I thought it might help you to have some intel on the state of the condo market in the GTA! As an article I read in the Toronto Star points out, “THE KEY TO SUCCESS IN REAL ESTATE IS KNOWLEDGE”. So check out the following facts/stats and then call your favourite Toronto Realtor! I have that knowledge! You know where to find me!!
The city of Toronto attracts between 80,000 and 100,000 new comers every year.
Canada attracts between 200,000 and 300,00 annually.
Since we have urban planning rules and regs, which are in place to maintain the beauty and order of our developed real estate, and since we need 900K to 1 MILLION new homes in order to keep up with demand, we will have to “grow UP and not OUT”.
We need about 40K new units/homes per year just to keep up with current demand and immigration flow; however we are only producing about 16K per year. So we are far from being over saturated as some might suggest. Additionally, there are very few (per capita) rentals available, which really influences people to buy…and with current costs of borrowing…it is definitely a good investment.
So Run, don’t walk to your nearest condo of choice, but bring me with you just to ensure you are properly guided through the purchasing process. That requires knowledge and expertise for a safe landing!!