Toronto’s Real Estate Market: Should You Invest?
Maintaining financial and economic strength, as well as seeking opportunities to increase your wealth, is what drives all of us to always seek out the next place to invest.
Making the decision to move forward with any particular investment opportunity takes a good amount of due diligence and trust in the information you have at hand.
There is no doubt that the Greater Toronto Area and nearby communities are driving the economic engine of Canada. The wildfire in Fort McMurray has affected thousands of people in Alberta’s oil patch. Localized economies have flagged in the eastern areas of Canada.
Toronto, however, is in an economic and real estate boom that has provided for some truly remarkable earnings for investors and high home valuations for owners, as I have shared with you in previous posts.
Larger population areas such as Toronto, you should know, have the economic stability and diversity to not only withstand poorer performing areas of Canada but to actually raise the economic picture of the entire country.
Toronto is often called “The centre of the universe” not only by its local residents but, jealousy, by people that live in other parts of Canada. There is a good reason for this:
- The population of 2.79 million in Toronto city limits (greater than Vancouver’s 603,500) and 6,159,900 in Metro Toronto (including suburban areas)
- Diversity continues to raise the standard of living for residents. Over 30 percent of Toronto residents speak a language other than English or French at home. Over 140 languages and dialects are spoken in Toronto
The population of downtown Toronto is expected to double by 2041, easily absorbing the continued condo building that is forecast over the same period.
Toronto is responding to this population boom with a new public transportation subway line that will allow these residents to move about the city more freely.
Toronto’s latest employment survey (2015) counted 1,422,280 jobs, an increase of 37,870 jobs or 2.7% from Toronto’s overall employment base in 2014.
This employment rate shows great continuing potential for the economy of Toronto and the continuing reason why businesses and employers continue to look to Toronto when they want to expand their customer base.
To sum up, not only is Toronto driving Canada’s economic growth but the city is well prepared to take care of its residents for many years to come.
It is easy to see that this will only continue to fuel the wealth potential for real estate investors in Toronto and the surrounding areas.
I have some new projects coming over the next few months (sorry, I can’t yet confirm sale dates or project details) but I am always looking for your best real estate investment opportunities in Toronto and area. Keep reading my emails as details are announced.