Check list: what to look for when buying real estate in Toronto

Living in toronto has advantages. Being the 14th most visited city by tourists in the world, toronto not only has the basic amenities for Canadians; it also has the attractions and luxury that was previously only available in cities like New York, London, or Japan. Toronto, being Canada’s economic capital, is among the world’s top financial cities, with a population of 2.5 million.  In 2007, a bulk of condo units and home were purchased by foreigners, most of which were Iranians and people from other Asian countries. According to reports, they chose Toronto because of its reputation from being tolerant to other nationalities, and because of its stable economic standing and real estate price growth rate.

However, choosing to reside in Toronto is only half the problem. Toronto is a huge city with a diverse population. While being in Toronto itself is a good choice, choosing where to live in Toronto requires serious consideration of various factors. One of the main considerations is the property’s distance to importance institutions and establishments, such as schools, shopping and entertainment districts, health facilities, among others. A house or a condominium unit’s distance to these establishments should be considered according to the buyer’s lifestyle and needs.

 

 

For one, an individual interested in buying a house or a condominium unit in Toronto with children or dependents and relatives who need to go to school must choose a location near schools and universities. For starters, Toronto is home to three major universities: University of Toronto, York University, and Ryerson University. Because Toronto is home to immigrants from different countries, it also has a number of English as a Second Language schools. Considering this is important primarily because of the distance, especially for dependents who are not staying in dormitories. Living too far from the educational institutions could be an inconvenience in the long run for commuters. In line with this, a buyer should also consider the distance of the real estate property he plans to buy from the location of his job. This is a major factor in deciding what property to buy since one has to take to account his budget for transportation—may it be through private or public vehicles.

The hospitals, too, should be taken in to account. The location of one’s residence should a few minutes away from a health facility. If this is not possible, then one take note of Toronto’s health infrastructures for emergency purposes. Among the public hospitals in Toronto are Mount Sinai Hospital, North York General Hospital, Princess Margaret Hospital, Toronto General Hospital, among others.

The actual status of the real estate is not the only important thing when looking for a property in Toronto. Toronto’s real estate sector is doing very well at the moment, and is expected to do well for the next two years. Buying a real estate property in Toronto is indeed a wise decision. Buyers of real estate properties in Toronto should think about the location of their purchase to fully maximize the benefits the city has to offer.

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