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.
For years REITs, pension funds and other institutional investors understand that student housing close to colleges and universities provide a consistent high performing investment. The proposition is simple, buy near a major post secondary institution and rent to students who require accommodations.
The average Toronto area re-sale home price rose 1.7 per cent year over year in January to $748,328, including single-family homes and condos, according to the Toronto Real Estate Board (TREB), which is forecasting a 4 per cent annual price increase for 2019.
Looking for a pad within walking distance of Toronto's subway system? Good call. You'll get around the city a lot cheaper and faster than you would by taking a car—you just may have to pay a bit more for your home upfront.