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.
The number of millionaires in Canada will jump by more than half in the next five years, a faster growth rate than other developed countries like the U.S., according to a new wealth report from banking giant Credit Suisse.