Buying a Home


Buying a home can be one of the largest financial investments you’ll make in your lifetime. If you’re a home buyer, particularly a first-time buyer, being informed makes the process easier with much less stress. By educating yourself on the home buying process and seeking out the sound advice of a REALTOR®, you’ll save time, energy, and money.

In order to assist you with your home purchase I have prepared an in depth guide on the important steps to consider when you set out on your home buying journey. Perhaps you are a first time buyer; or maybe it’s been a long time since you bought a home and need a refresher on changes in the industry since you last bought. Whatever your situation is my guide is sure to ease the process from beginning to end. To receive you free guide just email me at cshaw@cynthiashaw.ca with your name address phone number and email or feel free to give me a call at 416-436-1086 and I will make arrangements to get your guide out to you immediately.

The number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year ago.

Total TorontoMLS sales for May 2014 amounted to 11,079 – a new high for the month of May. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013.

We are now at the peak of the spring market when we generally see the greatest number of sales and the highest average selling prices. Based on the May statistics, buyers have been more active this spring compared to last year. Despite strong price growth so far in 2014, many households remain comfortable with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have remained at or near record lows over the past few months.

Average selling prices varied across the Greater Toronto Area, depending on geography and home type. A detached home in the City of Toronto sold, on average, for $943,055. In the surrounding GTA regions, the average detached price was $648,439. The average price for condominium apartments was $401,809 in the City of Toronto and $307,307 in the surrounding regions.

The listings situation in the GTA did not improve this past May. With listings down and sales up compared to last year, competition between buyers increased. The result was price growth wellabove the rate of inflation, especially for singles, semis and townhomes.

It is also important to point out that even though the condo apartment market segment remains comparatively well-supplied, as new project completions have generally led to an uptick in listings, we have seen enough buyer interest to prompt strong condo price growth as well.

If you’re buying a home, before you decide on whether this home is your dream home, use the following checklist to help you look at prospective homes with a critical eye!

  1. Print the Buying a Home – Essential Considerations checklist and put it on a clipboard.
  2. Mark the features you see and note their general condition on this list, when you find a home that really interests you.
  3. Fill out in the space and check the box of the one that best describes each home, where I’ve provided choices.

If you don’t know the answers to any question, then make sure to ask your Real Estate Sales Representative. Some technical issues should be established by a home inspector.

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