The 2020 global pandemic impacted all parts of our society in different ways, and the Toronto Real Estate market was no different.
Following a two-month lull where there was little to no movement in the real estate market as people waited to get a sense of “the new normal”, the latter half of 2020 and 2021 resulted in the busiest and most dynamic market in this city’s recent memory.
While there were many factors which led to this frenzied market, many folks were driven by the desire for extra space, both in the home and the property itself. This led to an influx of people moving out of their homes in Toronto for homes in the suburbs, no longer tethered to the office or the desire to be near non-existent social amenities of the big city, they chose to leave the 416 proper for larger homes and properties at a lesser cost. At the time, it made a ton of sense.
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How Has the Toronto Real Estate Market Changed Since the Pandemic?
Fast-forward a few years, we’ve received many calls and emails from folks who made that change who are looking to return to Toronto, and that’s not exclusive to those who left in the last few years. Whether it’s a need to be closer to their work, a desire for certain Toronto infrastructure, or even sometime recent empty-nesters who want to be closer to the action with more time on their hands, we are receiving more and more inquiries asking us the following question: “How do I sell my home in the suburbs and move back to Toronto?”
What happens if you regret your home purchase? Read this post here to find out.
It’s a Big Decision
Moving into (or back into) Toronto from the suburbs is a major life choice, and not one that should be taken lightly. Understanding the process, formulating a strong plan, and having clearly defined expectations is crucial to making this move successful as possible. Working with the right agent – or agents – is the key first step in this process. While some prefer to work with the same agent for both the sale of the current home and the purchase of the new home, others would prefer to work with a different agent on the respective transactions.
In making this decision, it’s essential to weigh the benefits of continuity against the advantages of specialized expertise. Using the same agent can streamline communication, provide a cohesive strategy, and simplify the coordination of the sale and purchase timelines.
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Who You Work With is Just as Important
However, depending on how far outside of Toronto the home might be, the market can differ significantly, and we at TRG might not be the right choice to help you with the sale of the property, and conversely an agent who practices in a specific suburb may not have the knowledge or network to best navigate the Toronto market.
On the other hand, hiring an area expert for each side of the transaction ensures that you’re working with someone who understands the unique nuances of each market. Ultimately, your decision should be based on the agent’s track record, familiarity with both markets, and your confidence in their ability to handle your specific needs.
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How Can TRG Help You Move Back to Toronto?
A frank conversation between agent and client will go a long way. At TRG, I can confidently say that we are well equipped to handle a sale anywhere in the GTA (Toronto, York, Durham, Halton, Peel). Our product and area knowledge, proven listing and marketing process, seasoned pricing and negotiation strategies, and extensive network of contacts of agents and vendors allows us to confidently handle any listing that comes our way.
Beyond that, we’re fortunate to have access to trusted colleagues through our Bosley network, and we’re always happy to partner with them as needed. Bosley has offices in Collingwood, Port Hope, Cambridge, and Niagara, so whether you are coming from the North, East, West or South, we can partner you with someone who you can trust to handle the process professionally, who has boots on the ground in the area.
Further to that, Bosley is a member of the Leading RE network, which partners us with 550 likeminded brokerages across the world (30 in Canada), to give us access for further area expertise, or more niche area expertise, as the situation necessitates.
Find out how TRG actually does things differently. Get to know us here.
Should You Buy a New Home Before Selling Your Current One?
Ultimately, communication between the two agents is critical, so if you elect to work with two agents, doing so with two who are familiar with each other and likeminded can be a tremendous advantage.
One of the first conversations should be about timing of the respective transactions. When deciding whether to sell your current home before purchasing a new one or vice versa, it’s crucial to weigh the financial and logistical implications of each approach. Selling first can provide clarity on your budget for the new home and eliminate the risk of carrying two mortgages, but it may leave you in housing limbo if your new home isn’t secured in time.
On the other hand, buying first ensures you have a place to move into immediately, but it requires confidence in your ability to sell quickly and the financial flexibility to manage ownership costs of multiple homes. Speaking with your capable agent(s) to understand the market conditions and then considering both your financial situation and risk tolerance will help you to determine which path aligns best with your circumstances.
Is it better to buy first or sell first? Read this blog to learn more about which option would work best for you.
How to Sell Your Home in the Suburbs in Favour of Moving Back to the City
In terms of the sale, selling a suburban home requires a deliberate approach to maximize its value and attract the right buyers. In the less competitive suburban market, often steps can be overlooked as they aren’t necessary to stand out, but failing to do them can result in a slower sale and a lower sale price.
Doing to requisite painting, cleaning and minor renovations should not be skipped. Staging is essential to showcase your home’s potential, especially if your target market includes buyers moving out of the city in search of more space. Marketing the home effectively is another key factor; professional photography, virtual tours, accurate floor plans and multimedia marketing can help your property stand out, and is something that isn’t done by every agent, but should be.
Looking for more selling tips? Here are a few more posts you might find helpful:
- Should I Renovate My Home Before Selling?
- Why Your Home Isn’t Selling
- Should I Get a Pre-Listing Home Inspection?
How to Buy a Home in the City When You’ve Been Living in the Suburbs
On the buy-side, the Toronto real estate market is notably more competitive than most suburban markets, with high demand often leading to bidding wars and homes selling within days. To succeed in this fast-paced environment, working with a capable agent is critical.
Navigating scheduled multi-bid competitive offer nights, ensuring mortgage pre-approval is done to present an unconditional offer, understanding the nuance of the multiple different Toronto neighbourhoods and areas, these are just a few of the advantages partnering with a capable agent will afford you. The combination of preparation, an established network of relationships, and expert guidance is key to securing the right home in such a dynamic market.
Get more home buying tips with these posts next:
- Should I Buy a House That’s Been on the Market for a Long Time
- Are Interest Rates Actually Important When Buying a Home?
- What You Really Need to Know About 30-Year Mortgages in Canada
At the End of the Day, the Choice is Yours
Ultimately, moving back to Toronto from the suburbs is a significant decision that requires careful planning, strategic thinking, and the right team to support you. Whether you’re drawn back by the city’s vibrant lifestyle, proximity to work, or personal priorities, having a clear plan for both selling your current home and navigating Toronto’s competitive market is essential. Working with experienced agents who understand the nuances of each market can make the process smoother and more successful.
At TRG, we’re committed to helping you achieve your goals, whether through our expertise or our trusted network of colleagues. With the right preparation and professional guidance, you can confidently make this transition and embrace your next chapter in Toronto.
Ready to start your journey back to the city? Give us a call at 416.642.2660 or email us directly at admin@torontorealtygroup.com.
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