How do you know if a property you’re looking at is a good value, or figure out how much someone would pay for your house? Buying and selling real estate has a big learning curve, so it definitely pays to do your homework – and, of course, partner with a real estate specialist who will provide guidance and shorten the learning curve.
Here are 5 ways to dig up the info you need:
1. Read up on the market
At the beginning of every month, the Toronto Regional Real Estate Board (TRREB) puts out a report on the previous month’s numbers for the GTA. That’s what all the newspapers base their reporting on. A little later in the month, Property.ca Inc. also puts out a monthly update that’s a good resource if you want to know what’s happening in the market right now and how it could affect you.
Plus, tons of helpful resources like this guide for buyers and this one for sellers have lots of information to help you get a good grip on the process, know how to tackle challenges, and more.
2. Look at sold and rented prices
If you’re in the market for a 2-bedroom condo on the Waterfront or you’re thinking of selling a 3-bedroom townhouse in downtown Milton, it’s a very good idea to see what similar places have been selling to get a sense of current market value. That way you’ll be able to get a good sense of what it will cost you – or what buyers would be willing to pay. But make sure you compare apples to apples: location, the state of the home, upgrades, and things like views and proximity to amenities also influence value.
You can find sold and rented data on condos.ca and property.ca – just toggle from “for sale” to “sold” or “for rent” to “rented” when you search. How to search sold and rented listings
3. Check price appreciation
As a buyer, how do you gauge a property’s potential? You probably want to know how much it might appreciate over the years you own it. The best way to estimate that is by looking at how selling prices have changed over time. That data is available on every listing on condos.ca and property.ca – scroll down to find the “Values and trends” section for an easy-to-read graphic that shows price growth (or depreciation).
4. Get to know the neighbourhood
There’s nothing like a little primary research to help you with your research: if you’re not familiar with an area, take an afternoon to walk around the area to see if you like it. Grab a coffee, people watch, peek into grocery stores, check out the parks, and talk to the locals to see what they love.
Once you’ve done that, get the scoop on the local scene online. Every listing on condos.ca and property.ca has tons of local demographic data. To access the neighbourhood demographics feature, go to any listing page and scroll down to see things like:
Household composition – mostly single-family homes? One-person households?
Number of owners vs. renters
Commute – how do most people get around?
Languages spoken
Average income and education
And don’t forget to talk to your Property.ca Inc. agent about the area as well – they’re all neighbourhood specialists with deep expertise in specific areas and buildings.
5. Talk to friends who have bought or sold
When it comes to real estate, experience is definitely the best teacher. Treat your friend to a latte and pick their brain about their purchase or sale. Find out what worked, what wasn’t so great, what they wished they had known and what they might have done differently.
Start building your knowledge on condos.ca and property.ca today.