I’ve been speaking with a growing number of young families and professionals looking to move out of the city. Some are looking for more space for their growing families. Others aren’t happy with the options within their budget. Whatever the reason, they’ve set their sights on greener and more spacious pastures. Here are some of the top considerations when debating a big move and buying homes outside Toronto:
1. Commuting – Are you still planning on working in the city? If yes, then you are likely looking at places within a decent commute. You may have romanticized clicking away the kilometres by quietly sitting and reading to your heart’s content. However, your particular future transit route may have other surprises in store. I recommend you try the commute during rush hour a few times before committing to a location. Aside from the transit experience, the other major factor is cost. While property outside the core is generally less expensive, the cost to commute is worth considering. Make sure you’ve got a good grip on what you’re saving and what you’re spending by leaving the city. Finally, if you’re going to be looking for a job outside the city, check that the salary expectations are in line with the home’s price savings.
2. Short-or Long-Term Plan – Are you hoping that this will be your forever home? Or is this about getting into the market now with a plan to move up later? Are you looking to live and enjoy the neighbourhood as is, or hoping to maximize your return with an up and coming area? While it’s easy to fall in love with a large yard or character home, it’s important to strategically consider your goals and hopeful timelines.
3. Day-to-Day Lifestyle – It can be hard to picture what life would be like on an average day in a new place. I always recommend that my clients go and spend a few days in their new town and try it on for size. Take a trip to the grocery store you’d be using. See what’s available to do on your average weekend. While it’s fun to treat it like a little vacation, try to get a real sense of what it’s like to live there.
4. The Local Market – If you’re used to Toronto tactics, you may see properties being listed and sold in the same week. Your area of interest outside the city may have much less turnover with homes sitting on the market. Understanding what’s going on locally helps to set expectations for how long it might take to find a space, and what it might look like when you are ready to submit an offer. Once you are familiar with your local market, you can get into strategy specifics.
Buying homes outside Toronto comes with some special considerations. It’s worth taking your time to figure out the best fit for you. Take a minute before you leap so that you can transition seamlessly and settle comfortably in your new hood.
