The quality of life in Toronto has attracted more and more foreigners and investors to live and build businesses in the city. This has resulted in the growth of Toronto real estate. As more people moved in to the city and settle there, the demand for houses and properties increased. The same way goes for investors who built their businesses in the city.
The city of Toronto has a strong and diverse real estate market that has stood unwavering even with the onset of the global economic recession. People who are looking for properties to buy or lease can select from exceptional sources of residential options such as houses, apartments, condominiums and lofts. All of these can be found in impressive and charming neighborhoods.
The average price of a home in Toronto as of May 2010 was $446,593. While a two-bedroom rental unit costs $1,100 per month on average. The cost of housing in the city depends on the type of neighborhood, location, amenities available, housing stock, and the access to transportation and emergency services though. When compared to other global cities, it remains to be one that has the most affordable and reasonable prices.
Whereas, when it comes to commercial real estate, the city is considered the largest office centre in Canada. With 116 million square feet of office space, a business owner could choose from a wide range of office space.
Although economists calculated a decline in real estate in Canada, it was not as severe as what other countries have experienced such as America. A very good example is the increase in the number of condominium units constructed in 2008. The sales for houses are relatively lower than that of condominium units, but it is still considered higher than the past years.
According to research done by the Canada Mortgage and Housing Corporation (CMHC) and the Scotia bank, there are a very low number of condominium units in Toronto that are vacant. This means that the demand for property in Toronto remains to be stable regardless of the worldwide economic crisis countries are going through.
To a large extent, foreign investors and buyers consider Toronto as an alternative to the more expensive cities like New York and London. The reason for this is because the city is receptive to the diversity of culture. It has been a home to different cultures and nationalities.
Whatever the reasons are for locals and even foreigners to invest in Toronto real estate, it is clear that Toronto has proven its superiority when it comes to real estate investment.
