Toronto Real Estate For Sale

On any given day in the year, there are hundreds, maybe even thousands, of properties in Toronto real estate for sale. Each home is listed at a specific price, but have you ever wondered how REALTORS® and appraisers figure out what price to ask? Here are some of the most important attributes that are considered in determining the appraisal and Market Value of a home.

The neighbourhood

If you've ever perused through the listings of Toronto real estate for sale, and anywhere else in the world, you'll notice that the first way in which properties are categorized is by neighbourhood.

The value of a property is determined by factors of the neighbourhood in which it is located. These include things like demographics, amenities, shopping, the level of pollution in the environment, and proximity to transportation routes, which all contribute to sustainability and the comfort of daily living. For example, the amount of crime in a specific area will adversely affect the price of a home, while neighbourhoods that are “family-friendly” could boost property value.

As a result, properties in more prestigious neighbourhoods in Toronto, such as Rosedale and Forest Hill, can be listed at a higher price than other neighbourhoods in the city.

Size matters

Obviously, size does matter when it comes to the prices of Toronto real estate for sale. Measured by square footage, factors that could contribute to price are the number of bedrooms and bathrooms, the size of the kitchen, and the presence of a garage with the ability to fit at least two cars. In the event that a garage does not exist, such as in the case of condominium building units and a few other residential structures, some type of parking space will significantly improve the value of the unit.

How's the condition?

The condition of the property will be assessed by a professional home inspector who will check the roof, plumbing, the electrical work, and other technical features. This is a comprehensive assessment of all aspects of the property. Should any features require attention to function properly, the value of the property will most likely be compromised.

How the market is doing at the time

An appraiser or REALTOR® will review the prices of similar Toronto real estate for sale, as well as how the real estate market is doing at that time. Supply and demand is key here. Then, a reasonable price for the property will be established according to this information.

Overall, these factors, along with others, determine the current value of the property in question.