{"id":8906,"date":"2022-12-15T09:45:00","date_gmt":"2022-12-15T14:45:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=8906"},"modified":"2022-12-15T09:41:00","modified_gmt":"2022-12-15T14:41:00","slug":"4-tips-for-buying-a-home-in-the-suburbs","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/4-tips-for-buying-a-home-in-the-suburbs\/","title":{"rendered":"4 Tips for Buying a Home in the Suburbs"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">With the average selling price of <\/span><a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">homes in Toronto<\/span><\/a><span style=\"font-weight: 400;\"> hovering around the $1 million mark since the summer, the idea of buying in the city is becoming unrealistic for many, particularly those looking to get into the market for the first time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Then you have to take into account that number is for detached houses, townhomes,\u00a0 and condominiums combined \u2013 if you are in the market for a single-family detached home, expect to pay around the $1.3 to $1.5 million mark.<\/span><\/p>\n<ul>\n<li><strong>Market Report: <a href=\"https:\/\/www.zoocasa.com\/blog\/trreb-nov-2022\/\">GTA Home Sales Hit 10 Year Low As Market Continues to Struggle: TRREB<\/a><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><br \/>\nFaced with that reality, an increasing number of buyers are choosing to move out of Toronto and the Greater Toronto Area when looking at potential cities to purchase in.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Crossing City Lines<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Long-time Zoocasa agent <\/span><a href=\"https:\/\/www.zoocasa.com\/company\/our-team\/carlos-moniz\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Carlos Moniz<\/span><\/a><span style=\"font-weight: 400;\"> has certainly noticed that more and more of his clients are deciding to head to the suburbs to find better value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cToronto is no longer affordable to many, so people are choosing to move further out,\u201d he says. \u201cWhen I sit down with a first-time home buyer and we come up with a budget and what they can get approved for, typically it is a $500,000 to $600,000 budget. Most people are open to anywhere within an hour of the city.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What to Consider When Buying a Suburban Home<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Buying a home, particularly your first one, will likely be the most important purchase you make in your entire life. For that reason, it\u2019s not a decision to be taken lightly, so a great deal of thought must be put into what choice you make. There are certain signs to assess if you are buying in an area where property is likely to appreciate in value, however, as Moniz explains.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cYou always want to follow where the money is being spent,\u201d he says. \u201cWhere are big developers starting new projects? Where is the government building new transit? Where are new stadiums or new shopping centres being built? The 407 is getting expanded across the east end, and the GO Train too.\u201d<\/span><\/p>\n<ul>\n<li><strong>Related:<a href=\"http:\/\/zoocasa.com\/blog\/moving-to-the-suburbs\/\" target=\"_blank\" rel=\"noopener noreferrer\"> 7 Things to Consider Before Moving from the City to the Suburbs<\/a><\/strong><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Transit Access A Big Buyer Draw<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Public transport is something Canada does not compare favourably with in comparison to many other developed nations. Thankfully, that is changing, particularly in the GTA where highway gridlock means the need for alternatives is pressing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cToronto is not great for public transport,\u201d says Moniz. \u201cI live in Etobicoke and I have friends in Pickering that can beat me downtown because they are on the GO Train. I am part of an investment group and they pegged the increased value to a home near the GO train at 14%.\u201d<\/span><\/p>\n<ul>\n<li><strong>Related: <a href=\"https:\/\/www.zoocasa.com\/blog\/how-transit-accessibility-can-affect-your-homes-property-value\/\" target=\"_blank\" rel=\"noopener noreferrer\">How Transit Accessibility Can Affect Property Value<\/a><\/strong><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Consider the Location of Your Investment<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">With most homes in Toronto hovering around the million-dollar mark, it is pretty difficult to find good investment opportunities in the city. If the goal is to buy low and sell high, it\u2019s unlikely you will be able to fulfil the first part of that mantra in Hogtown. Looking further afield does offer value though, and one city in particular is making somewhat of a comeback after decades of neglect.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The Booming Golden Horseshoe<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u201cHamilton is the number one place to invest in all of Canada and a lot of that stems from affordability,\u201d says Moniz. \u201cThe average price really depends on the neighbourhood there. Downtown Hamilton is the cheapest, but not the most desirable. They are putting the LRT through the downtown core though, and there is job growth. They are trying to expand the airport too \u2013 there are a lot of tell-tale signs of how it is changing, but it will take some time.\u201d<\/span><\/p>\n<p><a href=\"https:\/\/www.zoocasa.com\/hamilton-on-townhouses\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Hamilton townhomes<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.zoocasa.com\/hamilton-on-real-estate\/condos\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">condos<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.zoocasa.com\/hamilton-on-real-estate\/houses\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">detached houses<\/span><\/a><span style=\"font-weight: 400;\"> are definitely benefitting from the hyperinflation with Toronto\u2019s property prices, but it is far from the only option for prospective home buyers. Whether it is north, south, east or west, new developments are springing up all the time.<\/span><\/p>\n<ul>\n<li><b>Related<\/b><span style=\"font-weight: 400;\">:<\/span><strong><a href=\"https:\/\/www.zoocasa.com\/blog\/6-reasons-to-buy-a-hamilton-condo\/\" target=\"_blank\" rel=\"noopener noreferrer\"> 6 Reasons to Buy a Hamilton Condo<\/a><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u201cPeople are much more open to the suburbs now than they were in the past,\u201d says Moniz.\u00a0 \u201cThe 407 being extended means Bowmanville is a great area to invest in right now. There are lots of new developments there right now. \u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He adds: \u201cThe other place I have clients buying north of the city that has lots of new developments is New Tecumseth. Bradford too \u2013 areas that people were not necessarily buying in before, but they are now.\u201d<\/span><\/p>\n<p><em>Published: December 27, 2016<\/em><br \/>\n<em>Last Updated: December 15, 2022<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the average selling price of homes in Toronto hovering around the $1 million mark since the summer, the idea of buying in the city is becoming unrealistic for many, particularly those looking to get into the market for the first time. Then you have to take into account that number is for detached houses, [&hellip;]<\/p>\n","protected":false},"author":47,"featured_media":8908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[76,181],"tags":[],"class_list":["post-8906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-toronto-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>4 Tips for Buying a Home in the Suburbs | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"Thinking of buying a home in the suburbs? 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