Goodbye snow, hello sunshine! More GTA seniors packing up and heading south.
Like many aging Canadians you may be heading into this spring vowing that the past winter will be your last one spent in the cold temperatures shoveling snow. If you are a senior homeowner, the winter may have presented a number of challenges for you and the maintenance of your home. You may be thinking that now is the time to downsize, perhaps to a location with warmer weather such as Florida.
For many seniors in the Greater Toronto Area, Spring 2013 will be the best time to finally part ways with the houses they have called their family home for decades. As interest rates are expected to rise in upcoming months, buyers are coming out in droves this spring. As a result, now may be the best time of year for sellers to realize the highest prices for their most cherished assets.
If you are looking to downsize, there are plenty of options available. Some seniors will choose retirement communities, some will move into rental buildings, and others will take the proceeds from their home sale and reinvest in the condo market, both here in the GTA and in various cities across the US.
With the real estate market still recovering in many US states, there is a plethora of opportunity to own condos, timeshares or beachfront property in states like Florida at very affordable prices. Seniors can obtain spacious ocean-view units in buildings that cater to the aging population for only a few hundred thousand dollars. With similar units in the GTA going for upwards of a cool million, the Florida condo market is becoming more and more appealing to Canadian empty-nesters. Not only are the temperatures consistently moderate at around the 25 degree Celsius range, but there are plenty of wonderful things to do in the Sunshine State from lounging by the pool and golfing at resorts, to hosting your family’s winter getaway and trips to the state’s numerous tourist attractions and theme parks.
If you are considering downsizing this year with hopes of purchasing down south, I can help. Not only do I have experience helping with Florida purchases, I can provide valuable insight about the GTA market and help you sell your family home for the best price. I can also help direct you to some of the finest retirement communities and condo developments on both sides of the border to make sure that all your expectations are met and surpassed.
I welcome your call at any time.
RE/MAX West Realty Inc., Brokerage
Independently owned and operated
Office: (416) 588-6777
Direct: (416) 710-4383
March 5, 2013- The average selling price for February 2013 was $510,580 – up two per cent in comparison to February 2012. “Our current average price forecast is $515,000 for all home types combined in 2013”, said Jason Mercer, TREB’s Senior Manager of Market Analysis. To read more, click here.