Toronto, Canada routinely ranks at the top of the United Nations Human Development Index for the most livable cities. It’s a great place to buy a house. Overall, Canada ranks number 4 on the most recent scale after spending several years in the number 1 spot. As a city, Toronto ranks 5th on the list of most livable cities in the world. That’s 5th out of 132 cities listed. Factors taken into consideration include, cost of living, adult literacy, job opportunities, life expectancy and school enrollment expenditures.
Quality of Life
Despite offering a very high quality of life, living in Toronto and buying a home there is very affordable. More so than you would think. Toronto ranks 89th in the world in expense. That is well behind other North American cities like New York, which ranks as the world’s most expensive city in which to live. It is also less expensive to live in Toronto than Los Angeles, California, Chicago, Illinois, San Francisco, California and Houston, Texas. Yet another survey ranks Toronto very high in quality of life but with lower cost of living than both Montreal and Vancouver.
First Time Buyers
While the world wide economic situation keeps everyone cautious and counting pennies, the Toronto housing market is offering good value to first time home buyers. Lower prices and low interest rates are luring those people who are tired of living in apartments into the market seeking the bigger more family sized home. Quite a few people, when asked, still voice worries over job security and the unstable economy, however, many are at least scouting the market ready to jump if the right deal becomes available.
Tax Credits Spur Market
Potential buyers are being motivated by a first time buyers’ tax credit, as well as a home renovation tax credit put into place by government to boost the market. First time buyers are key to the market because they allow those who want to move up to bigger homes, to sell their houses and keep the cycle going. The Toronto real estate market has proven to be pretty resilient given the current economic crisis. However, year to date sales are down by half from the previous year. Compare the American housing market and statistics show that homes in America have lost roughly 32% of their value. Not so in Toronto.
Toronto Condo Sales Golden
Based on affordability, Toronto condominiums remain the choice of first time home buyers by a wide margin. Condos constructed within the past five years top the desirability list. Statistics show that the typical first time buyer is between 25-30 years of age. Couples are willing to spend about $400,000 on a home, while singles, primarily women will spend between $250,000-$300,000 on their first home. The statistics show that men tend to be married or to take a little longer, when single to seek out that first home outside of an apartment.