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How Much Income is Needed to Buy a Home in the GTA?

It’s a well-known fact that buying a home is a serious process, one that’s going to require a lot of research and due diligence. In order to even become a potential homeowner in the GTA area, you may have to make much more money than you had initially thought; odds are you’ll need to be in the six figure income bracket. Apparently, you need to earn about $124,153 CAD on a yearly basis (total throughout the household) in order to afford a home in the GTA. It’s for good reason, of course; the GTA is one of the most prominent regions in Southern Ontario. The location is great, the communities are awesome and there is just an abundance of positive traits to be taken into account. With that being said, it’s simply not attainable for everybody. Six figures is a lot of money to be made throughout the year, especially when you’re part of the newer generation.

If you’re in the group of Gen Y or any newer generation, gathering the amount of money needed to make a large deposit (a down-payment for your home) is going to be tough. Regardless of whether you’re looking into condo’s or a detached house, the price is always seemingly the same. Although, if you’re earning a bit less than the six figures per year, you can still find something reasonable. The location may not be the best (it’s not Toronto, but Brock near Lake Simcoe is a perfect example), but the pricing is going to be right. The six figure need has utilities and taxes factored in, and applies to every type of home you could imagine (whether it be a townhome, a bungalow, semis or condos) – so it’s pretty much set in stone. When it comes to buying a condo, you’re going to need an additional 6 percent of income to work with, especially if you want to live somewhere prominent, like Richmond Hill. Want a three car garage? That’s going to cost at least $1.5 million. The market is definitely high these days!

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Condos vs Suburbs… Which Is Best For Families?

In recent years, a growing number of families have been favoring life in an urban condo over a house in the suburbs. Yet, suburbanites vehemently proclaim that the suburbs are more suitable place to raise a family. But how true is that clean? Let’s have a closer look.

Quality Time

It isn’t uncommon for GTA residents to spend between 30 minutes and an hour commuting each way to work. Over the course of a year, that adds up to days spent away from the home, sitting in your car. We’ve often heard parents complain that they barely get to see their young children during the week because they get home shortly before their bedtime.

With a condo in Liberty Village or another part of the city, that commuting time is cut down dramatically. Plus, with the nearby public transportation options, there’s no need to use the car at all.

Significant Cost Savings

When living in a condo downtown, not only will you find that you use your car far less, you may find it unnecessary to have it at all, particularly if yours is a two car family. You’ll also save on some of your energy bills since there isn’t a house to heat.

A Varied And Diverse Environment In Which To Raise Your Kids

Life in the city brings access to an incredible range of artistic, cultural and educational activities. Your children will have the benefit of experiencing people of different ethnicities and cultural backgrounds, providing a richer and well-rounded experience.

There’s also a plethora of great family-friendly activities only a stone’s throw away. You’ll love taking the kids to nearby playgrounds, parks, museums and movie theaters.

Families In Downtown Condos Tend To Be More Active

With all the amenities like schools, shops and parks within walking distance, you’ll find you spend far less time in the car and more time walking, biking or taking public transit. All of this adds up to a more active, physical lifestyle.

Boosting Social Skills And Self Confidence

When children have the opportunity to interact with a larger number of culturally diverse people, their social skills tend to be better developed. Life in the city also helps improve their sense of self-reliance and confidence as they learn to navigate the street and use public transit and the subway.

These are just a few reasons that more and more families are trading in the backyards and picket fences for life in a downtown or Liberty Village condo. It seems a simple choice if it means you’ll be able to spend more time with your family, save money and provide a fuller and healthier childhood for your kids.

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The Importance of A Home Inspection

If you are in the process of purchasing Liberty Village real estate, many different components must come together before you can move in to your new home. Even after you have found the ideal location, made a deal and secured financing, a professional home inspection must be part of the equation. Some see it as an unnecessary expense, but without it, you are asking for trouble.

Why is a Home Inspection Necessary?

A home inspection refers to a visual inspection of the condition and structure of a home. It is carried out by a licensed home inspector and includes things like the plumbing, electrical, ventilation, foundation, insulation, doors and windows, exterior walls, ceilings and floors, roof, heating and AC systems and drainage. For King West Condos that have common areas for residents, the home inspector will examine those, as well.

An inspection is necessary because it will reveal any issues that are present or just below the surface, ready to make themselves known. When a home inspection reveals problems with any one of the components mentioned above, it is brought to the attention of the current owner and revisions are made to the offer, or it may be rescinded altogether. There are countless tales of naïve homeowners buying a home with no home inspection, only to have to pay thousands for repairs shortly after moving in.

Using the Results to Your Advantage

Like any area, Liberty Village real estate also requires a professional home inspection, just to be safe. Having a home inspection on your King West Condo means you might be able to negotiate for a better deal based on the results. At the very least, the current owner will have to make the required repairs, and you won’t have to concern yourself with those issues after you move in.

Hiring an Inspector

Hiring a reputable, experienced home inspector is key when in the market for a prime piece of Liberty Village real estate. Shop around a little, and ask the important questions before you allow him to represent you. Ask for a copy of the inspection report, whether he has the necessary insurance, if he has references and if he has experience in properties like King West Condos.

If you are going to go through the process, it makes sense to do it right. The fewer unpleasant surprises you receive in the home buying process, the better, and a quality home inspection is a great way to start.

Condomove.ca agents can help connect you with a veteran inspector to best serve your needs. Visit our Toronto Home Inspectors page here.

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About DNA 3 Condo in Liberty Village

There’s no question that anyone searching for a Liberty Village condo has a lot of exciting addresses to choose from. After all, Liberty Village in Toronto is one of the hippest and trendiest areas in the city, and people from all walks of life like to be part of the scene.

There’s nothing quite like living right in Liberty Village, and DNA 3 certainly takes that experience to another level.

The Basics of DNA 3 Condo

DNA 3 is a new condo development at 1030 King St West in Toronto, by Canderel Residential. There are a total of 600 units, and the project was completed back in 2014. As the name suggests, DNA 3 is the third phase of the DNA projects, and it complements the other two buildings perfectly.

Lobby-DNA-3
Inside the lobby at DNA 3 Condos

On the ground floor of DNA 3, you’ll find shopping and banking options with a TD Bank, Loblaws, and Urban Market Grocery. There is also a Sleep Country location for when you need a new mattress for your Liberty Village condo. The building has a glass exterior, making it stand out as yet another symbol of elegance in Liberty Village.

Inside the Units

Inside the units at DNA 3 condo, you’ll find a range of features that will make you never want to leave. The units offer modern kitchen designs that are as unique as they are stunning. These include a Caesar stone countertop, stylish island, back painted glass backsplash, halogen track lighting, and stainless steel fridge, oven, dishwasher microwave and hood fan.

In the bathroom, you’ll find a custom-designed sink, deep soaker tub, mirrored medicine cabinets, separate shower stall and a contemporary vanity. There is engineered wood flooring throughout the units, except for the bathroom and laundry room, which both feature porcelain tile. The ensuite laundry closet also features a stacked washer and dryer, so you never have to do laundry anywhere else.

Awesome Amenities

Some of the amenities available to residents include an exercise studio with yoga room, changes rooms, and the first “rain room” in Toronto. Residents also have access to private party rooms, games room with a lounge and bar, a theatre room and complete business centre. All of these amenities make DNA 3 a sought after place to live, as if Liberty Village in Toronto wasn’t enough on its own.

DNA 3 is the ideal Liberty Village condo for anyone looking to take advantage of everything this exciting part of the city has to offer.

Looking to buy or sell in DNA 3 condos? Check out DNA 3 condo units for sale and rent here. Also included is more about the building and floorplans for each unit.

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Land Transfer Tax in Liberty Village

It’s easy to get caught up in the trendiness and visual appeal when considering condos in Liberty Village, but there are always details that are part of any real estate transaction. Down payments come to mind, but there is another that a lot of would-be Liberty Village condo owners don’t know about, which is part of your closing costs, called land transfer tax.

What Is Land Transfer Tax?

Land transfer tax is a real estate closing cost that’s payable in many Canadian cities, but not all of them. Residents in Nova Scotia, Alberta, and Saskatchewan don’t need to worry about land transfer tax, but everyone else, including people buying condos in Liberty Village, do.

Land transfer tax is a tax paid when properties change hands, and must be paid by the buyer of the property. The amount of land transfer tax that must be paid can range from a half percent, all the way up to two percent of the overall value of the property. Since real estate prices in Toronto continue to climb, the amount of transfer tax buyers must pay is also increasing.  

In some provinces, including Ontario, the taxation system is multi-tiered, making the process a little more complex. For condos in Liberty Village, the amount is 1% of the total property value up to $250,000. From $250,000 to $400,000, it rises to 1.5% and it is 2% for properties over $400,000. As you can see, the amount of land transfer tax you have to pay can add up quickly, depending on the type of property you buy.

Around the Neighborhood

Taking a quick look, it can be easy to think that condos in Liberty Village make up the entire neighbourhood, but nothing could be farther from the truth. There is a multitude of chimney stacks that indicate the area’s industrial roots, but the condos, retail areas, and office space have helped transform Liberty Village to something truly unique. Young professionals from around the city and beyond inquire about real estate in Liberty Village on a regular basis.

Within the community boundaries, you’ll find art galleries, restaurants, cafes, design shops, high-tech start-ups, and nightlife. Anything you can’t find in Liberty Village is just a short walk or streetcar ride away, but many residents like to remain in the area whenever possible.

While the land transfer tax you will pay on your condo in Liberty Village may be a little tough to swallow, you will be paying it no matter where you move in the city, and you may not have all the benefits of living in this thriving neighbourhood.

For more information on land transfer tax info and calculators, visit our education center.