Absolutely, the short answer is a resounding YES. But, and it’s a bit of a lengthy ‘but,’ it only holds true if you’ve got your game plan sorted and your checklist all ticked off. Timing, my friend, is a game-changer when it comes to snagging a home pronto in Toronto. Understanding the rhythm of the real estate market here is like having a secret weapon up your sleeve. 

Launching your house hunt in a slow season like July or December might mean holding out a tad longer for more homes to pop up. So, what’s the sweet spot for Toronto house hunting? Mid-February to the end of June, aka the spring market, and September to late November, the fall market. These periods dish out the most inventory, giving you a better shot at finding your dream home. 

So, are you ready for your house hunt?

Now, buckle up because we’re breaking down this house-hunting journey into three acts: the pre-hunt, the hunt itself, and the grand finale – the closing period. Let’s dive in—Toronto’s spring market is officially underway, and the clock is ticking!

Finalize your budget & financing:

So, you’re gearing up for a swift house hunt – fantastic! First things first, let’s talk money. Getting a pre-approval from the bank or a mortgage broker is key. Now, this might take a few weeks, especially if you’re kicking off the process at the start of the year. Most mortgage pre-approvals may require you to wrap up your taxes for the previous year. With multiple offers making a comeback in Toronto, presenting an offer with a financing condition could put you at a disadvantage.

TIP: A pre-approval not only gives you a competitive edge but also provides a clear understanding of your budget, boosting your confidence during the process. 

Hire a neighbourhood realtor:

Next up, the MVP of your house-hunting team – your realtor. Choose wisely because this decision can make or break your home-buying experience. Your realtor will be your partner throughout the process, and early hiring ensures you tap into their knowledge from the get-go. They’ll help you narrow down property types and suitable locations, preventing you from wasting time on places beyond your budget. Remember, this relationship takes time to develop, so bringing the right person on board early will accelerate the process.

TIP: Consider a neighbourhood realtor for added benefits like off-market opportunities and in-depth local insights that will undeniably help you with pricing and strategy. 

Invest time into research:

Knowledge is power, especially in the Toronto real estate game. Before diving into the house hunt, do your research. Toronto offers a plethora of locations, each with its unique charm, and a variety of home styles – condos, semi-detached, detached, bungalows, you name it. Focusing on general geographic areas, such as east end versus west end or midtown, helps avoid neighbourhood whiplash. Being slightly targeted is beneficial, but too narrow a focus limits your available inventory. Having a basic understanding of what your money can buy and real estate nuances in different areas will streamline the purchasing process. 

TIP: Figuring out these bits and pieces before you officially start shopping for a home, will give you mental clarity for important decision-making considerations, such as price and closing timeline when you’re ready to submit an offer.

Trying to find the best west end Toronto neighbourhood for you? Check out these blogs next!

• Roncy Vs. Bloor West Village: How to Choose
• High Park Vs. The Junction: Which is Right For You?
• Is Roncesvalles Toronto’s Most Dog Friendly Neighbourhood?

Is a 30-day house-buying sprint on your radar?

So, you’re all geared up and ready to dive into the world of home buying in Toronto – EXCITING! You’ve got your financing pre-approval sorted, nailed down your preferred locations and home types, and even teamed up with an awesome realtor who’s got your back. Now, let’s chat about the key things you will need to keep in mind to make sure this house-hunting journey doesn’t turn into an eternal quest… 

Don’t be scared to take on renovations:

Unless your budget stretches into infinity, get ready to embrace the world of renovations, or at the very least updates. The elusive perfect, move-in-ready house can sometimes feel like chasing after a unicorn. So, being open to making modifications is not just a suggestion; it’s a strategic move that significantly expands your pool of potential homes. Navigating the real estate landscape in a city like Toronto, where many established neighbourhoods boast century-old homes, demands a certain level of flexibility when it comes to updates. Recognizing the spectrum of renovation possibilities and being adaptable to the unique character of older homes is the key to unlocking hidden gems in this diverse and dynamic housing market. 

Accept compromise:

House hunting is like a dance of compromises. Whether you’re dealing with renovations or shifting your search into new neighbourhoods, being flexible is your secret sauce. Perfect homes are like rare Pokémon – hard to find. But if you’re open to a little give-and-take, you’ll be well-prepared for a speedy home purchase.

For first time home buyers or condo move up buyers, it’s important to remember that your first home will likely be a stepping stone to a future forever home. You have to start somewhere and if your budget doesn’t allow you the luxury of your favourite neighbourhood or your dream type of home, focus on the long investment goal and get into the market anyway you can.

Understand market nuances:

Knowing what’s up in the current market and understanding the strategies used by listing agents is your secret sauce to success! Toronto’s real estate scene is like a game of chess in a whirlwind – stay on top of the ever-changing market dynamics, catch the tricks of the trade with multiple offer strategies, know how fast properties are flying off the shelf (days on market), and be ready to make the savvy moves and decisions to score your dream home. Stay sharp and be prepared to make quick decisions! 

Clear your schedule:

In the whirlwind of a fast-paced market, flexibility is non-negotiable. Homes can appear and vanish within the blink of an eye, so clear your social schedule and be ready to view properties quickly. Having an agent who can pre-view homes for you adds an extra layer of convenience, ensuring you don’t miss out on opportunities or waste your time on properties that will not be suitable. Remember when we said that hiring your realtor early into this process, will come with huge benefits? Your real estate partner needs to learn your likes and dislikes and the only way for them to do that is for you to invest the time to get familiar with one another, preview homes together and keep those communication lines wide open.

Looking for more insights on the home buying process? Read these blog posts next!

• Red Flags to Look For When You’re on the House Hunt!
• How Long Does It Take To Buy A House In Toronto?
• How to Choose the Right West End Toronto Neighbourhood for You

How quickly can you close on a home?

Congratulations, you’ve secured your dream home! Now, let’s talk closing. Even if you’ve managed a 30-day house hunt, moving in won’t necessarily happen within 30 days. The closing period depends on the seller’s plans, so go with the flow. During offer negotiations, keep in mind that closing timelines can be a point of negotiation, but it’s a relatively minor aspect and will typically cost you the least amount of money, compared to other considerations.  

In Toronto, a typical closing period usually falls in the 60-90 day range, but keep your eyes peeled for opportunities with faster or more extended timelines. Certain homes might call for a swift 30-day or less closing, so buckle up and be ready to make your move in a flash. 

Happy house hunting! 

Are you ready to kick off your home search in Toronto’s vibrant West End? Give us a call at 416-909-1602 or email  hello@getnested.ca to get started.

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