Toronto is the most populated city in Canada and the financial and economic capital of the country. This makes it one of the hottest real estate markets in the country and, therefore, a difficult place to find an apartment. So, how far in advance to look for an apartment in Toronto?
If you plan to move to Toronto, there’s no rule on when to start searching for houses. But apartments are listed two months before they’re vacant, so that’s an excellent time to start looking. It’s vital to know about the city’s real estate market, such as the type of apartments and ways to find one.
Understanding the real estate market will help you in your search for an apartment. This article explains the Toronto real estate market and everything you need to know about apartment hunting in the city.
When Should You Start Looking for an Apartment in Toronto?
Toronto is notorious for its expensive real estate market. Whether you’re buying or renting, finding an affordable place can be pretty tricky. This means you may need a lot of planning and searching to get a suitable apartment. Thus, you need to start searching in advance, and the best is at least two months ahead. Apartments are usually listed for rent two months ahead of being vacant, so it gives you the chance to get what you want.
But this doesn’t mean you can’t start earlier or later. Several other factors determine how quickly you’ll find an apartment in the city. Your budget, preference, and type of apartment, are only a few of those factors. It might take weeks or even more than a month to get the apartment you want. But if you aren’t planning to move in the next six months, you won’t likely find an apartment in Toronto.
Types of Apartments in Toronto
When looking for a place to rent in Toronto, the kind of apartment you’re looking for may affect how easily you’ll find a place. Here are the main options in terms of apartments in Toronto.
These buildings are usually owned and managed by individuals. They can be suites or flats, and there are high-rise and low-rise apartment buildings in the city. However, apartment buildings aren’t so many in Toronto, especially when you consider the demand for housing.
Most apartment buildings in Toronto are quite old as no one is building new ones. But there are still great buildings. There are also newer rental buildings currently in construction. Finding vacancies in these buildings might be difficult. But you can be one of the lucky few to find an opening in a quality apartment building.
The housing demand in Toronto has made many homeowners convert part of their homes into an apartment for rent. Some even convert the whole house into several apartments. Renting a house in Toronto means you get to live in a residential neighborhood. This usually comes with an outdoor private space, and you can even get parking space if you’re looking.
Houses can be duplexes or triplexes and come in various forms. They include a townhouse, semi-detached house, and detached house.
Condominiums are the rave in many cities. You’ll find several condos in Toronto. A condo gives you a great chance to fully enjoy what the city has to offer as condos are usually in great locations. Many condos also offer amenities such as a pool, gym, party room, concierge services, etc.
Condos are usually owned and managed by real estate companies. Each condominium has its own rules, and you’ll have to comply with them.
Single room apartments are also common in the city. Some have a bathroom and kitchen, while others share a kitchen, bathroom, and living room.
How to Find an Apartment in Toronto?
Finding a place in Toronto can be quite complex for anyone. But there are two options you can maximize if you’re planning to get an apartment, and they are:
Use a Real Estate Agent
The easiest way to get an apartment in Toronto is to ask a licensed realtor to find it for you. Real estate agents have access to hundreds or even thousands of listings within the city. So they can quickly help you find the apartment that matches your exact taste, and all you have to do is go there and inspect.
Real estate agents will handle the whole leasing process, from finding the apartment to negotiating the lease to closing the deal. What makes it even better is that the landlord has to pay the realtor’s commission. So, you get quality service for free. But it isn’t so free because apartments listed with realtors usually have higher rents to cater to the commission.
Do it Yourself
You can choose to find an apartment in Toronto yourself. But, of course, you should know this will take your time and energy. It might not even be worth the money you’ll save by not using a real estate agent. But if you still decide on doing it yourself, there are plenty of resources online to help you find an apartment.
There are various free platforms like Kijiji and Craigslist where you can find house listings. The challenge with these platforms is that there are scams on them. So, if you’re using it, make sure you see the apartment and confirm the person owns it before paying.
Getting an apartment in Toronto can be quite challenging, which is why you need to plan. If you’re planning to find an apartment, you should start looking at least two months in advance. This is because most properties are usually listed two months before they become vacant. You can also search for apartments by yourself or use a realtor. With this, you’re more likely to get a satisfying apartment.