The following information was provided by The Easy House Loan as part of their sponsorship.
Are you one of the many people who has had a look at what is available on the real estate market and come away feeling depressed? Buying a home in the big city can be an incredibly daunting experience, especially for people buying for the first time. Canada's largest city is also one of its least affordable when it comes to real estate prices.
So what choices do you have if you work in the city of Toronto but are having a hard time finding homes for sale which will fit into your budget? Should you just bite the bullet and pony up half a million for that two bedroom house? The good news is that you probably can find a way to make your job in Toronto and your desire to own some real estate work, there's just a little more creative thinking involved than there might be in other cities. Let's take a look at your options.
The first thing you could do is really sit down and take a second look at your budget. One of the things people forget about living in the big city is that even though real estate prices are so high, often other costs of living are not. For example, you are less likely to use your car in the transportation integrated city of Toronto than you would be in a smaller center. Everything's a lot closer together, and owning some flawless condo puts you at the center of it all. Recreational areas, entertainment facilities, work, and shopping are all a quick bus, train, or subway ride away.
When revisiting your budget, also take into account the many different discounts you get from a big city on your eating out, grocery, and even extra expenditure departments. Again, there are so many options here you can find sales on just about anything, any day of the week.
Another thing you can do is look for different styles of housing. Single detached homes are the truly overpriced real estate in the city. Often you will find condos or townhomes for sale for much more reasonable prices than similar detached homes within the city.
Many people are choosing to avoid the high prices of Toronto by locating in neighbouring communities and commuting into Toronto for work and entertainment. Real estate in Milton is just 40 km away from Toronto. Again, that transportation system is of great benefit here as well; you still don't need to take your own vehicle into work. The GO train system runs reliably and gets many Milton residents to their work in Toronto every day.
Just make sure you don't get too far out of the city. People looking at homes for sale might find the commute into Toronto too long every day. But, there are people who do this drive as well; whatever works so you can afford your home!