5 Signs It’s Your Time To Buy Real Estate in Toronto

Toronto is a lively, safe, and appealing location that is sought-after by those looking to buy real estate.

All around Toronto, you’ll find world-class restaurants, activities, and an atmosphere that caters to everyone from families and young professionals to retirees. If you’re looking to buy in Toronto, you can be sure that you’re tapping into a vibrant market!

More than 2 million people agree that Toronto is a great place to live. But how do we know when it’s time to buy into the city? How do you know when it’s time to stop renting and buy your own place to call home?

In this article, we’ll give you 6 signs that it’s the right time to buy real estate. Whether you’re seeking an urban lifestyle, access to excellent schools, or want to tap into a thriving economy, Toronto is an excellent choice. Let’s begin!

1# WHEN NO ONE ELSE IS BUYING

There is a well-known saying in the world of investing:

“Be fearful when others are greedy, and greedy only when others are fearful.” - Warren Buffet.

Though this statement was directed at the stock market, the same fundamentals apply to the real estate market.

If you are financially able to, it’s a good idea to buy when no one else is buying. During times of economic stress in Toronto, there is likely to be more inventory and options with a corresponding reduction in price pressure.

2# WHEN RENTS ARE HIGH

There are times when the rental market is filled with inflated-priced apartments and houses. We see this happen a lot in big cities like Toronto. This occurs when there is high demand and low inventory. AKA more renters than available properties to rent. To avoid paying high rents, it might be time to consider investing in a property.

By doing so, you’ll be contributing to your assets instead of paying for someone else’s mortgage.

Even if the idea of buying seems so far out of reach at the moment, the first step is becoming educated on the process. We’re here to help.

3# WHEN IT’S A BUYERS MARKET

It’s finally here: a buyer’s market. Unfortunately, a buyer's market doesn’t always look that favourable for buyers in Toronto.

In 2023, Ontario’s real estate market has found itself in the first buyer’s market it’s seen in 14 years, which has occurred due to inflation paired with higher interest rates.

These hard-to-financially digest factors have put many real estate shoppers on pause mode, which is causing an influx in inventory across the market. In this type of market, we see decreased prices and competition which give the people who are shopping more opportunities to get into Toronto’s real estate market.

4# WHEN YOU FALL IN LOVE WITH A PROPERTY

The perfect Toronto property doesn’t exist…. But maybe we can get pretty darn close. Perhaps the property you have your eyes on is in the right location with the great outdoor space but the kitchen isn’t exactly what you wanted. Kitchens can be changed. Remember to focus on the most important must-have items in your property search. If the property checks at least 80% of your property search boxes, you might have a solid contender, especially if fits into your ideal budget.

If you need guidance in creating your must-haves list, an experienced real estate agent (like myself) will be able to help get you started.

5# WHEN YOU ARE READY

Buying a property in Toronto or anywhere in the world is a big deal. Not only is it a big financial commitment it also comes with a lot of responsibilities. Nonetheless, the pride of homeownership can be very rewarding and come with many advantages, once you’re ready.

Step one to investing in Toronto’s real estate market is being educated. It doesn’t matter if it’s your first buyer or you’re a seasoned investor, the market is continually changing.

If you are ready to invest in real estate, now is the best time to book a free consultation with a trusted real estate agent to get started.