Condos are now the only affordable option for the average first-time homebuyers in Toronto. According to a recent survey by Re/Max, those planning to buy their first home in the Greater Toronto Area expect to spend $455,000 on average. With detached homes climbing over $1 million and semi’s and towns in the mid-700’s, they are all out of the question. Meaning, if you don’t have at least $700,000 it looks like you have no choice but to turn to condominiums. According to the Toronto Real Estate Board, the average Toronto condo costs over $415,000 therefore within the average budget of first-time homebuyers.
Whether you chose to go with a condo or have the means to go for detached, semi-detached, or townhouse living, be sure to call Tembo Financial. Tembo can help you to advance your equity and receive your money prior to your closing date. You could receive your funds in as little as 48 hours with no credit check and no appraisal*. Tembo offers this unique service to homeowners in the Greater Toronto Area and Ontario.
*Subject to qualification.