THE ULTIMATE CONDO BLUEPRINT FOR MILLENIALS
A LOOK INSIDE TORONTO CONDO REAL ESTATE
It’s not about us, it’s about you. So we let our results speak for themselves.
REAL ESTATE EXPERIENCES WORTH TAKLKING ABOUT
Founded in 2017, North Group is one of Canada’s most accomplished and award-winning real estate teams. Based in Toronto, we serve the Greater Toronto Area through our platform of industry-leading systems, services and marketing. Our core mission is simple: to create real estate experiences worth talking about. For our valued clients and Team Partners alike, everything we do is built on a foundation of our culture code: we get results by putting relationships first.
1%
40K
On TRREB (Toronto Regional Real Estate Board)
Awarded “Most Innovative Real Estate Team” by Inman
Buyers, Sellers, Investors and Realtors in our network
200+
$B Over One Billion Dollars sold
Clients Served by North Group every year
Toronto Condos Buyer Guide
THE BEST OF TORONTO CONDOS & NEIGHBOUR HOODS
AN INSIDE LOOK
Live at the Centre of it All
5 KEY TRENDS EVERY TORONTO BUYER SHOULD WATCH FOR IN 2024
Toronto's real estate market is ever-evolving, presenting unique opportunities (and sometimes challenges) for buyers. As we step into 2024, it’s crucial to stay ahead of the curve. Here are five key trends to keep an eye on:
The Rise of Smart, Sustainable Living
01
Sustainability isn’t just a buzzword; it’s becoming a way of life, especially in real estate. In 2024, expect to see more eco-friendly, energy-efficient homes in Toronto. These properties not only reduce carbon footprints but also offer long- term savings on utility bills.
02 03 04 05
Technology-Driven Home Buying Experiences Technology is revolutionizing the homebuying process. Virtual reality (VR) tours, augmented reality (AR) for interior designing, and AI-driven property recommendations are becoming more mainstream. Flex Spaces: The New Norm The pandemic has altered how we view home spaces. In 2024, the demand for flexible living spaces is expected to surge. Homes with adaptable rooms that can transition from a home office to a workout space, or a guest room are becoming highly desirable. Shift Towards Suburban Areas With remote work becoming more normalized, living in the heart of the city isn’t the necessity it once was. Many buyers are looking towards suburban areas where they can get more space for their money. However, it’s important to weigh these benefits against longer commutes and less access to urban amenities. Market Stabilization and Price Adjustments After the rollercoaster years of the pandemic, the Toronto real estate market is expected to balance in 2024. This is translating into adjusted prices, offering more affordability for buyers. However, it’s crucial to keep an eye on interest rates and mortgage regulations, as these will play a significant role in defining affordability.
BEST TORONTO PARKS FOR NATURE LOVERS
Toronto, often celebrated for its urban landscape, also boasts some of the most serene and beautiful parks. These green spaces are a haven for nature lovers and city dwellers alike, offering a perfect blend of tranquility and outdoor activities.
01. High Park
Toronto's largest public park, High Park offers extensive hiking trails, a beautiful lakefront, a zoo, and diverse flora and fauna.
02. Toronto Islands Park
Accessible by ferry, this set of islands provides a scenic view of Lake Ontario and the city skyline and is Ideal for cycling, kayaking, and beach activities.
03. Sunnybrook Park
04. Allan Gardens Conservatory A historic landmark featuring a botanical garden with exotic plants inside a charming Victorian-era greenhouse. Ideal for Botanical enthusiasts and photographers. . Expansive green space with sports fields, stables, and trails along the Don River. Ideal for horseback riding, picnicking, and nature trails.
05. Trinity Bellwoods Park
06. Rouge National Urban Park Canada's first national urban park, offering a mix of natural, cultural, and agricultural landscapes. Ideal for hiking, bird watching, and exploring historic sites. A vibrant and lively park known for its community-driven events and recreational facilities. Ideal for social gatherings, outdoor sports, and dog-friendly activities.
ARTISTIC HOT SPOTS YOU WILL LOVE
The Greater Toronto Area (GTA) is a melting pot of artistic and cultural expressions, making it a prime destination for those who cherish creativity and the arts. From contemporary galleries to vibrant street art, these top 6 artistic hotspots offer a glimpse into the rich cultural tapestry of the GTA. These hotspots in the GTA not only celebrate the diversity of art and culture but also provide a platform for creative expression and community engagement. They are places where anyone can connect with artists, participate in cultural events, and immerse themselves in the thriving artistic community of Toronto.
Location: Downtown Toronto Appeal: One of the largest art museums in North America, the AGO houses a vast collection of over 90,000 works, including contemporary art, European masterpieces, and an extensive collection of Canadian art. Its dynamic exhibitions and public programs cater to a younger audience, seeking both inspiration and education in the arts. The Art Gallery of Ontario (AGO) Location: East of Downtown Toronto Appeal: This historic and pedestrian-only district is filled with unique Victorian-era architecture, housing numerous art galleries, studios, and performance spaces. The area is a hub for arts and culture events, including music, theater, and dance, making it a favorite for socially active and culturally savvy millennials. Graffiti Alley Location: Fashion District, Toronto Appeal: A vibrant outdoor gallery showcasing some of the city's best street art and murals, spanning several blocks. For Millennials: It's a perfect spot for those who appreciate urban art and Instagram- worthy backdrops. Distillery District
Harbourfront Centre
Location: Toronto Waterfront Appeal: An innovative non-profit cultural organization which provides on-site programming in the arts, culture, education, and recreation. For Millennials: The center hosts a variety of contemporary arts performances, including music, dance, and film festivals that resonate with the millennial ethos. Location: West of Downtown Toronto Appeal: Known for its vibrant arts scene, this area is filled with art galleries, fashion boutiques, and hip cafes. It's the go-to spot for discovering up-and-coming artists, unique fashion finds, and eclectic coffee shops. Queen Street West
TOP 5 HIDDEN GEM NEIGHBOURHOODS IN TORONTO FOR YOUNG HOMEBUYERS
For young homebuyers in Toronto looking for hidden gem neighbourhoods, several areas stand out due to their unique appeal, affordability, and potential for growth.
01.
02.
This neighborhood is undergoing rapid gentrification and has several new developments planned, making it an increasingly attractive option for homebuyers. Scarborough Village
St. Clair West
Known for its affluent surroundings, this neighborhood is on the verge of becoming a sought-after area for its luxury and charm.
03.
04.
Dupont Street + Junction Triangle
Bloordale Village
Located in the west end of Toronto, Bloordale Village is experiencing a transformation with retail, office space, and residential units. Its proximity to trendy areas like Ossington and access to transit make it a promising area.
This area is seeing new residential developments and is becoming a vibrant community. Its location near the Junction Triangle and proximity to public transportation add to its appeal.
05.
Yonge and Eglinton
This area offers a balance of affordability and convenience with a variety of housing options, excellent public transportation, and a vibrant job market.
Other notable mentions include High Park for its blend of tranquility and urban convenience, Liberty Village for its urban and modern living appeal, North York for its diverse housing options and accessibility, and East York for its family-friendly environment and affordability. * Strata.
AREAS WITH THRIVING SOCIAL SCENES
01. Yonge & Eglinton
A dynamic hub attracting young professionals, offering a plethora of dining and shopping options, and abundant green spaces.
02. Bay Street Corridor
The economic heart of Toronto, is ideal for young professionals. It's centrally located for easy access to transit, including streetcars, buses, and subways.
03. Leslieville
Situated between downtown and the Beaches, is known for its relaxed vibe and is popular among a more "hipster" crowd.
04.Yorkville
A trendy area from Bloor Street to Dupont and Rosedale Valley Road, offering luxury retail, fine dining, theaters, and green spaces.
05. Liberty Village
A hub for creative young professionals, located a short streetcar ride from the downtown core, ideal for those in creative fields.
06. The Waterfront
The Waterfront has seen significant growth and offers a variety of dining, shopping, and transit options, with proximity to many downtown offices.
River City Phase 3
FAVOURITE CONDOS FOR PET LOVERS
At 170 Bayview is tailored for dog lovers. It boasts an exclusive off-leash dog park accessible only to residents, and it’s situated right across from the dog- friendly Corktown Commons.
Home Condominium On Ellis Park Road is another pet paradise, allowing up to two dogs of any size. It's just a stone's throw away from High Park’s 8.5-acre off-leash area, known as Dog Hill.
The Merchandise Lofts
At 155 Dalhousie's, there's a thoughtfully designed rooftop area for dogs, complete with artificial turf and charming faux fire hydrants. This space provides an excellent solution for residents who prefer not to frequent the park multiple times daily, offering a secure area for pets during early mornings and late evenings.
Home, Power + Adelaide
Harbourview Estates
On Ellis Park Road is another pet paradise,
Located in City Place, residents enjoy a substantial 4,000 square foot dog run and five dog relief areas totaling 1,000 square feet.
allowing up to two dogs of any size. It's just a stone's throw away from High Park’s 8.5-acre off-leash area, known as Dog Hill.
GREEN CONDOS WITH ELECTRIC VEHICLE (EV) FACILITIES
As eco-conscious living becomes more prevalent, many Torontonians are aligning their lifestyle choices with sustainability. One significant aspect of this green shift is the rise in electric vehicle (EV) ownership. Fortunately, several condos in Toronto are catering to this trend by offering top-notch facilities. Here’s a list of some of our favourite condos that have EV stations.
One Bloor One Cole Optima Eau du Soleil 300 Front Street West Tip Top Lofts
The 500 Beyond the Sea Cinema Tower Corktown District II Minto Westside Monde Condominiums
Toronto Condos Buyer Guide
BUYERS ROAD MAP
STEP BY STEP GUIDE
Navigating the Buying Process in 2024
THE STEPS OF THE BUYING PROCESS
The buying process looks different for everyone! Whether you’re just starting to think about it or ready to make a move, buying a property comes with a lot of questions. Our job is to answer those questions. First, we’ve created an overview of the entire process to help you prepare and get started. From here, your North Group Team Partner will work with you to build a customized plan based on your goals.
GETTING PRE-APPROVED
TIPS FOR PRE-APPROVAL
Before you start looking for a home, you need to know how much you can spend. Getting your mortgage preapproval is the very first step in the process - and it’s never too early to start! It will strengthen your position when you’re ready to submit an offer and help you focus on opportunities in your price range. Consult with your bank and/or a mortgage specialist who will look at your current financial situation and preapprove you for a mortgage within your budget. This pre-approval will typically be valid for 120 days.
1. Be prepared with your documents.
Tax records, income statements and IDs are just some of the items you will be required to provide.
2. Consider all your sources of income.
Income from rent, monetary gifts from family, and more are all something to consider.
3. Get your pre-approval in writing.
4. Ask us for recommendations.
If you don’t have someone to help, we would be happy to introduce you to one of our preferred partners.
COSTS TO BE AWARE OF It’s imperative to know and understand the costs to be aware of when buying a home as they can add up quickly (on top of your purchase price). Don’t worry! To ensure you are informed and prepared, we’ve broken down the common costs in detail for you here:
DEPOSIT AND DOWN PAYMENT Deposits in the Greater Toronto Area are typically 5% of the purchase price. This amount needs to be accessible in a bank account and ready to be paid within 24 hours of your offer acceptance. Deposits form part of your total down payment and are contributed towards your balance owing on the purchase price on closing.
CLOSING COSTS
Other Fees
Closing costs are typically 1-2% of your final purchase price. These are additional funds that you will need to have accessible for your closing (they are not included in your mortgage):
1. Home Inspections
2. Appraisal fees
3. Mortgage Insurance
• Legal (lawyer) fees
• Land transfer tax
Always consult your Mortgage Broker/Lender and your North Group Team Partner to estimate your closing costs and fees.
CREATE YOUR WISH LIST When creating your wishlist, there are a lot of factors to consider. For example, these are the main topics our clients typically consider:
Location
Timeline
Affordability
House, Condo or Investment
Amenities
Parking
Transit Access
Lifestyle
THE SEARCH PROCESS Search in real time from any device using an exclusive tool called REALM™; an invite- only search tool that gives you direct access to the same MLS system used by us, as Realtors. Easily communicate with your North Group Team Partner to comment on listings or request showings. It’s user-friendly and instant; it looks a lot like your favourite social media tools where you can like, comment, save and share listings.
PREVIEWING PROPERTIES
We know how busy life can get and your time is valuable! We’ll help streamline the best 5 to 8 properties to preview and ensure they meet your criteria so you aren’t wasting your time. You can preview these homes in person or virtually. We’ll help you keep track of which homes you view and then discuss honest feedback on each. You’ll have a chance to rate each home on a scale from 1 to 10. Typically your ratings will have these results:
2:20
8-10 = submitting an offer
7 = possible offer
1-6 = no offer
MAKING AN OFFER When you find the right place, the next step is to submit an offer. In today’s market, there are a couple of different strategies Sellers will have to accept an offer. A lot of properties are sold in multiple offers (otherwise known as bidding wars; when there is more than one offer on the same property) or through pre-emptive offers (where an offer is submitted in advance of a specified offer date). A pre-emptive offer is also known as a “bully offer”. When you submit an offer (Agreement of Purchase and Sale), the main components for you to consider are:
OFFER PRICE The amount you are willing to pay. This may be the final amount or the starting point of negotiations DEPOSIT This is typically 5% (or more) of the purchase price and is payable by bank draft or certified cheque within 24 hours of offer acceptance or in some cases, with the offer,
CLAUSES A clause is a term or terms necessary to include in your offer to protect you through the purchase process CONDITION A condition is a clause the Buyer needs to waive or fulfill by an agreed time in order for a sale to be finalized. The most common conditions are: financing, inspection, lawyer review and status certificate review.
CLOSING/COMPLETION DATE The date that you pay for and take title/ownership of the property
CHATTELS AND FIXTURES Otherwise known as
inclusions and exclusions; these are the items that you wish (or the Sellers wish) to be included or excluded from your offer.
depending on circumstances
OFFER ACCEPTANCE
Once your offer has been successfully negotiated and accepted by all parties, you now have either a conditional or firm sale. Once firm (conditions have been fulfilled according to the agreement), your sale remains pending until the Closing/Completion Date. You will require a lawyer to facilitate the closing of your property. We recommend that you contact your lawyer a minimum of 1-2 weeks before your closing date to ensure that everything is in order and to confirm a date and time to sign all paperwork (this can be done virtually), where and when to pick up keys for your new home etc.*
*If you do not have a lawyer, we will be pleased to recommend one of our preferred partners to you.
CLOSING DAY On closing day, your lawyer will advise you once the transaction has been successfully completed (i.e. funds have been transferred) which would mean that the title will be officially transferred and you’ll be given access to your new home! The Sellers typically have until 6:00pm to provide vacant possession, unless otherwise negotiated in your contract.
Congratulations, homeowner!
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