Looking to purchase a detached home? Unsurprisingly, so is everybody else!
To combat the quickly increasing prices of Toronto homes, buyers are venturing out to the suburbs on the search for their next home. After all, an extra 30 minutes on your drive to work is a small price to pay when you’re not only saving on the cost of your home, but also getting more for your money.
Making the trek into the suburban neighbourhoods of the GTA can potentially get you anything from an extra bedroom to an extra acre of property, depending on how far away you’re willing to relocate. If you don’t mind the commute, it just makes sense to get more for your money. Even if you’re a city-dweller with no personal method of transportation, taking the train into the office may be a worthwhile sacrifice.
No matter what (or what location) you’re looking for when you set out to buy a house, one of the ideal aspects for the majority of buyers is a detached structure. The peace and convenience that come with a home that is not attached to anything is really incomparable. There is the promise of less noise, more privacy, the uninhibited ability to do anything with your new house, and the freedom to do it all without the complaint of a noisy neighbour. But it’s no secret that these luxuries are well sought after, and therefore come with a price tag – and a hefty one at that.
We all know that the prices to buy within Toronto are through the roof right now (metaphorically, of course – unless you’re planning on putting in that skylight). Going outside of the city limits may help your affordability, but surprisingly not by much.
The prices of detached homes in Toronto suburbs have gone up along with the cost of every other type of residence in the city, but more so due to the competition of this specific type of property. If you ask anyone whether they’d rather live in a condo or a detached home, the most likely option is the house – and, like anything everybody wants, their desirable status has caused the price of these unattached residential structures have skyrocketed.
Competition (like our growing population) has increased, but you can beat the competition by committing to the price tag of your new home. If you would rather have a big backyard than a patch of grass you share with two other people, it’s likely time to bite the bullet and pay more than what the sellers are asking for.
The general price for a detached home in a Toronto suburb is currently averaging at just under $1.4 million, which is nearly a 22% increase in just the last year. That’s a huge jump in such a short time period! Of course, this will vary depending on location, but should give you a good idea of what you’ll need to spend to get what you want.
Detachability, like location, is one of the big things you can’t change about your home down the line, so you need to ensure you are happy with both the placement of your home and the proximity to your potential new neighbours before purchasing your next house. Buyer’s remorse is a real thing, and it’s not something you want to experience in the home buying process.
Overall, paying more for a detached home is generally worth it in the long run. Not only will this give you the freedom of a more convenience lifestyle, it will also increase your resale value if and when you decide to sell. As in any home-buying situation, your property should be seen as an investment, and you want to keep in mind that putting down a little bit more now can earn you a lot more back in the future. Additionally, prices are projected to continue increasing going forward, so if you don’t purchase your detached home now but change your mind in the future, it’s just going to be that much more difficult to make it happen.
The Raymond Yong Real Estate Group has the expertise you need to guide you through the entire home-buying process. Give us a call at 416-906-9863 or shoot us an email at [email protected] to get started on finding that (nearly) perfect home for you!
