Most people who are looking to buy houses and condos in the Greater Toronto Area are looking in the suburbs opposed to downtown. This is because Toronto has become so densely populated that its detached homes are being taken over by condo complexes and row houses and the price tags have soared. There are still some new construction developments that feature detached houses, so if you're interested in buying a family home but you want to stay in the city, don't despair! You have options. Read on to learn about living in Toronto and what you can expect if you decide to buy a house there.
Toronto is a very big, very busy city. Because the traffic is often very congested during rush hour, many people look for jobs near where they live, or look for a place to live near public transit for an easy commute. Those who don't have this luxury have to endure traffic woes. Toronto is one of Canada's primary destinations for immigrants, so the people you'll be commuting with will be from a variety of cultures. If you're planning on commuting to work by car, be aware that finding parking near your place of business can be a expensive and difficult to find.
The upshot of there being so many people in Toronto is that it's easy to find great entertainment. When entertainers are looking for a place to perform, they seek out large audiences with money to spend on luxuries. Many find it in Toronto. As expensive as mortgages in Toronto are, the job prospects in Toronto will likely allow you enough leeway in your budget to take in the occasional show, concert, movie, or play, and to frequent Toronto's huge shopping malls. And then of course there are the free activities and events, namely the parks and community centers.
The job prospects are what attract so many people to Toronto in the first place, though. If you need a job, you could start by looking in the city's biggest industries, namely business and finance, or in tourism, which brings in billions of dollars a year. You could also capitalize on the city's high demand for living space by developing land or providing real estate services to people trying to find a place to live. As you might expect, all this business activity means there are some Toronto neighborhoods which are entirely swallowed up by commercial activity.
Toronto is the biggest city in Canada, so if you want to buy real estate there you'll be competing with about 2.5 million other people who also need homes and space to run their businesses. Because of this fact, houses for sale tend to be very expensive. More expensive than homes in any of the suburbs and more expensive than other types of real estate like condos or town homes. To learn more about Toronto's real estate market and housing prices, browse the articles we have available. There's also more detailed information on living in the city that can help you make a decision if you're on the fence.
Images of Toronto are provided by CentralToronto.net Royal LePage Real Estate Services Ltd.