Budgeting for a Move to North York
Cost is always a major concern when it comes to planning a move, whether it’s to a bigger home in the same neighborhood or a trip halfway across the world. It always helps to know the average real estate prices for the areas you’re interested in and to get some tips on budgeting and saving money prior to a move. If you’re hoping a move to North York will be in your future, we can help you keep your finances in check.
Buying property in North York is simultaneously a very expensive prospect and an excellent value for money. It all depends on which neighborhood you choose - neighborhoods like Amesbury and Jane and Finch have low property values while places like Bridle Path or Bayview Village have high values. On average, though, a small house or town house in this region will cost you somewhere in the neighborhood of $600,000 while a larger home will run you closer to $800,000. For condos, you’re looking at as much as $400,000 for a standard unit.
In order to figure out how much home in North York you can afford you can use online mortgage calculators from Canada’s major banks to determine the size of the mortgage you would be able to get based on how much income you have to spare for the payments. Even if you really want a larger home or you’re expecting a raise, you should never commit to paying more than 30% of your monthly income towards your mortgage or you risk becoming what is called “house poor” - all your money tied up in property.
You’ll need to save about 20% of the purchase price of a home before a bank will give you a mortgage, so your plans to move to North York may have to begin several years before you are actually ready to go home shopping. Use home sale statistics such as the ones above or actual real estate listings from the area to set yourself a savings goal that will eventually allow you to buy a home in the neighborhood you like.
Remember though: your first home doesn’t have to be your dream home. You can start small and build up. North York is an area that will grow with you as you become more successful.
