Ah, house hunting—the thrilling, nerve-wracking journey of trying to find a roof that’s just right for you. You’ve decided it’s time to upgrade from your shoebox apartment or your parents’ basement, and Toronto is calling your name. But before you start imagining yourself in your dream home (complete with a rooftop pool and personal elevator), let’s talk about how to prepare for this wild ride of a house hunt. Spoiler alert: There will be stress, there will be compromises, but there will also be joy (and maybe a pizza delivery to your new front door when it’s all said and done).
Here’s your guide to navigating the Toronto housing market and surviving your first (or fifth) home-buying adventure, with a healthy dose of humour and a lot of practical advice.
House-hunting is one of my favourite things to do, and I’ve done it dozens of times for myself, for my investments, projects and for my family.
Now, I’m here to share what I’ve learned over decades of doing this for clients and myself, and help you to do it successfully so that it rewards you in spades upon completion!
1. Determine a Realistic Budget
First things first: get real. It’s easy to start fantasizing about that modern mansion downtown, but let’s remember the whole “reality” thing. Know your limits. Calculate your down payment, factor in closing costs (surprise, surprise, those exist), and think about monthly payments. If you’re not sure where to start, there are plenty of online mortgage calculators to get a rough idea of your budget. But don’t get too carried away—dreams are good, but mortgages are better when they’re affordable.
Are you ready to start your search? Book a buyer’s consultation with me right here.
2. Needs vs. Wants—Know the Difference
We all want a walk-in closet, but can you live without it? When making your house wish list, separate the “needs” from the “wants.” A few needs might include: must have at least two bathrooms or has to be in a safe school district. Wants might look like: A pool, a home theater, and a fully-stocked bar. It’s okay to dream but be prepared to compromise (hello, reality).
Once you’ve got your list sorted, think about neighbourhoods that fit your criteria. Maybe you love Queen West’s vibe but hate the parking situation—good to know before you get your heart set on a house that doesn’t fit your lifestyle.
Showings are undoubtedly the best part of going on the house hunt. What’s better than touring a home and imagining what your life would be like if you lived there? If you love viewing homes as much as I do, here are some blogs you might enjoy next:
- Lasting Quality in Toronto Homes: Features to Look For
- Sustainability in Real Estate: Curate Your Life and Minimize Your Environmental Footprint
- Smart Home Investments for a Refined Lifestyle
3. Choose the Right Realtor® (I’m Worth It!)
A good realtor can make all the difference. You need someone who knows the market (me), can help negotiate (me), and most importantly, who isn’t afraid to call you out when you’re getting too picky (again, me). I will help you stay focused on what’s important and remind you that no, you don’t really need a two-car garage in downtown Toronto.
4. Get Pre-Approved
Trust me: being pre-approved for a mortgage is like showing up to a party with an invitation. It’s your ticket to serious house-hunting. The last thing you want is to fall in love with a property only to discover the bank isn’t on board with your dreams. Getting pre-approved gives you the financial clarity to make offers and act fast when you find the one. Possessing a credit score above 700 helps a ton, too.
When it comes to buying a home in Toronto, what you see on TV might not be what you get in real life. Real estate reality shows are huge right now, but click here to see what they don’t tell you.
5. Know What You’re Buying—Inspect, Inspect, Inspect
We know, you’ve fallen in love with that 100-year-old Victorian with the charm of a lifetime. But before you make an offer, know what you’re getting into. Is the plumbing original? Does the roof need repairs? A home inspection is crucial, and I promise you’ll be glad you did it. Trust me, finding out the roof needs replacing after you buy the house is not the kind of surprise you want. I am your best source of first eyes, though… I’m an architect and builder, too, so I’ve had the training to sleuth these things out. Then we can select a great home inspector to scour the place again, should we decide to make a move on a particular property.
6. Stay Consistent—Avoid Big Financial Changes
As tempting as it is to buy a new car, max out your credit card, or quit your job and start that kombucha business, don’t do it. Lenders are looking at your financial stability before approving your mortgage, so keep everything as calm and consistent as possible.
7. Don’t Ask Too Many Opinions
It’s totally natural to ask family, friends, and strangers on the internet what they think about that mid-century modern bungalow you love. But here’s the thing: too many cooks spoil the broth. Ultimately, it’s you who’s going to live in this house (and deal with the mortgage). So, unless your Aunt Karen is a certified real estate expert, take her opinion with a grain of salt.
Are you in the market for a Toronto condo? What a coincidence, I love condos in the city! Read these posts next to get your bearings on the condo market:
- Is it Wrong to Like Older Toronto Condos? Or are they Actually Better?
- Don’t Be Unduly Swayed By Glitzy Condorama
- What are Toronto’s Most Expensive Condos?
8. Remember, No House Is Perfect
That dream home in your head is probably more fantasy than reality. The house might have a perfect location, but the kitchen is small. Or maybe the yard is ideal, but the living room needs work. No house is going to check every box. Make a list of your non-negotiables and try not to obsess over minor imperfections. At the end of the day, it’s about finding a place that fits your life, not your Pinterest board. I love this “helpful” translator of real estate speak in this article by Jenny Medieros for Medium:
- Beautifully presented: it’s like 52% clean.
- Lovingly renovated: check for mould.
- Unique architecture: the bedroom is shaped like a triangle.
- Modern kitchen: not enough counter space to rest both elbows on.
- Home office: there’s a tiny room that we can’t legally call a bedroom.
- Superb: it’s okay.
- Cosy and welcoming: no space for a dining table.
- Fantasic location: there are a few shops and a local crackhead.
- Contemporary: your sofa will be two inches from the kitchen.
- Prestigious: overpriced.
- Spacious: the bedroom is 1cm larger than the minimum legal size.
- Amazing views: you can probably see your neighbours naked.
I know I just said no house is perfect, but we can always strive for better! Looking for an honest opinion on some of Toronto’s most well-known buildings? Check out my Condo Chronicles series where I dissect popular condo floorplans.
9. Don’t Be a Negotiation Overachiever
Yes, negotiating is part of the process, but trying to get a steal by offering half the asking price will only make you look like a rookie. If you’re in a competitive market, like Toronto’s, don’t make the mistake of over-negotiating and losing out on a property. Be reasonable with your offers, and trust your realtor’s (my) advice. You’re not trying to win the “Best Deal” award—just trying to get a fair price.
10. Location, Location, Location
The house might be perfect, but what about the neighbourhood? Is it close to work? Is there a subway station nearby? What’s the vibe of the street? Is the local park actually walkable, or are you going to be dodging traffic every time you want to take a stroll? Don’t get so caught up in the house itself that you forget to evaluate the area. Remember, your house is only as good as the neighbourhood it’s in.
Curious about Toronto’s coveted communities? Read my neighbourhood guide right here.
11. Take Your Time, But Not Too Much
It’s tempting to wait for the perfect home to come on the market. But let’s face it, it might not happen. At the same time, don’t rush into buying something just because you’re tired of looking. Be patient, but don’t be paralyzed by the idea of perfection. There’s a balance here, and with a little time, the right house will find you.
12. Have Fun (Seriously)
Yes, buying a house is a huge decision. Yes, it’s stressful. But it’s also exciting! This is a big milestone in your life. Don’t let the stress overshadow the joy of finding a place that you’ll call home for years to come. Keep your sense of humor and enjoy the ride. After all, it’s not every day you get to pick out your own little piece of the world. I’ll help with the fun!
Top House-Hunting Mistakes to Avoid
To wrap it all up, here are a few of the most common house-hunting missteps you’ll want to dodge like a broken dishwasher:
- Looking at More Than You Can Afford: Stay realistic. Your dream home might be out of reach for now, and that’s okay. Stick to homes that fit your budget.
- Skipping Mortgage Pre-Approval: Don’t waste time looking at homes you can’t afford. Get pre-approved and save yourself the heartache.
- Acting Too Soon: Don’t rush your decision. Make sure you’re really in love with the property (not just the decor).
- Ignoring the Neighbourhood: The house is important, but the surroundings matter too. Don’t overlook noise, future development, or vibe.
- Getting Desperate: If you’re looking for a home during a competitive market, stay calm. Don’t panic buy.
Final Thoughts
Buying a house in Toronto is a serious commitment, but it doesn’t have to be a miserable slog. Be prepared, stay realistic, and keep your humour intact. With the right approach, a good team (realtor (me), lawyer, mortgage broker—oh my!), and a little patience, you’ll find a place that you love—and maybe even throw in a backyard barbecue to celebrate.
Happy house hunting!
Ready to get started? Call 416-824-1242, email robert@lifeofluxury.ca, or fill out the form on this page to get in touch.
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