5. TORONTO’S POPULATION IS GROWING
Canada’s high quality of living — Toronto ranks 16th in the world — is attracting migrating foreigners to our wonderful city. The Toronto Region’s population base is one of the fastest growing in Canada.
Toronto has more than twice the proportion of recent immigrants (8.4%) as Canada (3.5%) with approximately two million more expected by 2023. Investing in the Toronto condo market is a great way to add to the much needed rental supply.
It’s hard to keep up with the increasing demand for rental inventory but without the help of investors there’d be far fewer units being added to alleviate the strain on the rental market. According to a study by Ryerson last year, more than half of the 105,000 condos being developed in the GTA were investor-owned.
When you’re thinking about investing, think about what the city’s future holds. With several large commercial developments, massive transit plans on the horizon and our steady population growth, Toronto’s condo market is ideal for investors to see great returns. Toronto is a world class city but compared to other world class cities in the U.S.— and frankly, anywhere in the world — you’re paying less per square foot.
Toronto’s condo market is primed for profit, investing today will only benefit your future wealth. If you’ve been thinking about getting into the pre-construction condo market, book a call with me today and we can discuss the best options for you and how to start building your real estate portfolio.