Real estate means any kind of property which can be in the form of land, business, apartment etc. The real estate is usually sold in two ways. The one method is the help from the real estate agent, who would guide the customer about the best quality of product at the lowest price available. The second of course is the way in which the buyer buys the property directly from the owner. In both the methods there are advantages and the drawbacks, as in case of help of the agent, he may overcharge the buyer and on the other hand the owner might play a trick with him.
The cost of real estate in a country like Toronto ranges from moderate prices to highly expensive one. For example, in the case of apartments we see that the greater the distance of the location from the city, lower is the price for the apartment. In general cases the apartments which are constructed at commercial areas or near them are provided with almost all types of facilities like telephone and internet connections, in addition to the continuous supply of the electricity and Sui gas.
On an average the rent for an apartment of bachelor is 550 dollars to 1900 dollars. This is the cheapest rate available in the city of Toronto. The low expense is definitely because a bachelors apartment at the maximum can accommodate one bedroom, one washroom, a little store and a kitchen. The apartments in which there are 2- 3 beds in addition to the presence of these facilities range from 9 to 00.
Likewise the rents for the offices also vary; the rents for the offices that are operating with good repute and are making money at high rates will high, while the offices who fail to operate well are rented out al low rate, the rents are set according to the structure and locality of the office. One interesting fact about the rent of offices is that these are charged per square feet of the area of the office.
The rent ranges from 4 dollars to 7 dollars per square feet and is continuously increasing each year. To this cost an additional factor known as maintenance taxes and building insurance (MIT)is added. The net rent is the sum of the original rent and the MIT factor. It has been seen that the cost of rent is continuously increasing due to the increase in population and less available space.
The rent on the land is less as compared to buildings, here again is the factor of distance of land from the city. But in the real estate circles the rent on the land is fixed by keeping in view the income invested on that land and the outcome that would come from that land. For example in case of fertile land, borrorrer would get a great business therefore its rent is greater as compared to the land borrowed for residential purposes. In a free market trade the rents on land are rapidly increasing as compared to the rents on land that are operating under government rule.
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