The Regional Municipality of Durham, aka the Durham Region, provides a place where many Ontarians can buy an affordable home within close proximity to the city of Toronto. For those who work in Toronto but want to live somewhere that has more of a rural atmosphere instead of a big city vibe, the Durham Region offers ample property options for purchase. The area is made up of different municipalities that are accessible to Toronto via highway and a vast public transit system.
The expanse contains the towns of Ajax and Whitby; the townships of Brock, Uxbridge and Scugog; the cities of Oshawa and Pickering; and the municipality of Clarington. Furthermore, the First Nations reserve, Misssissaugas of Scugog Island, is also found in the Durham Region. The area has 644,910 residents and if you’re thinking of becoming the 644,911th, you will need to take certain steps to buy your dream house in the region.
The first step in finding a property to purchase is to contact a realtor. You can use the resources of the Durham Region Association of Realtors to find a real estate agent to work with. DRAR holds its members to high industry standards and plays a large role in helping current home owners sell their homes as well as aids future home owners in buying their dream houses.
Before purchasing a property, you will need a mortgage. If possible, work with a mortgage broker who knows the Durham Region. Your broker’s job is to represent your financial situation to different lenders in order to find the best mortgage for you. Mortgage professionals are capable of not only finding the perfect funding package to allow you to purchase your dream home, but they will also get you the best interest rate.
Fast Facts about the Durham Region:
Your home is your most valuable asset. It is probably the single largest investment you will make in your lifetime. Your home is more than a place to rest your head and raise a family. Your home contains equity. It is a treasured resource and in some cases, can even be used as an ATM (aka cash back mortgages and HELOCs – don’t worry we’ll get there).
Everyone who is looking to purchase a home will need a mortgage. But, what is a mortgage exactly and why do you need it? Besides being the term to describe a loan secured by real estate, a mortgage allows you to access funding to procure your dream home.
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Many first time home buyers have heard the term “mortgage insurance” but may not understand what it is and why it’s necessary to have. Read More
For new homeowners, or for those looking to renew a lease, rising interest rates will have an effect on your finances. Read More