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And when it comes to the best waterfront views of Lake Ontario, Toronto is one city that tops the list. The city stretches for 46 kilometres along the lakeshore, offering a range of scenic views to homeowners and visitors. So, if you want to own a waterfront property near Lake Ontario, Toronto is one of the best destinations for it.
While there’s no doubt that waterfront MLS listings in Toronto are appealing, there are some unique challenges you must consider when buying them. Luckily, for those interested in waterfront properties, asking the right questions can make the process easier. So, if you’re thinking of buying a Toronto property along Lake Ontario’s shoreline, make sure to ask these questions first before making a final call.
Questions to Guide Your Decision on Buying a Waterfront Home
Property Lines and Ownership
How Far Out Onto the Lake Does My Property Ownership Extend?
For most waterfront MLS listings in Toronto, the ownership ends at the shoreline, not the water. The reason for this lies in the Beds of Navigable Waters Act of Ontario. According to this Act, the province owns the bed (land) under most navigable bodies of water.
But there may be some exceptions to these waterfront properties. For instance - properties near smaller, non-navigable bodies like creeks or brooks might have different ownership rules.
Also, even though you don’t own the waterbed, you might have riparian rights. These rights give you specific privileges such as accessing and using the water for personal reasons (swimming, fishing) and enjoying unobstructed water flow.
History and Condition of the Property
How old is the property, and what is its current condition? Have there been any major repairs or renovations, especially related to water damage?
Unlike an MLS listing Toronto in the inland, waterfront properties face unique hurdles because of their proximity to water. This is why you must know about the property’s age and current condition.
Older homes in the waterfront areas may have outdated plumbing or electrical systems which can be expensive to repair or replace. You must also inquire about past repairs done in the home, especially those related to water damage.
Ask for documents of any major repairs in the waterfront property and the cause of the problem. If there have been no major repairs, make sure to factor in the potential cost of future maintenance in your budget.
Waterfront Access
What kind of access do I have to the waterfront - beach, dock, boat launch?
You probably want to buy a waterfront Toronto MLS listing so you can have direct and easy access to the water. But if the property doesn’t provide convenient access to water, all your dreams and plans will go to waste. This is why before investing in waterfront property, ask how you can access the water.
Here are the different water access levels from a Toronto property -
Direct Waterfront Access
Private Beach - Some waterfront properties have a natural beach area on their property line. This offers homeowners direct access to the water for swimming, sunbathing, and launching small boats.
Dock or Boathouse - Many waterfront properties have built-in docks or boathouses, allowing homeowners to easily access the water.
Indirect Waterfront Access
Shared Beach Access - Some waterfront communities have a shared beach area for residents. This can provide you access to swimming and sunbathing but it won’t be as private as a personal beach.
Public Park Access - Many waterfront MLS listings in Toronto are also located near public parks with beaches or boat launches.
Flood Risk and History
Has this waterfront property ever flooded? What is the flood zone designation, and what are the insurance requirements?
To know whether the property has been flooded before, check historical records with the help of your Realtor. Knowing about this will help you understand the likelihood of such events happening in the future.
Secondly, look at the flood zone designation of the area through FEMA maps that assess the flood risk of a location. High flood-risk zones are typically labelled A to V and they face a much greater chance of flooding than low-risk zones (labelled B, C, or X).
By understanding the flood history and flood zone designation, you can evaluate the insurance requirements of your would-be home. Mortgage lenders may require flood insurance for waterfront MLS listings in Toronto in high-risk zones.
Waterfront Structures
When was the bulkhead or seawall last inspected? Is there a dock, and is it permitted and in good condition?
Bulkheads and seawalls are walls that hold back the soil behind your property and protect it from erosion caused by waves and currents. These structures take a beating from the water and weather. So, regular inspections are a must to catch any cracks, leaning, or deterioration in these structures before they can cause serious damage.
Unlike bulkheads and seawalls, docks add value and enjoyment to the Toronto MLS listing on the waterfront. But this is true for the dock only if it’s safe and legal. Otherwise, unpermitted docks or those in poor condition can lead to fines and expensive repairs.
Considering the importance of these structures, make sure to ask the above question to the home seller before committing to the property. After all, you don’t want to buy your dream waterfront property only to discover later on that the seawall needs a major repair or the dock is illegal and has to be removed.
Future Development Plans
Are there any planned developments or projects nearby that could impact the property? What are the long-term plans for the area, including potential changes to water levels or shoreline management?
For homebuyers considering a waterfront MLS listing in Toronto, understanding future development plans in the area is a must. This is because Toronto’s waterfront area is undergoing a massive transformation.
Waterfront Toronto, the government agency spearheading the revitalization is aiming to create sustainable, mixed-use communities. This means new developments such as residential units, commercial spaces, and public areas will come up in the waterfront areas. This will undoubtedly enhance your convenience and overall quality of life in the waterfront neighbourhood.
But keep in mind that the construction can also lead to noise, dust, and traffic disruption in the short term in your Toronto home. Hence, staying in the know about the development timeline of these projects can help you manage expectations. Also, depending on the specific project, there might be limitations on future views or increased density.
There's More to Think and Consider About When Buying a Waterfront Property
There are more factors to weigh when buying a waterfront Toronto MLS listing. This is because purchasing a waterfront property isn’t just about the house; it’s about the location and all that comes with living by the water. However, homebuyers fret not - with thorough research and asking the right questions, you can make a smart home-buying decision.