If you're thinking about moving, you might initially be shocked at the real estate prices. This is especially common if you're from a smaller town and are assuming you'll be able to buy the same kind of home you have there in Toronto, for instance On a two storey three bedroom home budget for a small town, you'll probably be able to buy one of the new condos developers are putting up in the central neighborhoods, but in a much smaller size than you're used to. Otherwise, you could end up living two to three hours outside of the city.
Even if you do have a large home buying budget you will be hampered in your efforts to buy a full size detached home by the fact that the real estate listings, and real estate databanks simply don't have many listings for single family homes on them. Almost all of this type of real estate has been subdivided into apartments or leveled and replaced by a condo complex. There are just too many people looking for living space for developers to allow more than 1,400 square feet of floor space per person.
Therefore, if you have money, what you're most likely to be looking for are the luxury condos real estate developers like to put at the tops of their condo towers - the penthouse suites with views of Lake Ontario and the private rooftop gardens. If you don't have the ten plus million dollars to shell out for a penthouse, you can get a small taste of luxury by upping your floor space by about 500 square feet and adding luxury fixtures and features like marble countertops, glass staircases, laundry and concierge service in your building. How Your Condo Concierge Can Suddenly Make Your Life Better!
Most people, however, will only have between $200,000 and $400,000 dollars to spend, so they will be interested in standard units. These units are not without features - most buildings at a minimum have a gym (or have access to one nearby), a security desk, underground parking, and balconies, but keep in mind that the more features your building has the more you will be paying in monthly condo fees. Condo fees can be as little as $100 per month and as much as $500 depending on your development.
There are so many condos for sale at any given time that even the top realtors will hire each other to find them a place to live. So getting a real estate agent should be your first step in finding a new place to live in the city. Agents can show you any unit, regardless of whether it's listed with their company or with a Realtor at all, and will advise you on whether or not the price is reasonable for the building and neighborhood the unit is in.