While 10 years isn’t really that long ago, a lot has changed in the Toronto real estate market. Buying a house 10 years ago was much different (and a bit easier) than it is now. Here are 6 things that people buying a house in Toronto 10 years ago didn’t really have to worry about that are part of the normal process of buying a house right now in this city:
6. Today’s Much Higher Home Prices
This one’s easy, but the fact is that buying a house just plain old costs more now than it did 10 years.
5. Bidding Wars
Although bidding wars did happen, you didn’t expect it to happen almost every, single time.
4. Buying a House Without a Home Inspection
Sometimes, you need to waive a few of the clauses to get the house you want, but unless you have some inside knowledge, this shouldn’t be one of them.
3. Paying Over Asking
It isn’t uncommon for houses to sell for more (and sometimes much more) than their list price. Even though it was massively underpriced, remember this North Toronto fixer-upper? Now, buyers will go over the list price to get the place they really want.
2. Waiting for Offer Night
Ten years ago, when you were buying a house, in most cases you could submit offers whenever you were ready to. Now, most agents will set up offer nights where all of the other people that want to buy your dream house show up and present all of their offers all on one night.
1. Acting Fast
You used to be able to take it easy and spend time procrastinating a little. Now, when you find something you like, you’ll want to get on it right away before someone else does. So while you used to be able to wait until next Wednesday for your mother and father to come down from Ottawa to give their approval, now, by the time they get here, your dream place will probably already be sold.
Bonus: Paying Toronto Land Transfer Tax
The Toronto Land Transfer Tax came out in 2008, so 10 years ago, you didn’t have to pay it; which would’ve saved you a whole lot of money. Just how much would you have saved? That depends on the price, but you can calculate it and get more info on the Toronto Land Transfer Tax right here. Thanks for the reminder Mike 🙂
Did I miss anything? Have anything to add? Let me know in the comments below.