Toronto is the most populous city in Canada, the provincial capital of Ontario. A 201, A 2013 report from the city estimates the Greater Toronto Area's population at over 5.5 million, making it the fourth largest city in North America.
Why should I invest in Toronto and the GTA?
With the market coming into scorching over heat in the last 6 months, its getting tougher and tougher to find any property to buy, nevermind one with cashflow. Though tougher, there are still many good reasons to look in this market including but not limited to:
- 30% of all immigrants to Canada will land in the GTA. Immigrants often make excellent tenants that will rent for a few years while they build up a downpayment and/or get their paperwork in order. This can make for great long term tenants.
- Toronto is rated the #1 city in Canada for foreign investment...and despite the new regulations put in place by the Ontario government to counteract this, many industry leaders feel this may not curb the seemingly insatiable appetite for local real estate. See our blog post for more on this: https://www.investorlife.com/foreign-money/
GTA Market Facts (2017):
- 2016 Vacancy Rate: 1.6%
- Average MLS residential sale price: $832, 655
- Average MLS Days on Market (DOM): 16
- Total Market Listings (MLS): 11255
- Average weekly earnings (ON): $962
- Average 2 bedroom rent: $1301
- Unemployment Rate: 6.7%
The demographics of Toronto make it one of the world's most diverse cities, with about 50% of residents having been born in a country other than Canada, and over 200 distinct ethnic origins represented among its inhabitants. The vastly international population of the city reflects its current and historical role as an important destination for immigrants to Canada. While English is the primary language spoken by the majority of Torontonians, there are over 160 different languages spoken in the city.