, but you can still find hidden gems of calm and tranquillity.
- The Waterfront Central has the highest number of couples without children, and half as many adults between 25 and 34. If you love the idea of condo life, this might be the perfect neighbourhood for you!
- You could also consider the Runnymede-Bloor West Village area. It’s quaint and quiet, but you won’t miss out on any of the excitement. The trendy restaurants and nightlife of Bloor and Dundas are a short walk away.
These are just two examples right here in Toronto.
If you want to escape the hustle and bustle of Toronto altogether, you don’t have to go far.
Many areas on the outskirts of the GTA are easily accessible on the Go Train, so you can visit your friends and family any time you want.
Your real estate agent can help you find the perfect solution for your needs, whether you want to move within the city or far away.
Canada has never seen a sellers’ market as strong as this one.
Property values are at record-breaking prices that are still climbing. Even so, homes are selling fast and bidding wars are common. Detached family homes are especially in high demand from millennials looking to move with their families.
One of the biggest reasons someone might hesitate to sell is not knowing if you’ll be able to afford to get back into the market.
But if you sell now, you can still earn enough for a smaller home or condo in an area that is still affordable, especially with the currently low-interest rates currently available.
You might even consider renting for a while.
Renting isn’t for everyone, but definitely has some upsides, including:
- All maintenance is taken care of by the landlord.
- No property taxes to worry about.
- No long-term commitments.
- Less risky than investing in homeownership.
- Gives you time to plan your next steps.
Not sure whether to rent or buy right away? We can help you analyze your finances and your goals and determine the best path forward.
If the idea of renting for a while is intriguing, find out more here:
- What downsizers need to know about selling to rent.
- New purpose-built, high-end rental buildings in Toronto
The best time to sell is when you don’t need to sell.
Selling before you need to means you have time to consider more offers and reject the unsuitable ones. It’s less stressful to sell when you have all the time in the world to pack, organize and research your next steps.
Plus, you’ll have time to prepare your home and get expert guidance that allows you to get the most value possible.
If you wait until selling becomes urgent, you might not get the best outcome.
Interest rates are lower than they’ve been in years.
Low-interest rates can help you get back into the market after selling.
The Bank of Canada has lowered rates to help homeowners and businesses through the pandemic and the economic downturn that followed.
Buyers are scrambling to lock in these low rates before they begin to spike again, which could happen as early as March 2022.
Even if a buyer pays more for a house initially, they’re going to save in the long run because of the lower interest.
This makes it the perfect time to get the maximum value when you sell your house.
Are you ready to enjoy a less expensive, more laid-back lifestyle?
Think of how much time you spend maintaining your property. The work never ends, no matter what the season. There are leaves to rake, grass to cut and snow to shovel.
Something always has to be replaced or repaired; your sink stops draining, the air conditioner breaks, the furnace stops working.
Selling your house can mean the end of non-stop worrying and bills, giving you more time and money to enjoy the things you love.
If you’re thinking of selling soon, here are some resources to help you prepare:
- Rightsizing with Silver Burtnick Associates: What to expect.
- Downsizing with Style and Grace – Part 1
- Downsizing with Style and Grace – Part 2
- Downsizing with Style and Grace – Part 3