Toronto city, also known as GTA, welcomes people from every corner of the world; it is a hub of diversity, entertainment, outdoor activities and offers its citizens the luxury of beautiful beaches, well-paid jobs, and parks to spend time with family. But is it easy to afford a house in Greater Toronto Area? What are the five things you know wrong about house prices in Greater Toronto Area? 

First-time buyers can’t afford a house. 

Looking at the high prices of real estate, you might be hesitant in buying your first home by delaying the action year to year. The reasons can be that you have to check on different steps, taking care of mortgage rates, the closing price of the deal, and qualifying for a mortgage loan. Please don’t wait any further; pitch in, buy it; now is the right time. You are already paying enough rants, which you can save if you have a house of your own. As a first-time buyer, you are always lucky. Many federal and provincial governments have programs to help; interest-free loans, withdrawal funds from retirement savings Plans, and getting rebates on land transfer tax. 

Agents are not very skilled?

Your agent guides you throughout purchasing a house, and they are the one person you should trust. But is it a good idea? Are they heading you in the right direction? Yes, with the recent laws in the country, you can depend on your agent entirely. The easily accessible data that the government has provided online can tell you the proper value of a property. Let’s suppose you sell your house for $1.6 million, and within a month, later you find out the property sold out for 1.9 million. No property prices rise that quickly over a month. The good news for you is things are getting easier; when the prices are publicly available online, you have fewer things to worry about; your agent will help you with educated options and work with you as a team. 

The season doesn’t matter.

If you believe that cost of houses remains the same throughout the year, then you are making a big mistake. Keeping track of the selling and buying season must be your priority to get the house you want at a lower price. A house bought in May, April, June and July will cost you more than a house bought in November to December. So, keep all of your required information in hand to dive in and get the property at the right time in a lower amount. The opening between late fall and early winter is the best time for buyers on a budget, and keep in mind that fewer homes are on sale in winters, so the selection for homes will be limited. 

You can invest anywhere and you’ll be rich

 Investment is stressful work, and it will take time to give you all the profits. If you invest in Toronto real estate wisely, there is a good chance of you enjoying all the profits, but the first 18 months are essential. If you are investing for the first time, it is crucial to sit down and look at your finances. Your plan should be figuring out your goal and risk tolerance. Due to the pandemic, the investor had a hard time coping, and it was temporary; now, there is sufficient room available for investment in 2020. With the increased population, the demand for rentals has also increased. Both immigrants and educational opportunities are bringing more people to the city.

Prices are going down.

If someone comes and tells you that the prices with real estate are going down, never trust them; real estate is playing a leading role in booming the country’s economy, and one shall never trust the rumours. The prices are not going down, but you must equip yourself to get into the market. Have innovative strategies, keep all the information required, and learn new ways to confront these challenges. Keep in mind that as home prices rise, so does your down payment requirement. A 5% down payment on a house last year is much higher this year as home prices continue to tick up, so keep saving. The rumours that you hear back up their argument with the following reason. The buyers will hesitate to invest if the moorage rates show a continuous increase, and affordability of a house will be impossible, causing the seller to limit the rise of real estate prices. This information is a prediction, but you should be ready to confront the good and bad times as an investor. 

Conclusion

All the reasons mentioned above are holding you back from getting your house in Toronto can be answered if you dig in a little to find all the genuine answers. Don’t hesitate to enjoy a life of wonders in the city of Toronto.