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Buying a home is always a significant consideration. And when you’re looking for homes in a city like Toronto, it becomes a bigger investment. Being the most populated city in Canada, Toronto has a growing real estate market. Here, you can find high rise apartments, condo buildings, and detached homes as well.

When finding homes for sale in Toronto, the cost is a huge factor. Hence, you have to navigate the market carefully to find a home that fits your budget and needs.

Overall Costs of Buying a Home in Toronto

Whether you want to buy a house in Danforth or Annex, the cost can range anywhere from $1,070,900 to $3,228,800. It depends on the area and the type of home you choose. Before signing on the dotted lines, you will have to make a 20% down payment to qualify under the lending rules.

Also called a Stress Test, it helps to determine if you can qualify for the mortgage rate of 5.19% or 2% above the negotiated price, whichever is high. This rule ensures that you can pay your mortgages even if the interest rates rise over time.

Also, you need to pay land transfer tax when buying a house in the city. Nearly $400 goes for title registration, while lawyer fees can range up to $2000 in Toronto. Additionally, when looking for homes for sale in Toronto, keep in mind that you will have to get a home inspection done before buying, which can cost $400 to $700. You will need an extra fund for unforeseen expenses as well.

Here is a roundup of housing costs in the most popular neighborhoods of the city to help you out.

Housing Cost in Annex

Being a vibrant neighborhood in downtown Toronto, Annex offers a variety of houses for sale. You can buy a home in this busy neighborhood for a price going high up to $3,228,800. The provincial and municipal land transfer tax, along with lawyer fees, impacts the overall prices.

However, if you are a first-time buyer, you may get a rebate in the land transfer tax. The monthly cost of owning a property can be anywhere around $14,500 in the city. It includes the property tax billed thrice a year, insurance, mortgage, and utility costs.

Housing Costs in Leslieville

As the hub of art and entertainment in the city, Leslieville is also a popular neighborhood to buy a home in Toronto. It has wonderful transportation and proximity to the downtown area.

The property rates are also affordable here in comparison to other locations. In Leslieville, you can buy a house in the range of $499,000 to $1,184,000 for a 3-bed home.

Housing Costs in the Beaches

The Beaches is a serene neighborhood toward the east of downtown Toronto. Many homeowners prefer buying a property in this area due to its late front beaches and waterside community.

If you intend to look for a home in the Beaches, you may have to pay anywhere from $766,200 to $1,300,800 for an average house. Monthly ownership costs can be nearly $6000 for a 3-bedroom home here.

When looking for homes for sale in Toronto, you have to understand that prices are rising almost every year due to booming markets. Choose the right developer through a reliable home listings website to make the proper selection.

 

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