Folks continually inquire if it can make more sense to buy a house in Toronto or maybe lease. Here’s the short version: Buy. Proudly owning your own house has generally payed off. Having your house in Toronto and reducing your own home loan regularly is the most important thing folks have to do right after reducing debts. In several books going back a century, this particular piece of advice is repeated: “Own your own home”.
Investing in a home in Toronto can be a dream for many Canadians and even though property in the United States has depreciated significantly recently, property in Toronto has actually increased slightly through the major economic downturn. Additionally, Canada’s prospects are bright and the job outlook is excellent, which means the property values should continue being stable for the near future.
Danforth, Leslieville, East York are my top area picks to own a house in Toronto.
o Near Downtown Toronto. Residences in Danforth, Riverdale,Leslieville and Danforth are not far from Yonge and Bloor. As an example, a house at the intersection of Danforth and Pape is a 12 minute trip on the subway to Downtown
o Great TTC options. Being really close to the Bloor subway line means it’s a short walk to a subway station, and for many East York, Riverdale or Danforth residents, that means they can do without a car. A recent report on low, medium and high income neighborhoods predicts that areas close to subways will change to high income neighborhoods in the next 15 years.
o Good educational facilities. The highly acclaimed Jackman Public school is found in the Jackman district and if you live here, here is the school to put your children in. RH McGregor is a great solution for anyone who is thinking about french immersion. A good number of excellent catholic, public and private educational facilities are present within the locations.
o Near Hospitals. The Toronto East General Hospital (TEGH to locals) is found at the intersection of Mortimer and Coxwell and other Toronto hospitals including Sick Kids Hospital, and Toronto General Hospital are a short ride away.
o Affordable houses. Yes there are some very expensive pockets within these areas and there are also some pockets to avoid, but detached houses in some areas can be bought for $480,000 to $700,000. Semi-detached houses can be had from $350,000 to $500,000.
Toronto is a big city and it’s natural to feel a little overwhelmed when looking for a house in Toronto because of all the choices available to you. Stick to the areas above and you can’t go wrong.
Buying a home in Toronto can be a great real estate investment. Need more info on making your move, visit Jen Walsh’s page at Toronto homes. Last piece of advice: be patient and take your time.
