Is there one perfect neighborhood for everyone? no… But we think the west-end has something for everyone. Mississauga, Oakville, and Burlington might not be cheap, but they are a fair bit cheaper than Toronto, and you get a lot more house for your money. All three cities are commonly said in one breath, but they are all very different. Mississauga alone has drastically different neighborhoods, depending on your preferences and price range.

This Is Our Essential Guide To Starting Your Home Search In Oakville, Mississauga or Burlington.

Table of contents:

• Getting Started: Why You Are Buying A Home
• Narrowing Down The Search
• Figuring Out Financing
• What To Expect When Working With An Agent
• Navigating The Stats, News, And Fake News.
• Success Comes With Patience, Education, and Trust

Getting Started: Why You Are Buying A Home

We can tell you why we chose to focus on selling real estate in the west end of the GTA. It’s because when we immigrated from South Africa in 2004, we found the streets and communities in Oakville reminded us a bit of home. Everyone has their ideal neighborhood in their mind, and you might know where to find that, or you might need some help.

When it comes to buying a home, it’s best to start with the basics. Real estate is a very versatile asset. Buying a home can help you secure future financial goals, and give you a secure place to live. Many homebuyers have benefitted from huge price gains in their homes in recent years, and with low-interest rates, a stable political economy, a growing population (the fastest growing in North America), we expect real estate prices to continue climbing.

Now, you might wonder when the best time to purchase a home is? The best time to buy a house is when you’re ready to buy a home. Historically, when more inventory hits the market (spring), more buyers come out. There is rarely a benefit to wait till a later date to purchase, unless you’re not in a position right now to purchase a home.

Contact us for personalized advice tailored to your specific real estate needs.

The Buying Process: Narrowing Down The Search 

We’ve always believed the measure of a successful agent is how effectively they can educate their clients on the market, and how quickly they can find the home that meets/exceeds their client’s expectations. Stories of buyers viewing 50+homes are generally from unsure buyers working with unsure agents. Save yourself the energy and the time by hiring someone who can help you take the next step in your search.

Whether you’re buying a condo or a home, there comes a point in your search when you’re ready to purchase. It’s usually when you walk through the threshold of the home and know that it’s in a neighborhood you like and that it’s well priced. To become that sure, you usually need to explore a few places in a few different neighborhoods.

Our most sage advice when buying a home is that you need to have a mental list, or a physical one, of what you need and what you would like in a home. This list should grow and change over the weeks when you’re actively searching. However, you need to ensure you are realistic. Regret is an awful feeling when searching for a home. Whether it’s regret that you purchased too quickly or regret that you passed on the perfect home.

We suggest slowly limiting your search so each home you view has time to reverberate with you. An experienced agent will help you refine your search by asking you well-timed questions at the beginning of your search. We believe buyers can regret both seeing too few homes, and also seeing too many… if you view too many homes you may become fatigued and settle on a home that does not excite you.

Thinking about buying? We should grab a tea!

Figuring Out Financing: Canadian Mortgages 

The right mortgage is just as important as the purchase price of your home.

The amazing thing about buying a home is that you can borrow money at a very reasonable rate from the bank, and pay it back in blended payments of interest and principal. Every month that you pay your mortgage, some of that payment goes towards the principal. At the end of the term (usually 5 years), you can refinance with the bank for a much smaller loan than the original loan. You could also sell and be left with a reasonable profit. The profit from your primary residence is not taxed!

The mortgage also gives you financial stability. Some mortgages come with a Home Equity Line Of Credit (HELOC). The great thing about a HELOC, is that you can borrow against the equity of your home and only pay the interest on it. You can use your HELOC to borrow money at a low-interest rate, or you can also use your HELOC for investment purposes.

Some homeowners will borrow money off their home to purchase an investment property or a recreational property. It’s also a great tool if you need to take time off work and pause your mortgage payments.

For more detail about Canadian Mortgages check out this holistic blog! 

What To Expect When Working With An Agent

If you’re reading blogs about real estate, you’re probably trying to educate yourself on the process from start to finish. But, no matter how recent the blog is, it’s still written in the past. Our market is changing constantly, and only a full-time agent can give you reliable and up-to-date information.

In our office, we meet weekly to discuss where the market is heading. This constant feed of information, as well as our daily personal experience, helps shape our decisions when working with our clients.

There is a reason why 90% of real estate business is done by the top 10% of real estate agents. If you want to ensure a smooth and successful transaction, we suggest hiring a full-time and experienced realtor. In Ontario, all the realtors have access to the same listing pool, so there is no reason to work with more than one realtor. Only an inexperienced or part-time realtor will work with buyers who are trying to work with more than one agent at the same time. Expect your realtor to ask you for exclusivity for their time and efforts.

Here is a blog that outlines what we think are the 9 most important questions when hiring a buyer’s agent. 

Real Estate Statistics: Navigating The Stats, News, And Fake News

There are a lot of critics of the real estate market. And, people who wait and wait and wait for the market to come down before they get into the market are often priced out of the market or end up settling for much less than they could have brought. In the GTA, our market has not peaked. With over a million new immigrants coming into Canada in the next few years (many arriving in Ontario), we’re going to continue to have a supply issue. To make things worse, we complete around half the amount of new construction homes that we require.

Stats are often trusted because it seems math is an undeniable science. It’s hard to lie with numbers, but numbers can easily be exploited to make a point. If you want to pick one source for stats, pick a reputable agent. However, you might not have built that trust with an agent yet. In that case, rely on the Toronto Real Estate Board. 

Success Comes With Patience, Education, and Trust

Buying a home is a complicated process, especially if it’s your first time. The market is rife with opinions and incorrect information. Just because the general consensus is that homes are unaffordable, don’t assume you cannot afford a home. You’re not buying a home for $800,000 or $1,000,000 cash; you are borrowing $600,000 or $800,000 to live in a home that meets your needs for the next 5 years. At the end of the 5 years, you can sell the home and pay back the borrowed money, or you can refinance and continue living in the home. The cost of financing today is significantly less than a decade ago, so while home prices have gone up, monthly housing costs have not followed as closely.

We’ve put together a wonderful guide for anyone thinking of buying a home. It’s downloadable here. Or, you can touch base with either of us and ask to meet up for a cup of tea. We’ll bring a hard copy of our buyer’s guide and you can ask us any questions you might have about buying a home.