Even though Toronto’s real estate market is always changing, one thing remains the same - homes are always in high demand. The price of a home is determined by its location, age, appearance, and building materials used.
Homes in popular areas like new suburbs are in high demand because their value appreciates in time. This is why homes in great locations are more expensive. The amenities present or planned in the home’s surrounding area, such as shopping areas, public transport, parking zones, restaurants, and recreational facilities also help increase its price.
Older homes often require costly renovations, like changing or repairing pipes, roofs, and so on. This is why some older homes lose part of their value over the years. Poorly maintained exterior areas can drive the home’s marketability and resale value down as well.
The home’s appearance and building materials influence its comfort and value. Homes with wooden structures are noisier than those with concrete structures, so they may devalue in time.
Pre-construction homes are always in high demand because they check all the important boxes that determine their value:
Thanks to all of these factors, investing in pre-construction homes is a great idea. Investing early during the construction process usually leads to higher returns, which makes the idea even better.
The Greater Toronto Area (GTA) is Canada’s most populous area. The area includes the city of Toronto, the municipalities of Peel, York, Halton, and Durham. The GTA contains 25 municipalities.
Employment often has an impact on home prices because it can determine the population’s income. Having easy access to good employment opportunities can significantly increase an area’s real estate value.
On the other hand, areas that have high unemployment rates usually have lower demand for housing. As a result, the real estate starts to decrease, which causes potential sellers to withdraw their units off the market until it goes back up. This process can negatively affect the real estate prices in certain areas.
Public transportation is very important for the social and economic growth of neighbourhoods because it affects the quality of life. Easy access to public transportation helps residents travel to and from work, which increases the income potential of businesses in the area.
The quality of public transportation also influences the price of a house: a high quality public transport system offers better accessibility, which increases the real estate prices.
There are 12 integrated public transit systems in the GTA. Besides them, there’s also a regional commuter transit system. The Toronto Transit Commission is the second largest in North America, after New York, and transports over 442 million passengers every year.
Other notable public transport systems in the GTA are:
Pre-construction homes have lower prices, and the sooner you invest, the higher your potential profits. Investing in Toronto pre-construction homes can lead to significant returns.
Pre-construction homes are generally sold in different stages, each stage with different prices and incentives.
