Toronto Realty Boutique was featured in the Toronto Star! We partnered with the Toronto Star to provide some key insights and important facts about buying Real Estate in Toronto. Check it out.
Featured in the Toronto Star
There’s a science to buying real estate and it all comes down to knowing your numbers and sticking to them. Numbers analysis is key, “you can’t buy or sell without taking this into consideration,” says Romey Halabi, broker and founder of Toronto Realty Boutique. “It’s crucial to look at real estate as a long-term investment, rather than a liquid asset. Real estate is not traded daily or monthly in the same way that stocks are. Historically, buyers tend to hold onto a property for at least five years, if not more,” says Halabi.
Thirteen years ago, Halabi made his way into real estate after building an abundance of experience in the world of finance. $350 million in sales later, he’s brought a different approach to the realty table. An expert and number-obsessed real estate professional, Halabi is passionate about helping people navigate the Toronto real estate market, with a no-nonsense approach to building relationships.
Preparing to Buy: What You Need to Know
There are a few variables to keep in mind when calculating the mathematical equation that will lead you to your next property. Getting a pre-approval tops the list of variables to consider, which will help set the foundation price range for your purchase. This vital step will inform you of your buying power and help manage expectations. Knowing your personal budget is another part of the equation, but equally as important as the pre-approval. Determining how much you can spend per month and sticking to it will help you avoid pain in the long term as well as the dreaded state of being house poor.
Emotion is a variable to ideally consider eliminating from the equation. “Once you begin to remove emotion from the transaction, it becomes a numbers game making the process that much easier. We’re only human, therefore it’s normal to get emotionally invested, especially if it’s due to hitting a milestone in life, like a new job or relationship,” says Halabi. Removing emotion from the transaction and knowing your numbers are significant takeaways that will set you up for success.
If you are investing for the long term, which is generally the best way to look at an investment, a down market – the current climate – can be beneficial. A down market is when real estate sales prices are on the decline as is demand in the market. The good news is that these dips are followed by rebound years. “It isn’t scary and stressful, it’s just the other side of the coin,” says Halabi.
“Homes are still trading and it’s a normal situation, but buyers finally have more of an edge right now because they are not up against numerous bidders. With ample inventory, they are in the driver’s seat.”
The Best Time to Buy & Where
With the number of days a property spends on the market increasing, this winter will be one of the best times to get in: motivated sellers are looking to take advantage creating the perfect situation for those seeking an upgrade.
Some opportune neighborhoods to look out for in this environment are Parkdale, Riverside and Summerhill. There is no better place to grow your money than in a stable, resilient growing market. Toronto is a good bet for real estate for many reasons, including long-term gain. You can read more about Toronto real estate on the Toronto Realty Boutique Blog.
Halabi’s advice: “Work with an experienced broker that you like. A similar mindset goes a long way. Having someone on your side who will fight and negotiate for you with your best interest in mind can make the difference between signing on the dotted line or having a property slip through your fingers.”
It’s worth the time it takes to gauge what a broker will bring to the table before making a commitment. Work with the best and the brightest who will serve your interests and look out for you as you embark on one of the most important purchases of your life.