Have you been planning to buy a house? If yes, there are changes you must understand first. For instance, with the ongoing changes to the home loan rules, most first-time house buyers might be forced to buy condos as they represent the best option. This being said, one should understand that purchasing a condo in Toronto represents the best long-term investment.
It would seem that Toronto is experiencing one of the best real estate (condo) period in its history. If you’re looking for an investment property, you should contact a real estate agent to help you. According to experts, this might be just the start as it seems the town has the potential to give better real estate deal over time.
With Toronto enjoying the real estate bubble, many people would like to take advantage of this situation. However, most would like to know how the prices in Toronto compare to other major cities around the world. Fortunately, Condos.ca managed to carry out the research and compiled a comprehensive report on the same. While explaining how the study was carried out, the analyst calculated the number of years one would take to purchase the property. This was arrived at by taking the price of the property and dividing it by the annual income.
The findings given indicated that the prices of condominiums in the cities of Toronto could not be labeled as overinflated compared to all the other cities. Going by the findings of the research, it would be worth noting that Toronto represents the best option for all potential property buyers. This is a result of the low prices that the condo are going at against the expected future price. The low prices mean that the house will fetch much more when in the future if you decide to sell it.
Even though costs have gone up in Toronto over the previous decade, with respect to 18 other world-class urban communities such as Tokyo, London, New York, among others, purchasing a condominium in Toronto represent the best deal as it is the least expensive.
As indicated by Insights Canada, Ontario’s will have significant demographic changes with its population anticipated to grow by 30 percent, or practically 4.2 million. This implies by the year 2041, which is a span of twenty-two years from now, the population of Ontario will have reached 18 million people.
During this time, the Greater Toronto Area (GTA) is anticipated to be the quickest developing region of Ontario. There are projections that the number of inhabitants in the Greater Toronto Area will go up by a margin of about 43 percent, which translates to more than 2.8 million people, which would make the population would be more than 9 million by 2041. This would mean that GTA’swould play host to over half (53%) of the entire Ontario population in 2041.
The research that was carried out by condos.ca further infers that with this anticipated population growth, condominiums will be a genuinely necessary wellspring of settlement since there isn’t sufficient land to keep on creating freehold family homes in the downtown center. The research goes on to say that with a steady population increase, matched with continuous new development across the entire GTA, they predict investing in the Toronto condo market to be a smart move with lasting value.
Of the members of the G8 – first world countries – the average square foot of a condominium is lower in Toronto compared to the other cities. Put into context, the information obtained from the study demonstrates that the market in Toronto has a long way to go and also it shows there is significant room for improvement. However, this should not act as a hindrance, and people should look at investing in real estate for future gains.
