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 government is earmarking $1.25B over 3 years for something it's calling a 'shared equity mortgage'. The federal budget unveiled on Tuesday includes a plan that could see Canada's housing agency, the CMHC, pitch in up to 10 per cent of the purchase price of a home, if the prospective buyer qualif