The Real Estate Market in Toronto
The Internet has become a very valuable option when dealing with real estate. Nearly 75% of Canadians state that they will use the Internet for their next real estate deal. The value the American dollar holds over the Canadian “loonie” has caused American investors to migrate to Canada to purchase properties over the last few years.
If you have been keeping tabs on the recent housing market, then you’ve probably noticed that the cause of the enormous property value growth has risen from an influx of migration to the city, plus the low interest rates, versus foreign investment. When looking at North America, properties in Toronto are some of the most popular. Whether you choose to invest in a new condo, commercial property, or purchase a new house for your family, Toronto has it all. You are guaranteed to live in a city with great services, facilities, and entertainment if you decide to purchase a property in Toronto.
With the influx of over one million people to the greater Toronto area in the last decade, the housing market has become rather demographic based. There is actually still a huge need for housing for the new residents. The door for speculation on the Canadian market has been opened due in part to people wondering whether the real estate market crisis in the United States would affect the Canadian housing market. The housing market has still been setting records for the last five years, despite the United States economic crisis.
A Simple Plan: Homes
A perfect example of how strong the Canadian market is can be seen from the luxury Toronto real estate market, with million dollar home sales increasing over the 2006 figures. Many suburbians have been moving back to the city due to Canada’s booming economy. The fierce competition makes sure that prices can’t be raised artificially, therefore the people purchasing homes are mostly families and downtown workforce.
Incredible Lessons I’ve Learned About Properties
Besides the fact that the existing housing market is doing great, newly built condos are also in very high demand each year. Condos are actually becoming a more and more significant part of the real estate market. If you are a first time homebuyer or if you are looking to decrease your current investment, the Toronto condo market is an excellent alternative. Due to the high cost of Toronto houses, a large percent of the population can’t afford to become homeowners, which makes condos the perfect alternative.
If you do decide to purchase Toronto real estate, make sure you hire a professional real estate lawyer. Also, it’s essential that you get a good interest rate on your mortgage in order to afford your investment and avoid foreclosure.