The housing market in the Greater Toronto Area (GTA) is hot and getting hotter. If you’re looking for a new-build 4 bed, 4 bath home, you may be out of luck; however, there are plenty of other options available. In the past 180 days, houses of similar size have sold for around $1.5 million. Of course, this could vary depending on what specific features and amenities you’re looking for in your dream home.
But it’s not just about the number of bedrooms and bathrooms — there are a lot more factors to consider when buying a house in the GTA than just price and features. Immigration supply and demand has played an important role in driving up prices; with more people coming to Toronto than ever before, there simply isn’t enough land available to keep up with demand — meaning that housing costs will continue to increase over time due to inflation in labour and materials costs associated with building new homes.
It’s also important to understand the risks associated with mortgage investing since it involves leveraging your investment capital; if rates rise too quickly or stay low for too long your gains or losses can be amplified by borrowing money from banks or private lenders at high interest rates that must be paid back over time. When considering these factors alongside renting vs buying considerations like opportunity cost and quality of life differences between renting vs owning, it can become quite clear which is right for you — but no matter what path you take make sure that you do so mindfully!
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Author Eliza Ng