What do buyers want? It may not come as a surprise, but most Toronto real estate buyers want similar things in a house or condo. The price can vary from one buyer to the next for obvious reasons. It is important to know what you, as a buyer, want in a Toronto home. After all, buying real estate is a subjective desire. We cover many of the most common real estate wants for a buyer. Having served as a real estate broker in Toronto for over 15 years, the buyer wants boil down to these few points. Let’s dive in!
What do Home Buyers Want in Today’s Market?
Choosing the Best Toronto Neighbourhood
When answering the question of what home buyers want, this is one of the most critical factors. Location, location, location…who hasn’t heard this before? Right, it is likely the most quoted essential when finding a home. The finer neighbourhoods cost a premium and are highly desired by many.
It is worth noting that “location” is an umbrella statement for a number of the below headings. However, in this case, let’s focus on the importance of the right neighbourhood for the buyer. They want safety, friendly neighbours and an aspirational neighbourhood.
State of Repair
What I find most interesting about this checkbox is that those buyers who grew up in the City of Toronto are typically more accepting of an older home (100+ years of age). The state of repair and maintenance required over time – the reality is that older homes more readily require shorter-term repairs.
Those buyers who grew up in, say, Oakville (or any other suburb of Toronto) have far more perceived concerns about the age of homes in Toronto. They were all likely born and raised in a house that was no older than 40 years of age. As a real estate agent addressing these first concerns for a buyer, the next step to address is the specific state of individual properties.
There is no doubt that I have been in my fair share of homes that are a dive! Smells that you cannot imagine. Mold on each floor. Squatters. Raccoons (inside)! These aspects must be closely weighed against budget and future desires. Each issue related to repair impacts value which can be accounted for – these are not necessarily issues to run away from but to be mindful of and step forward with a game plan. If a home has been renovated nicely (as many homes have been renovated on the cheap), there is an excellent benefit for the buyer if they can afford to pay for this.”
The Best Schools in the City
What do home buyers want? The finest schools. These will also be a reflection of the more excellent neighbourhood. It is the simplest way to flush out how wealthy a particular neighbourhood is. The best public schools are in the finest areas. The private schools in Toronto are strictly in the upper crust neighbourhoods like Lawrence Park and Rosedale.
➤ Every good investment needs a well-planned strategy. Start preparing with the following:
- Are Condos A Good Investment?
- How To Submit A Winning Offer On A Home
- The Most Undervalued Condos In Toronto
- Condo vs House Investment
- Why Parents Should Invest In Toronto Condos For Their Children
- Millennial Home Buying Trends
Proximity to Public Transport
One of the great benefits of living in Toronto is that transportation options abound (TTC, taxis, Uber, Lyft, highways, old-fashioned “walking,” etc.). Getting to work is easier than commuting from the burbs. Children going to school on public transit is more accessible. There are no limits to getting around the city. The closer a buyer can purchase to the TTC, the higher the value. The greater the simplicity, the higher the benefit to the next buyer (which is how values go up).
Local Businesses
Great cafes, restaurants and shops are so important. People love to be able to walk down to their local spot. It’s so common to hear buyers saying that they want to walk their neighbourhood, not to feel that they must trek across the city to enjoy themselves. It is worth noting that the commercial strip of each neighbourhood is a pretty good reflection of what the make-up of the neighbourhood is.
Here are a couple of examples: a new Starbucks in a perceived less gentrified neighbourhood in Toronto typically meant gentrification was fast approaching! Another example looks at the Mink Mile in Yorkville. The home and condo owners in Yorkville often shop in these luxury shops. Local businesses tell home buyers a lot about the neighbourhood.
Government Housing in Toronto
Most buyers want to veer away from this type of housing. I know this may be obvious to many of you. The critical point I wish to make here is that government housing is throughout Toronto – in each and every neighbourhood. Buyers are surprised by this. Halfway houses are sprinkled in even the finest neighbourhoods. What is key to keep in mind is that buying across a multi-unit building that is government subsidized is typically not a great investment move and will impact the local business make-up, schools and safety (to some degree).
