Frequently Asked Questions
Questions About Toronto Real Estate
According to current Toronto MLS© statistics, the average home listing price in Toronto, ON is $1,504,000. Based on Toronto housing inventory, the average home is listed on the market for 161 days and has a 104.1% selling to listing price ratio.
Based on current Toronto MLS© data, the average detached house in Toronto, ON has a listing price of $2,672,000. In Toronto, detached houses are on the market for 32 days on average.
According to current Toronto MLS© data, the average condo in Toronto, ON has a listing price of $983,000. In Toronto, the average price for a 2-bedroom condo is $1,082,000 and the average price for a 1-bedroom condo is $682,000.
In Toronto, ON, the most expensive neighbourhoods to buy a home include Bridle Path-sunnybrook-york Mills, St. Andrew-windfields, Bedford Park-nortown and Lawrence Park South. Bridle Path-sunnybrook-york Mills is the most expensive neighbourhood in Toronto with an average home price of $8,900,000.
The cheapest neighbourhoods to buy a home in Toronto include Black Creek, Thorncliffe Park, Flemingdon Park and Scarborough Village. Black Creek is the most affordable neighbourhood in Toronto with an average home price of $516,000.
The closest cities to Toronto, ON include Markham, Vaughan, Richmond Hill and Mississauga. Out of the nearby Toronto cities, Richmond Hill has the highest average home price of $1,844,000 and Mississauga has the most affordable average home price of $1,476,000.
The average townhouse in Toronto has an average listing price of $1,889,000, which represents a 3.5% change in price from last year. There are currently 645 townhouses for sale in Toronto, ON.
According to Statistics Canada Census data, the median total household income in Toronto is $58,381 per year, which is below the national median income of $67,000 per year.
In Toronto, ON, fewer people rent their homes than own at 45.4% rent versus 54.6% own. The median monthly rent price is $3,500 per month versus the median monthly mortgage of $5,400 per month.
Question about selling
A few things you will want to take into consideration and be aware of as a home seller when budgeting to sell your home are the standard costs of staging & prepping, real estate commission, legal fees and potentially, a mortgage penalty.
The major costs of selling a house (or seller closing costs) include the real estate commissions, legal fees, and sales tax on real estate commissions. These vary based on province, region, and your agent’s commission cost structure. You can save on the cost by selling your home FSBO.
If only there was one answer to this question! Historically in Ontario, Canada – April, May, September and October have been the months with the highest sold price to asking price ratio. Those months are notorious for some of the fiercest bidding wars in Toronto, Hamilton & GTA.
December and January are historically the slowest months, but depending on the type of property you own, having fewer competing properties in slow months might be a huge benefit to you. It’s best to discuss the advantages and disadvantages of timing the listing of your home with an experienced real estate agent.
The answer to this depends on your personal goals and what’s happening in the real estate market. If you’re buying an in-demand property and selling a less desirable one, you’ll likely want to sell before buying. However if it is a fierce Sellers market and demand is greater than the supply you may want to purchase first.
That’s a tough question. Generally, a home doesn’t sell for one of 3 reasons: 1) it isn’t priced right; 2) it hasn’t been well marketed, or 3) it doesn’t ‘show’ well to potential Buyers (and might need a good cleaning or staging). Talk to your agent and ask to see: 1) what’s been happening in the market in your neighbourhood since you’ve been listed, 2) the marketing that’s been completed and 3) the feedback from agents/Buyers who’ve seen your home.
Some Home Sellers prefer not to have a ‘For Sale’ sign on their lawn. While it’s completely within your rights to request ‘no sign’, keep in mind that exposure to Buyers is critical to getting top dollar for your home. Your neighbours already love your neighbourhood – why not let them know your home is for sale so they can tell their friends and family?
When you list your home with a real estate agent, you’ll be asked to sign a Listing Agreement. This legal document will outline the price, commission and length of the contract. Typically in Toronto, Hamilton & GTA, Listing Agreements are for 90 days. If you agent isn’t performing to your expectations, begin by having an honest conversation with him/her. If that doesn’t resolve your concerns, contact your agent’s Broker of Record – technically your listing agreement is signed with the brokerage and not the agent, and the broker will have the ability to remedy the situation.
Question about renting
When looking for apartments for rent, you should question your landlord about the agreement period, rental utilities, refundable security payment, penalties and the term of notice period for vacating the apartment.
You must check the burner and refrigerator’s working condition and the drainage of the bathroom and kitchen sink. Never forget to check the wall condition, furniture, door locks, and every other aspect of the apartment.
A landlord expects a responsible tenant with whom they can communicate easily. Usually, landlords look for a friendly, empathetic, understanding tenant who pays rent on time and informs the former in case of any delays.
During a walk-through, you can go through the property thoroughly to check for any potential issue that needs to be fixed before you move in.
Here we have focused on some important things to consider before renting:
- First, know your budget.
- Find out why previous tenants vacated the property.
- Know the period of your tenancy agreement.
- Ask if you can make changes to the property.
Here are a few tips to help you increase your chances of getting rental property:
- Establish a good credit rating because they reflect your transaction history.
- Get renter’s insurance.
- Be ready with the advance payment and security deposit.
- Screen your flatmate.
Usually, tenants are expected to maintain a credit score of approx 650 or above.