Are pre construction condos cheaper in Ontario?

The typical cost of a condo in Ontario is just over $580,000, which is fairly high for a state with a thriving real estate market like Ontario. When purchasing a condo in Ontario, you have two different options: pre-construction and resale. A resale condo is one that is already built and move-in ready. A pre-construction condominium, on the other hand, is one you purchase before the building is finished.

Each option has pros and cons depending on your financial situation and/or situational needs. In order to assist buyers today, we will see whether pre-construction condos are cheaper in Ontario or not.

Are pre construction condos cheaper in Ontario?

Pre-sale condominiums in Ontario are more expensive than resale condominiums because there are more pre-construction investment condos being built which has increased construction costs. The Pre-construction condos in the region cost $1300 per square foot, while resale condos cost roughly $1000 per square foot.

The cost of pre-construction condo investments was typically lower than that of their resale counterparts only a few years ago. This is the reason the pre-construction condo market has a solid reputation for being a reasonable choice for investors. But now the price of pre-construction real estate is quickly surpassing that of resale due to a simple case of supply and demand.

Pros and Cons of buying pre-construction condos

The main benefit of purchasing a condo that has already been built is that you have more time to save money for it. The down payment is split up into several installments that you give to the builder as a deposit; the remaining money is not due until the project is finished, which can take anywhere between two and five years.

On the other hand, delays are a common occurrence in all forms of construction. Your condo's completion may take longer than expected. Additionally, GST, which is an additional 5% at completion, will be applied to the pre-construction condo sale.

Last Updated:

2022-12-14

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Pre-construction Condos vs. Resale: Which is better investment in GTA, Ontario?

Are you thinking of buying a new home in Greater Toronto Area (GTA), Ontario, or any place in Canada for that matter? **Pre-construction Condo vs Resale: Which should you invest in?** This is a common question that comes to your mind while taking such a big financial decision. We are here to reduce your home buying stress and provide information on the **hot and trending housing topics** in Canada. _"Congratulations on purchasing your new home"_ is a comment many people hope to hear. Owning a property is an achievement and a milestone. However, many people are confused about purchasing **real estate** properties. Should they go for a pre-construction or under-construction property or a resale property? To clarify this situation, **a pre-construction house** (talking of condos here!) is **a house yet to be constructed or undergoing construction**. While **a resale house** is **a property that has been constructed** and buyers can pack in after payments. Pre-construction Condos vs. Resale ---------------------------------- Now, let's check out **pre-construction condo vs. resale properties** to see which is better. **Benefits of Purchasing a Re-sale Property** --------------------------------------------- * **Its Tangibility:** Re-sale is tangible because prospective buyers go visit the properties to get a feel of the layouts. You can also physically assess the size of the buildings you want to purchase. * **Affordable Deposit:** Re-sale deposit is cheaper than other properties. It is popular among those interested in **real estate in Canada**. Additionally, you only make the deposit once. * **No Additional GST Cost:** Buyers don't need to pay additional GST after completion of the house. * **Property Transfer Tax Exemption:** Residents of Canada who meet all tax exemption criteria are exempted from paying resale tax. They are exempted when they buy properties worth at most $500,000. **Cons of Resale Properties** ----------------------------- * **The properties are used properties:** Resale properties are mostly lived-in properties or used properties that the owner wants to sell. Because of this, some buildings might have old-fashioned styles. * **Need for Renovation:** Since resale houses are old houses, new buyers need to renovate the buildings to make them look new. They might also need to change the decor inside the buildings. * **Not easy to customize:** It isn't easy for you to change the decor, floorings, lighting, and so on. * **No fixed payment:** No Fixed price means price negotiation is possible. However, this is also disadvantageous. Sellers can decide to organize bidding events where buyers compete to win the bid. Buyers may even purchase these properties at a price more than the original selling price. You may also like to learn about **[Home Inspection Tips - Red Flags to Look for!](https://getnewhouse.ca/blog/home-inspection-tips-first-time-homebuyers-red-flags-to-look-for)** **Pros of Pre-construction Condos** ----------------------------------- * **New Properties:** Unlike re-sale properties, pre-sale condos are newly constructed or undergoing construction. Therefore, the structures and designs are new and modern-looking. * **Easily Customizable:** If you purchased a [**pre-construction property**](https://getnewhouse.ca/blog/things-to-know-before-buying-pre-construction-condo-in-gta-canada), you have the power to suggest changes while construction is ongoing. You can decide to change the floorings, ceiling patterns, color schemes, cabinets, and so on. * **Long deposit period:** The gap between one deposit and the next increases. This makes it easy for buyers to spread their payments and meet up with the payments. * **Property Transfer Tax Exemption (PTT) for Canadian Citizens or Residents:** Residents of Canada who meet the tax exemption criteria are exempted from paying presale tax. For newly built homes, the PTT exemption is for purchase price of $750,000 , on the higher side as compared to resale condos. So, if you are an eligible purchaser, you can enjoy some extra benefits. **Disadvantages of Purchasing Pre-construction Condos** ------------------------------------------------------- * **Intangible:** Purchasing a house that has not been built means you can only see the house plan. You can't physically visit the site to check out the house because it has not been built yet. The builders may decide to change the house measurements to differ from what you were initially shown. * **Suddenly Rise in Interest rates or Mortgage Price:** Presale is different from resale properties where payment is a one-time or two-time payment. Presale payments can extend to two years or even ten years. The long payment time is quite risky because many things may happen to increase your mortgage. The [**interest rate**](https://getnewhouse.ca/blog/what-does-higher-interest-mean-for-housing-market-in-canada) in presale properties may increase suddenly. Other factors may also contribute to your inability to complete the payments. For example, you may become unemployed after paying the initial deposits. Without a job and an income, you can't meet up with the mortgage. The tax rate on properties may increase a year after you made your initial deposits. All of these contribute to the inability of some people to meet up with their payments. If you are unable to complete payment after construction is completed, you may lose the property. * **Expensive Deposit:** Presale deposits are three to five times higher than resale deposits. * **Extra Charges:** Presale buyers must pay extra charges like GST charges. Pre-construction Condos vs. Resale: Which is better? ---------------------------------------------------- After weighing the benefits and disadvantages, choosing re-sale or pre-sale hinges on the buyer. Are you sure you have the fund and the patience to wait? Then go for pre-sale condos that have modern looks. However, if your source of funds is not sure and you don't want to wait, go for resale properties. Resale property is a safer option, and there is a guarantee that you will pack in after payments. Which one would you prefer, investing in a [**new pre-construction property**](https://getnewhouse.ca/blog/is-new-construction-good-investment-property-ontario-canada/) or a re-sale one? The final decision is your, so make it wisely.

What is the average price of pre-construction condo in Toronto in Ontario, Canada?

As the real estate market keeps on developing, pre-construction condos are becoming an undeniably popular choice for home buyers. Not only do they offer a brand-new living space, but they also allow buyers to purchase at a lower price before the building is completed. There are more benefits, but there is something more important: the price of the pre-construction condo. So, today we will find out the average price of pre-construction condo in Toronto in Ontario, Canada. ## What is the average price of pre-construction condo in Toronto in Ontario, Canada? Pre-construction condos in Toronto are gaining popularity as they offer home buyers an opportunity to purchase a brand new living space at a lower price than the resale units. **The average price per square foot of pre-construction condos in Toronto is approximately $1050**. For example, a 500 square foot pre-construction condo in Toronto would cost around $525,000. However, this is still a more affordable option compared to the average resale condo price in the city, which is around $986,085. Furthermore, when compared to the average price per square meter of buying an apartment in the city center ($12,873.55), pre-construction condos are considerably more cost-effective. Even when compared to buying an apartment outside of the city center ($10,116.67), pre-construction condos remain a more affordable option for homebuyers. ## Factors Affecting Pre-Construction Condo Prices It's important to note that pre-construction condo prices in Toronto are affected by a range of factors, including location, building amenities, and the developer's reputation. Generally, pre-construction condos in highly desirable locations with top-notch amenities and reputable developers will have higher price points than those in less desirable areas. ## Average price of pre-construction condo in Toronto in Ontario, Canada While the average price of pre-construction condos in Toronto may seem high but it is still less than the average price of buying an apartment there. Also, purchasing a pre-construction condo in Toronto can offer several benefits, including the opportunity to customize your living space and the potential for long-term appreciation of the property value.

Is Pickering in Ontario (Canada) a Good Place to Live?

Have you heard of Pickering, a beautiful city located in Southern Ontario? Are you looking for a new house? Are you thinking, **Is Pickering (Ontario) a good place to live?** Is it safe to move in? What are the pros and cons of living in sub-urban cities? Let's get answers to your queries. Pickering (Southern Ontario) ---------------------------- Pickering is a unique city to settle down in Southern Ontario. It is primarily a residential community, family-friendly with parks, cultural attractions, and great outdoor recreation opportunities. Are you considering moving to Pickering or debating a different city in Ontario? It is essential to look at what the city entails. Pickering was officially incorporated in 2000. There were over 90,000 residents, according to the 2016 census. It offers features of an enormous city, scenery, amenities, and a strong sense of community while maintaining a small-town feel. Its proximity and easy access to Toronto while ensuring a slower-paced lifestyle make many people consider moving to this idyllic area. Languages such as Chinese, Japanese, Spanish, and Arabic are also spoken around the town, although the majority still speak English. Don't miss to explore Ajax, another beautiful city in Southern Ontario and also know if [**Ajax is a good place to live**](https://getnewhouse.ca/blog/is-ajax-in-ontario-good-place-to-live-canada/). Pickering Lifestyle ------------------- Pickering is perfect for people wanting to provide their families with a suburban lifestyle. It offers anything a large city will have such as **recreation centers, shopping malls, community events**, and many more. It is also a major attraction for those who wish to escape the concrete jungle. The city center has over 200 shops, including Sears and The Bay. So you can spend your afternoon shopping in a quiet, suburban community. Your kids are also safe, and you get to do any activity you love doing when living in the city. Pickering's strong sense of community is also one of the many things that draw people to it. The city has a wide range of cultural and art events. These allow the people to view and participate in exhibits, shows, and theatre. The **Pickering Museum Village** also shows the pride of the community while offering a glimpse back at those who came before. The city has theatres while ensuring the love of arts and culture stays alive with music from local talent. Enjoying nature comes by itself for those living in this city. It has hectares of open space, beautiful parks, waterfront, and beach area. Your children can enjoy their evening at the lakeside splash pad while you enjoy the unique boutiques, restaurants, and live music. The city's breathtaking scenery gives a mind-blowing experience while taking a quiet stroll through nature. Connect with nature without leaving the comfort of your city. Housing in Pickering -------------------- Pickering is one of the most affordable cities out of the 23 regions of the Greater Toronto Area. The average housing price in Pickering is around $1.1 million, which is affordable compared to other cities. However, the hot housing market seems to have cooled off a bit! Let's see will the [**housing market crash in Ontario**](https://getnewhouse.ca/blog/will-housing-market-crash-in-canada-reasons/) or its just a little price correction of the overpriced real estate industry! The Province of Ontario has also designated Pickering as an urban growth center to receive more development allowances and population. There are several areas where you can choose to live in. Places like **Claremont** are best if you are interested in stepping back from city life and having a rural feel. **The Frenchman Bay area** is perfect for people that enjoy staying in the city. Smack dab is also a stone's throw from transportation, dining, shopping, and other modern activities. Amberlea, Duffin Heights, and Rosebank offer a more traditional, suburban setting to settle down and raise a family. _Do you know about any other good to go places in this city?_ Education in Pickering ---------------------- The education offered in Pickering will set your children up for success no matter your choice of the school board. The schools are excellent and fall nothing short of providing the best schools your children need The Durham District School Board, Durham Catholic District School Board, and others have schools operating in the city. Institutes like Blaisdale Montessori School and Durham College/Centennial College have several complementary courses and classes. There are also private schools like Pickering Christian School and Wasdell Academy. Additionally, the University of Toronto is just a few kilometers from Pickering. Pros of Living in Pickering --------------------------- Here are some of the advantages of moving to a sub-urban city with a relatively less population and open spaces: ### 1\. Convenient and Affordable Pickering has access to major freeways and is close to big cities, making it a great option for commuters. It is also a top choice for people who want to find higher-paying jobs at corporations. Other cities within a short commuting distance include Whitby, Brampton, and Aurora. Anyone who knows about housing in Canada knows cities close to the Greater Toronto Area are super expensive. But Pickering is more affordable than other parts of the GTA. The median price of a house in Toronto is much higher than its suburbs. However, the cost of a house in Pickering is still affordable. So, Pickering is a good choice if you want to live in this region. With that said, prices have risen in recent years and are likely to continue to do so. ### 2\. Better Outdoor Recreation Pickering is located on the shores of Lake Ontario, creating excellent outdoor recreation activities. Being able to explore the lakefront at its perks is a phenomenal experience. Some properties also allow people to rent surfboards and head out onto the water. Pickering is also an excellent city for cycling, biking, and hiking trails. You can also go to Frenchman’s Bay Harbour to see the boats at the dock and walk around the marina near the water to enjoy its natural beauty. Other recreation activities include boating, sailing, and swimming. ### 3\. Excellent Arts and Culture Pickering is a great place to know cultures and have fun. This city, one of the [**best Toronto suburbs**](https://getnewhouse.ca/blog/10-best-toronto-suburbs-for-families-to-live-and-grow) has several excellent arts and culture initiatives. The city hosts events throughout the year like Arts Unleashed and Culture Days to celebrate arts and culture. The Pickering Museum Village also helps preserve its history, allowing trips for students and teachers. The residents and guests can also learn about the history of Pickering. ### 4\. Better Employment Opportunity Living in Pickering provides good job prospects. Pickering Nuclear Generating Station has the largest employer with more than 4,5000 employees. Other major employers in Pickering include Rogers Communication, Norinco Manufacturing, Purdue Pharma Canada, and Signature Aluminum Canada Inc. etc. Not only this, Pickering's proximity to Toronto allows residents to maximize their job prospects by looking for work in the city. Also, don't miss to learn [**7 Reasons to Live in Stoney Creek, Ontario, Canada**](https://getnewhouse.ca/blog/reasons-to-live-in-stoney-creek-ontario-canada/) Is Pickering a good place to live? ---------------------------------- So, what can you conclude after analyzing the pros of living in this sub-urban city of Ontario. Pickering is a good place to live and one of the preferred [**Ontario cities**](https://getnewhouse.ca/blog/top-10-best-cities-to-live-in-ontario-canada) with great outdoor recreation, and employment opportunities. There is also quick access to Toronto, and generally affordable housing for the region. What more to look for? If you are staying in Pickering or planning to move there, let us know is it a good place to live. Do share your experiences and suggestions. And what do you prefer, detached or semis, or [**pre-construction or new construction**](https://getnewhouse.ca/blog/is-new-construction-good-investment-property-ontario-canada/) condo units? Whichever you choose, take a wise decision.

Things To Know Before Buying Pre-construction Condo In GTA, Canada

Are you planning to buy a Condominium in the Greater Toronto Area, Canada? Here we discuss few important **Things To Know Before Buying A Pre-construction Condo In** Durham, Halton, Peel, and York region in Canada. One of the reasons for the development and construction of more condo projects in Greater Toronto Area (GTA) is simply because there is high demand for condos. Prospective condo owners can pre-purchase units before they are developed to help fund the development of condos. There are different advantages to buying condos during the pre-construction stage as they are more affordable than houses. Buying pre-construction condos is considered a good way to enter the **real estate** market in Toronto. But the process of financing and buying condos is different from buying a resale home. If you are considering buying a pre-construction condo in GTA or [**Toronto sub-urban areas**](https://getnewhouse.ca/blog/10-best-toronto-suburbs-for-families-to-live-and-grow), there are certain things you need to know. This includes the home buying process, the pros and cons and many other crucial factors. So, read on as we dive into it in this post. Advantages Of Buying Pre-Construction Condo ------------------------------------------- ### 1\. Minimum Down Payment When you buy your condo at the pre-construction stage it helps you to purchase one with a minimum down payment while you watch your condo value increase. In other words, you can buy a home at today's price and enjoy your home as the value increases over time. Normally when buying a pre-construction condo you are required to pay a 20% deposit of the total amount. But the down payment is broken down into installments of 5% which should be paid throughout the construction project. This means you can secure a condo unit with just 5% of the purchase price. The complete payment can run from 2 to 4 years depending on how long the project lasts. ### 2\. Customization Possibilities Buying a pre-construction condo allows you to build, customize and improve your condo to your preferences and style. The customization you added to your condo can help increase the resale value and also differentiate it from your neighbours. This can help you save money since there is no need to rebuild or renovate. Also, you can choose the countertops and appliances that will be installed in your unit. ### 3\. Cost-effective Within the first few years, there will be no need for maintenance since the condo is new when compared to older buildings. Also, the construction will be made with new material which makes your home more energy-efficient. As a result, the cost of utility bills and ownership can be reduced. So, [**new construction condo**](https://getnewhouse.ca/blog/pre-construction-condo-vs-resale-investment-better-gta-canada/) does save on your repair and renovation bills. Living in a condo means the cost of maintaining the building will be shared among the residents. The cost includes the maintenance of the communal areas, repairs for the building and every other thing that is done on the building in general. This can be of great benefit to those that want a low maintenance home. Disadvantages Of Buying A Pre-Construction Condo ------------------------------------------------ ### 1\. Joint Property Buying a condo means you are jointly owning a property with other people you might not know. Also, there is a possibility that the people in the neighborhood will keep changing every time. You will only be in control of your unit and the influence you will have in terms of making group decisions concerning the complex will be limited. ### 2\. Various Fees Apart from the normal fees that you are responsible for such as condo and purchase fees, closing costs and other fees to pay. There are various fees attached to buying a condo and they can vary depending on the amenities in your complex. You will continue to pay condo fees and other dues in case of any development in the complex. ### 3\. Delay or Cancellation of Construction Project The issue of delay in construction is inevitable. Delays can occur as extreme weather conditions, delays in the supply chain of material or other financial problems. The worse scenario is the cancellation of the construction project which can be a result of different reasons. It could be because the developers are unable to get enough pre-construction buyers, insufficient funds and more. But in case of any cancellation of a project, you don’t have to worry as your deposit will be given back to you. ### 4\. The Process Of Buying A Pre-Construction Condo One of the most appealing aspects of [**buying a pre-construction condo**](https://getnewhouse.ca/blog/pre-construction-condo-vs-resale-investment-better-gta-canada/) is that you don't have to pay the deposit in full at once. The payment can be done in installments depending on the developers. Usually, the down payment or deposit should be 20% of the purchase price but the payment can be done within six months. So you can pay 5% of the purchase price to secure your unit and the rest every other month. ### 5\. The Cooling Off Period Some provinces in Canada impose a cooling-off period after making a deposit payment for a pre-construction unit to ensure you are not pressured to decide as a result of a limited supply of units. Depending on your province it can range from 7 to 10 days during which you are free to back out of the purchase agreement without repercussions. During this time is when you can choose to sign and secure the unit as well as the price if you like the unit. You don't have to wait that long if you like the place because the price can increase or the units sold out. You have the time to do all the necessary paperwork and means to finance the remaining payment. If you want to consult your lawyer or research the developers or project this is the time for that. ### 6\. Occupancy Period and Fee During this period buyers can move into their condo before the completion of the entire building. It is also referred to as interim occupancy whereby a buyer can occupy the condo and be paying the builder an occupancy fee. You may also like to discover [10 Steps to Build a Successful Home Renovation Business in Canada ](https://getnewhouse.ca/blog/steps-to-build-successful-home-renovation-business-in-canada) Buying Pre-construction Condo: Key Takeaways -------------------------------------------- Buying a pre-construction condo is not as easy as it seems. This is why you should consider the advantages and disadvantages before making a decision. When it comes to buying pre-construction condos, location is very important since you will be sharing space with people. So, if you are planning to invest in **real estate Canada** through pre-construction condos, there are lots of places to buy pre-construction condos in the Greater Toronto area. And if you have made up your mind, don't miss to explore a whole lot of projects at [**GetNewHouse**](https://getnewhouse.ca/). _Discover fresh listings and new range of condominiums to choose from!_

10 Best Toronto Suburbs for Families to Live & Grow

**Are you planning to move to a sub-urban area in Ontario, Canada?** Looking towards The Toronto suburbs, its popular areas you can stay with your family and enjoy? **Here we have covered the Best Toronto suburbs for families to live**. May it be renting or buying a home, these family-friendly neighbourhoods should be on your research list. About Toronto: The Capital City of Ontario ------------------------------------------ Toronto is one of the most sought-after cities in Northern America. It is a city that has attracted thousands of immigrants, investors, and entrepreneurs. It's well-developed with efficient public facilities for its residents. This has made Toronto a prime spot for real estate investments. Even though investors know that housing is getting expensive, they still rush to purchase properties in the **Toronto suburbs**. They know that owning property there is a long-term investment that can yield money. If they don't purchase a property now, the selling price will rise in the future. Nonetheless, not all cities in Toronto have expensive housing. Some Toronto cities have lower real estate prices than other cities. They also provide many housing benefits and facilities to homeowners and their families. Therefore, take this opportunity to purchase some affordable properties in the Toronto suburbs. You also have a lot of [fun activities to do in Toronto](https://getnewhouse.ca/blog/what-are-best-fun-activities-in-toronto-in-ontario-in-canada-for-adults), and that makes it a popular tourist destination as well. **Best Toronto Suburbs** for Families to Move in ------------------------------------------------ So, here is an exclusive list of some of the **Best Toronto Suburbs** to choose from. ### 1\. Davisville Village/St. Clair: It's a quiet town that is the go-to place for families to settle down because it's peaceful and affordable. Working-class people are also attracted to this town. Houses in this town are far less expensive than in other towns. The quietness, homeliness, and less population make it an ideal place to raise a family. It has a park and walking areas for families to enjoy a quiet evening walk together. ### 2\. Kensington Market: It's a multicultural town that's older and well known than other towns in Toronto. It is the most ideal place for families to live in. It has many streets that boast thrift shopping centers, bars, bookshops, cafés, eateries, and playgrounds. All these are also within walking distance from each other. Moreover, they are easily accessible to the residents of the town. It has commercial areas that are close together. ### 3\. Brampton: This is a rapidly growing town when it comes to urbanization and real estate. It has schools, innovation/research centers, and shopping centers. The city provides different modes of transport to its residents. The town is not as large as other towns in Toronto, but it is still family-friendly. Due to its small size, it is not as noisy as other towns. It is attracting property investors and developers to develop and invest in the town. If you want a quiet, but affordable neighborhood for your family, Brampton is a good choice. One of the popular destination for [**new immigrants to Canada**](https://getnewhouse.ca/blog/why-is-immigration-good-for-canada/), Brampton ranks high amongst best Toronto suburbs to live and grow. ### 4\. Etobicoke: This is a family-friendly town for families in Toronto. It's popular among families that have kids due to its friendly environment. It has more facilities than other towns. There are well-equipped schools, shopping centers, eateries, and different transport facilities. The transport facilities make it easy to take your children to school and for you to go to work. Residents from other cities can easily get access to Etobicoke. Real estate in Etobicoke is cheaper and rapidly growing. ### 5\. Oakville: Houses are cheaper here, and the town is close to major cities, too. [**Oakville in Ontario**](https://getnewhouse.ca/blog/is-oakville-ontario-canada-good-place-to-live/) has a relatively large population, which has increased the need for more houses. Several investors have taken advantage of this to invest in properties. Your family will not be bored in this town because it has several places of attraction like shopping centers, art centers, and beautiful harbors. ### 6\. Markham: This is one of the **best Toronto suburbs** and can be found on the northern side of Toronto. The town's population is larger than other towns in Toronto. It is an industrial town that houses hundreds of businesses. You can find many I.T firms, corporate organizations, and research firms in this town. It's a **GTA** town because it's close to major cities in Toronto, hence, it's a prime real estate spot. There is public transport available to take residents to cities within thirty to forty minutes. Therefore, it isn't rare to see people have jobs in the city, but have their residential areas in Markham. ### 7\. Pickering: This suburb is a **GTA** (Geographical Target Area) in Toronto. It's a small suburb that has a growing population and has seen a rise in property developments. There are freeways in the town that the residents can use free of charge. This makes the town attractive to working families. Pickering is not too far from other cities. Houses in this town are more affordable than in other places in Toronto. As far as safety and standard of living is concerned, [Pickering is a good place to live in Ontario, Canada](https://getnewhouse.ca/blog/is-pickering-ontario-good-place-live-safe). ### 8\. Eglinton West: Housing in this suburb is cheaper than in other areas. The area is good for those with families or children. There are rail stations and other modes of transport in the area. Residents have access to amenities like malls, eateries, recreation centers, healthcare facilities, sports grounds, libraries, and so on. There are also places of attraction you can take your family to. They are; parks, creek valleys, ponds, and rivers. ### 9\. Vaughan: This town ranks high on the list of the best suburbs for families. It's another prime spot for real estate developers and investors. It's a rapidly growing suburb that is seeing an influx of residents. The town is an urban area that has various amenities for its population. There's a direct subway that connects to major cities. You can also find high-rise offices and corporate organizations in Vaughan. If you'd like your family to live in this town, then buy a property now before the price increases. It'll also be a form of investment for your family in the future. ### 10\. West Queen West: This town is more known for providing all facilities and amenities to its residents. It's a cool town that has many recreation centers for its residents of all ages. Furthermore, you can find vintage boutiques that cater to vintage fashion lovers. The town has record shops and art centers that entertain residents and visitors. You may also explore, [Is Burlington Ontario is a good place to live and settle down?](https://getnewhouse.ca/blog/is-burlington-a-good-place-to-live-ontario) ### **Which is** the Best Toronto Suburb to live? Now that you have discovered these family-friendly suburbs, choose wisely. Find a safe and good **Toronto suburb** to live in and pursue your dreams. Do thorough analysis of the dynamic housing market and then only make a purchase. Also, don't miss to learn [**7 Reasons to Live in Stoney Creek, Ontario, Canada**](https://getnewhouse.ca/blog/reasons-to-live-in-stoney-creek-ontario-canada/) Lots of people are leaving big cities for suburbs due to the cheaper real estate and better environments. So, if you delay now, you might miss the chance to purchase an affordable house for your family. Purchasing a house in any Toronto suburbs also doubles as a form of investment for you and your family. But wait!! Buying a House involves huge investment! [**Renting or Buying a House in Canada**](https://getnewhouse.ca/blog/renting-vs-buying-home-canada-better/) is indeed a big decision. So, be very careful and consider all the pros and cons of staying at a particular place. Renting for a short period at your selected suburb before actually buying a property therein could be a great way to experience the real situation. So, which is your favorite Toronto suburb and why so? Do share your views.

Is New Construction a Good Investment Property in Ontario, Canada?

When talking about getting a house or property as a newbie buyer or investor, many alternatives are available in the real estate market. However, if you want to acquire a new construction property in Canada, it can get hectic. On the brighter side, the real estate market is booming in Canada, thus, providing you with ample opportunities. There are plenty of factors that need to be considered when choosing a new construction property. This ranges from the demographics, price of the property, location, and the various associated taxes. Also, simply buying a property is not enough, and we need to contemplate whether we are making a good investment for the future or not? **Building New Properties** - **Ontario's Proposal** ---------------------------------------------------- Since Ontario is Canada's most densely populated province, there is always a prevailing need for new houses and properties. The aspiring home buyers are moving towards Ontario sub-urban cities like Brampton, Caledon, [**Pickering**](https://getnewhouse.ca/blog/is-pickering-ontario-good-place-live-safe/), Oshawa, [**Ajax**](https://getnewhouse.ca/blog/is-ajax-in-ontario-good-place-to-live-canada/), etc. to fulfill their housing dreams. According to the predictions made by some real estate experts, Ontario will need around 1.5 million new homes in the next ten years, and 900,000 new homes will be needed for new residents. If the target is achieved, it could be instrumental in ending the province's housing crisis. Not only will it help reduce the supply crunch in the [**housing market**](https://getnewhouse.ca/blog/will-housing-market-crash-in-canada-reasons/), but would act as a reservoir if any unconditional population spike happens in the future. **New Construction or Pre-Construction Homes** - **Pros** --------------------------------------------------------- There are many benefits when it comes to new construction homes. Like the freedom to design all by yourself and many more. Now let's look at the pros and cons of a new construction home. To begin with, here are few advantages of buying a new construction house: 1\. **Starting Your Search from Scratch** ----------------------------------------- There's more to it than just moving into a house where no one has ever resided before. It is all clean, and all the equipment at your place is thoughtfully placed for your convenience. Although it is not a prerequisite, however, if you like your personal space to be tidy and don't need some weird surprise from a resale house, it is suggested that you go with a new construction home. **2\. Customization** --------------------- Having a say over your house's design is basically what every homeowner needs. No contractor or interior designer knows your preferences better than you. Acquiring a new construction house allows you to choose everything from the color on the walls to the flooring structure. All these customizations will cost you a fortune if you decide to have them installed in a pre-owned house. If you are an interior enthusiast and love to design your place according to your tastes, you will like buying a new construction home. **3\. Less Upkeep Costs** ------------------------- [**Newly constructed homes**](https://getnewhouse.ca/blog/pre-construction-condo-vs-resale-investment-better-gta-canada/) generally require very less maintenance. It's not like they are completely prone to repairs, but the likelihood of getting your plumbing system changed or having a dripping roof is less. Furthermore, most construction companies include a variety of warranty coverage with their housing, including a short-term full structure protection plan and a longer-term external warranty. Of course, there is always a negative side to every positive thing. **New Construction or Pre-Construction Homes** - Cons ----------------------------------------------------- Some of the disadvantages of option for a new construction home are: **1\. Choosing the Right Builder** ---------------------------------- Given the laws, expertise, and choices available to builders differ, purchasers' experience with new housing varies. It's possible that you may get a builder that has very little or no skills and has a minimal amount of experience under his belt. When selecting a contractor for your new construction residence, look further than the images on their webpage and focus on finding additional information to make sure you're making the right decision. **2\. Costly Upgrades** ----------------------- When looking for a new construction home, the first valuation you see is the estate's initial price. It includes the establishment itself (with no elective add-ons, such as spare rooms or first-floor bump-outs), as well as the lot the residence will settle on and the landscape design that will surround it or not. To give your house a look it deserves, you need to spend some serious money on upgrades. And all these upgrades will lead to a rise in your home's overall price. Should You Buy a New Construction Home? --------------------------------------- The experience of buying a new home is very crucial to a homeowner. Gather all the statistics, perform your research, and think accurately about what you want when purchasing a home now and in the future to determine if it's the correct option. Add an expert professional with you to the meeting with the contractor's salesperson to have somebody to endorse for your preferences. The more you know before you start, the better you'll be able to maneuver the sometimes difficult process of buying a new house. Keep in mind all the crucial [**things before buying a pre-construction house**](https://getnewhouse.ca/blog/things-to-know-before-buying-pre-construction-condo-in-gta-canada). What do you think about buying a pre-construction or new construction home? Do share your opinions on the same.

What is the average home price in Mississauga in Ontario, Canada?

Mississauga is a vibrant city in Ontario, Canada that offers a variety of communities, opportunities, and stunning landscapes. However, exploring the real estate market can be a wild ride. it's critical to keep tabs on current average home prices, to make informed decisions when purchasing or selling property. So today we will dive into the Mississauga housing market to find out the average home price there! ## What is the average home price in Mississauga, Ontario? Reports suggest that the average home sold price in Mississauga has spiked by 9.7% from the previous month, resting at $1,009,803. But don't let this increase scare you. Currently, the average home prices in Mississauga are still 18% lower than their peak in February 2022 at $1,225,339. This means that the market has slightly calmed down, providing a more reasonable opportunity for homebuyers. ## Detached Home Average Price Detached homes are the most sought-after properties in Mississauga. But, the average price of a detached home in Mississauga has dropped by 19.6% from the previous year, settling at $1.54 million on average. It's like a pot of gold at the end of a rainbow for buyers who want to own a detached home in Mississauga. ## Semi-Detached Home Average Price Semi-detached properties in Mississauga are now more affordable, costing an average of $1.03 million, which is a nearly 21.4% decrease from the previous year. It's like getting a bargain on a Black Friday sale. ## Condo and Apartment Average Price The condo market in Mississauga has also taken a hit. The average cost of a condo has decreased by 20.7%, selling for $803,000 on average. Additionally, the average cost of a condo apartment is $612,000, down by 16.8% from the previous year. It's like finding a diamond in the rough for those looking for an economical option. ## Average Home Price in Mississauga, Ontario The current average home prices in Mississauga are still lower than their peak in February 2022. The drop in average prices for detached and semi-detached homes, as well as condo townhouses and apartments, proposes a more reasonable opportunity for homebuyers. But as you know real estate market is very volatile and it's not easy to predict it, so you must ask or get it touch with someone who has good experience in real estate.

What is pre-construction vs resale of house or condominium?

Buying a home is the one of the important and biggest decision of life. As, most of us work to have our dream home where we can create a little own world. But it's equally difficult especially when we have choices like pre-construction or resale home. So, today we will help you to decide which one you can consider. As for some resale works while pre-construction does for others. Let's examine the major highlights of the pre-construction and resale properties in order to determine which may be best for you. ## What is pre-construction vs resale of house or condominium? The decision between pre-construction and resale ultimately comes down to personal preferences and priorities. As both options have their advantages and disadvantages so, let's explore- ## 1. Customization Everybody has their own interior and exterior choices and they want their home to be planned that way and that's what pre-construction condo offer. People can customize their home or condo the way they want. Buyers can work with developers to design layouts, choose finishes, and add features that fit their dream home. But these options are not available in they go for resale properties as they are generally sold as-is, with little to no option for customization. ## 2. Price Pre-development properties are oftentimes sold at a lower price point than resale properties, making them an appealing choice for buyers on a strict budget. Additionally, sellers may give motivating forces to purchasers, for example, upgraded features or lower shutting costs, to encourage them to purchase pre-development properties. In contrast, resale properties tend to be more expensive due to the established value of the property and the location. ## 3. Timeline One of the downsides of pre-construction properties is the timeline. Buyers may have to wait several months or even years for construction to be completed and occupancy to be granted. This can be a significant drawback for buyers who need to move quickly. Resale properties, on the other hand, offer immediate occupancy, allowing buyers to move in right away. ## 4. Neighborhood The community should be taken into account while choosing between pre-construction and resale residences. Pre-construction homes are frequently found in newly constructed neighbourhoods that lack amenities and infrastructure. Resale houses, on the other hand, are frequently found in established neighborhood with facilities like schools, parks, and shopping malls already in place. ## Choice of Pre-construction vs Resale condominium While deciding between pre-construction and second hand homes, it's crucial to carefully take into account your individual preferences, interests, and financial situation. Each choice has pros and downsides. Homes that are still under construction provide more customization and a lesser price, but prospective purchasers must have the patience to wait until the development is finished. Even though resale homes cost more, they are already occupied and in a recognised neighbourhood. Hence, it's crucial to consider all of your possibilities before making a choice that meets your specific needs and tastes.

Is Toronto in Ontario, Canada more expensive than New York City?

Toronto, the provincial capital of Ontario, is the most populous city in Canada. Toronto is a leading multicultural and cosmopolitan city in the entire world, as well as an international center for business, finance, and the arts. The idea of relocating to this city is highly regarded. However, since Toronto and New York are two of North America's best cities, people frequently compare and contrast the two cities' lifestyles. Both places offer a variety of economic opportunities and diverse cultures. But they don't have the same costs of living. So today we'll find out if living in Toronto is more expensive than New York City or it is cheaper. ## Is Toronto in Ontario, Canada more expensive than New York City? Toronto's cost of living is lower than that of New York. Actually, **New York has a more than 35% higher cost of living** than the average city. Numbeo estimates that in New York you would need about 12,432.92C$ (9,151.81$) to maintain the same standard of living as you can with 7,500.00C$ in Toronto (assuming you rent in both cities). **According to the Numbeo following is the indices' difference between New York and Toronto -** - In terms of consumer prices, New York is **36.97% more expensive** than Toronto (without rent). - Consumer Prices in New York, NY, Including Rent, are **65.77% higher** than in Toronto. - The average rent (CAD) in New York is 113.75% more expensive than in Toronto. ![Rent Comparision between NY and Toronto.png](https://s3.amazonaws.com/assets.getnewhouse.ca/Rent_Comparision_between_NY_and_Toronto_3230500b8d.png) - The cost of dining out is **27.44% higher** in New York than it is in Toronto. - The cost of groceries ( in CAD) is **48.25% higher** in New York than it is in Toronto. ![NY vs Toronto Food Items difference.png](https://s3.amazonaws.com/assets.getnewhouse.ca/NY_vs_Toronto_Food_Items_difference_a03ba38506.png) - Toronto's local purchasing power is **13.79% lower** than that of New York. ## Toronto in Ontario, Canada cheaper than New York City Compared to New York City, Toronto offers a wide range of goods at significantly lower prices.This is caused by a variety of factors, the majority of which are related to the high demand for scarce resources. Despite these factors, the income here is higher than in Toronto, which somewhat balances things out.

What to look for when buying land in Ontario, Canada?

Purchasing property anywhere is a challenging agreement, and Ontario is no exception. It's very easy to make a commitment you later regret if you don't recognize the specifics of buying a piece of land. ## Features of Buying Land in Ontario _**Let us list out the most important features to consider while purchasing the land in Ontario**_ ### 1. Area The first and most important evaluation when purchasing land is the location. Conduct research on potential locations based on your requirements. Do your own research on the basis of safety, transit options, and anything else that may influence your decision. When you've decided, try and contact local developers or search the web for high priority land exchanges and transactions. If you have any questions about ownership in Ontario, you can contact one of the many land registry offices. ### 2. Type of Land The type of land or plot you buy is determined according to what you intend to build. You should also consider whether it is suitable for construction. Some plots may be categorized for specific purposes only, while others may be flood plains. Make sure you buy the land knowing you can construct the structure you want without regard for development control or committee rules. ### 3. Location The location of your home is significantly vital. You should consider living conditions such as transportation, convenience, schools, parks, and anything else you may require. ### 4. Access Building a private road extension or driveway to access your property on raw land or land that does not have existing road access may necessitate going through the property of another privately-owned and you could also think about paving an existing gravel road. Having gas, phone, and power lines run to your house can be expensive. ### 5. Taxes A land transfer tax has to be paid when purchasing land or property in Ontario. The price of your property will influence the value. The percentages range from 0.5% to 2.5%. The taxes can be compensated in 2, 6, or 11 installments throughout the year. If you buy vacant land for residential purposes, you do not have to pay Harmonized Sales Tax (HST). If you intend to develop commercial properties, you must pay HST ## How to Finance the Purchase of Land in Ontario ? _These are the following points to consider while doing financing for the Purchase of Land _ ### 1. Financing from the Seller Seller financing, also known as owner financing, occurs when the land's seller acts as a lender. You will purchase the land from them with a down payment and then make loan payments to the seller in the same way that you would make loan repayments to a bank. ### 2. Loans for Land In Ontario, you can obtain private financing to purchase land. Vacant and raw land is risky for a lender because you are not directly attached to the land, unlike a residential mortgage, where you may lose your home if you fail to make your mortgage payments. Depending on the type of land, a down payment of at least 30% to 50% is required. You may also discover [Best Land Loan Options in Canada](https://getnewhouse.ca/blog/land-loan-options-in-canada-best) ### 3. Personal Loans and HELOCs Depending on the size of the transaction, you may choose to pay for the land with cash, a personal loan, a HELOC, or a combination of these methods. If you already own a home, you can borrow money to buy the land using a home equity line of credit. ## Buying Land in Ontario, Canada If you have a down payment, buying land in Ontario is not complicated. The value will vary, so make sure you're investing in land that will give you a return on your investments. You must take into account all of the factors listed above. It's also important to remember that the cost to you will include not only the land, but also property taxes, utilities, and other expenses.