The Toronto condo market has been the biggest driving force behind the Canadian housing market
According to industry reports, there are 148 condo developments under construction within the Greater Toronto area. This may sound like a lot of projects; however, many analysts believe that even once these projects are completed there will still be a high demand.
A recent article in the Global and Mail pointed out that changes in the housing market have made it more difficult for the first time home buyers to purchase a new home. The only option these people have is to live at home in their parent’s basement or to rent.
According to the Canadian Mortgage and Housing Corporation Toronto has a vacancy of around 1.5% which is a very good number for the healthy rental market and for the investors.
Also, some of the negative news in the media has made the Real Estate purchasers extremely scared. Hence, many of the purchasers are holding off from buying as they want to see what will happen in the next coming weeks & months. Last best time to invest was in 2008 and early 2009 during recession when there was no shortage of negative news in the media for the Housing Market. With so many options, the market has become an investor’s dream and now is the golden time to take advantage of some of the good opportunities.
The key to investing in real estate is looking for long-term value instead of just the quick flip.
Investors who buy condos for rental properties not only develop a stable, long-term source of income but once the principal is paid off, they have a solid asset.
As you can see from the images below that Toronto is growing. In order to get good ROI and build a solid portfolio of Real Estate assets one should start early and invest in this growing city that has the largest economy with strong economic conditions in Canada. It is a very good time to start now and get a bigger piece of a pie.
One of the forum regulars of Skyscrapperpage (who goes by the name Insertnamehere—yes, that’s actually his or her username) used Google Earth to generate a 3-D skyline that included majority of the planned and partly-finished skyscrapers going up in Toronto.
Insertnamehere even went so far as to colour-code them:
- WHITE = the project has had preliminary renders, but no application has been submitted.
- RED = the project has submitted an application to the city
- GREEN = the project has been approved, but has yet to start construction
- YELLOW = the project is currently in sales
- BLUE = the project is currently under construction
Click on the image below to enlarge them. Click here to view before & after pictures from my previous post of Toronto skyline.
|Rendering of Toronto Skyline in 2020||Toronto Skyline Aerial View|
|Toronto Skyline towards the East||Toronto Skyline in the Future|