According to the CMHC. Canada’s housing market is not in bubble territory and faces “very little risk” of a downturn. Below are 8 statistics that help paint an accurate picture of Toronto’s burgeoning condo market.
The average rent per sq. ft. has risen 14.8% over the past 3 years in Toronto.
The average rent for condominium units is $550 more than purpose-built rental units.
Vacancy rates dropped to 1.6% despite rents rising more than 2.9%.
80% of immigrants moving to Ontario will decide to live in Toronto.
50% of all new immigrants are between the prime ages of 25-44.
91% of immigrants choose to live downtown and in major urban centres.
20,000 condo units are under construction per year.
This week we are hearing great news for those who already own a home or condominium in Toronto, or are interested in investing in the market. In just half a decade between 2014 and 2019, values have increased by more than 100%.