Toronto is one of the cities undergoing massive architectural development in Canada. Since the early 2000s, exquisite developments by renowned developers and architects have been on the rise in Toronto. According to real estate projections, this trend will see Toronto as the city with the highest number of skyscraper condominiums globally.
Investing in real estate requires detailed research of the city you’re looking to invest in and the surrounding areas. This helps you estimate how the market will be in the next few years or decade and whether the city or region is worth investing in. Therefore, if you’re looking to invest in Toronto real estate, this article will help you get a glance at why investing in new or pre-construction condos in Toronto is a great investment decision.
Why Should You Invest in Toronto Real Estate?
Toronto is the Financial Capital of Canada
Toronto is Canada’s business and economic capital. The city’s economy is centred around Canada’s Big Five Banks, which largely contribute to the economy. Toronto is home to some of the largest corporations’ and companies’ headquarters, including Manulife Financial, Canadian Tore Corp, and Woodbridge Company. In terms of business, Toronto provides an ideal environment for all types of businesses, which is why major companies such as Apple, Microsoft, and eBay have a significant presence in this area.
As a global business and economic leader, Toronto makes a perfect city to invest in new and pre-construction condos.
High Employment Rate
Toronto is one of the most populous cities in North America, and it still manages to maintain a low unemployment rate. This is because it’s a global hub for finance and business growth. As an investor looking to purchase a new or pre-construction condo in Toronto, a high employment rate favours you as there will always be people looking to rent or buy a condo in Toronto. As employment continues to increase, the demand for exquisite condos rises, increasing your condo’s value.
Entertainment in Toronto
Toronto is an entertainment district, and the residents get to choose from a wide variety of entertainment options, including cinemas, live performances, and festivals. There are also numerous movie theatres to catch the latest movies with your pals or family if you love movies. The city is also packed with nightclubs and bars to make your nightlife one to always look forward to.
Toronto has parks and other amusement spaces that provide perfect spots for entertainment and relaxation. Centreville Amusement park, Wonderland, Casa Loma, Playdium, and Fantasy Fair are just a few of the spaces that condo owners in Toronto can benefit from.
Other Amenities in Toronto
Apart from entertainment hubs and amusement parks, Toronto has a variety of amenities to offer its residents. For condominium owners in Toronto, top-of-the-line medical facilities are nearby, including Mount Sinai Hospital and St. Joseph’s Health Centre. There are exceptional Educational Institutions in Toronto, which provide high-quality education for residents. The city has some of the best secondary and postsecondary institutions, including international schools.
In Toronto, you can shop until you drop. The city has some of the largest and most extensive shopping centers in the world, including Toronto Eaton Centre, Yorkdale Shopping Centre, and more. Restaurants, five-star hotels, and other eateries provide exquisite cuisines for its residents.
Average Condo Price for Toronto in 2021
In 2020, pre-condo prices kept fluctuating due to the COVID-19 pandemic. The average price for condos in 2020 is currently $661, 458. This is around 7.45% higher than last year, which is slightly lower than expected. This is because, in previous years, the average price has been increasing in double-digits. The price for new and pre-construction condos are expected to remain low in 2021, at least for the first quarter, which presents an excellent opportunity for people looking to invest in condominiums.
The rental prices have also dropped by about 5% in 2020 compared to 2019. In 2021, the prices for both resale and rental condos are expected to appreciate.
Toronto is a financial powerhouse for Canada and one of the largest cities in North America. The city has one of the strongest and fastest-growing economies in the world. It’s also one of the most populous cities, as it has a population of more than 6 million people.
Toronto has a booming job market, exquisite shopping centers, excellent entertainment and amusement spots, top educational institutions, and a well-established transport system. This makes it a great city to invest in as all the amenities are within the residents’ reach.
It has one of the most diverse populations in terms of culture. As a resident, you get to enjoy the different cultural practices, cuisines, and other festivities in Toronto. The city integrates various communities from around the world, making it perfect for families and people from any religion or culture.
Toronto has one of the fastest-growing real estate markets in Canada, especially pre-construction real estate. According to the current projections, the city is set to have some of the most-admirable condominium developments globally.
Investing in the current market for new or pre-construction condominiums is investing in the future of Toronto real estate. Contact our real estate investment experts to learn more about condominiums in Toronto.
Accessibility / Getting Around
Toronto has some of the most efficient transit systems in Canada, making it easily accessible. The most popular means of transport within the city is the Toronto Transit Commission. This is a public transit system with an extensive combination of subway lines, buses, and streetcars throughout the city.
The Go Train system is another transit system that connects the residents of Toronto to the neighbouring areas. The above-ground transit system has 8 lines that connect different parts of Toronto and the nearby cities. Although its main station is the Union Station, the most utilized line is the Lakeshore West Line. This line has stations in Mississauga, Hamilton, Oakville, and Niagara Falls, among other stops.
The PATH System is an underground pedestrian system that connects Toronto residents to shopping centres, restaurants, stores, subway stations, parking garages, and commercial towers. The PATH is about 28 kilometres, making it the most-extensive underground pedestrian walkway in North America.
Downtown Toronto residents have access to two major highways, i.e., Highway 401 and the Gardiner Expressway. The two connect to the 427, which provides travel to the North and South parts of the GTA.
With such a wide array of transit systems to choose from, Toronto residents have an easy time moving around this fantastic city. Invest in new or pre-construction condos, and benefit from the city’s accessibility.
Which part of Toronto should I invest in?
The best area to purchase your new or pre-construction condo in Toronto should meet certain requirements. The location should provide easy access to transit systems and highways. The development you invest in should be close to amenities such as parks, entertainment hubs, shopping centres, schools, and healthcare facilities. This ensures that residents have access to everyday necessities. A location with high accessibility increases the chances of getting a tenant when the development is complete, or a buyer when you’re ready to sell your condo. Contact our real estate investment agents to learn about well-located pre-construction condos in Toronto.
How can I profit from the Toronto condo real estate market?
The goal of every investment is making a profit, and the real estate market is one of the most profitable and safe investments in Toronto. As a Toronto condo investor, you can profit by renting out your condo or selling it when the market is right. By leasing your unit, the rent will cover your mortgage and maybe leave some cash for your own use. If you invest in a fast-growing area, your investment will appreciate quickly over the years.
Will I be safe in a Toronto condo?
Toronto is the safest city in North America. Unlike other major cities, it has a low crime rate, making it a perfect city to invest in pre-construction developments. Therefore, as a condo dweller in Toronto, you will be very safe.
How much is the land transfer tax in Toronto?
Toronto is in the Ontario province. When purchasing a pre-construction condo in Ontario, you are subject to a land transfer tax by the province. The city of Toronto also charges you a separate land transfer tax. For first-time property owners, the city and the province rebate the land transfer tax. Contact our real estate investment experts to calculate your land transfer tax.