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Why Invest in Toronto Pre-Construction Condos

Investing in Toronto’s pre-construction condos remains a lucrative prospect given its status as the largest city in Canada and the fourth largest in North America, coupled with boasting the country’s largest economy. With a population exceeding 2.8 million, Toronto is a diverse and vibrant metropolis, characterized by a skyline adorned with skyscrapers, office towers, and high-rise condominium developments, including the iconic CN Tower. Bordered by the Rogue River, Etobicoke Creek, Highway 427, Steeles Avenue, and Lake Ontario, the city’s geographical advantages contribute to its economic significance. Toronto is a global economic hub, recognized for its prowess in business, finance, culture, and the arts, making it a compelling destination for both residents and businesses. Renowned for its livability, Toronto stands out as a prime location for real estate investment, attracting investors seeking long-term value and growth. For the latest and most specific insights into Toronto’s real estate market, contact our real estate experts.

Toronto Real Estate Market

Toronto’s architectural style has evolved and grown over the years, with a number of buildings having been designed by world-renowned architects. This has made the city much more appealing which has led to an increase in new real estate developments. Thanks to these new developments, residents can now live close to their favourite landmarks and districts. This city is preferred by young professionals between the ages 25-35, especially around the downtown core area as that is where most of the new condominium developments are emerging. Currently, there are a ton of new pre-construction condominium projects in Toronto which are on sale that will not only provide a better living experience but also help with the overall growth of the city.

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Employment in Toronto

The estimated 2023 population of Toronto is 2,903,456, and as of November 2023, Toronto’s unemployment rate increased to 6.6%, down 0.1% from the previous month. Despite a gain of 18,500 part-time positions, there were 3,000 fewer total jobs due to a loss of 21,500 full-time jobs. Full-time employment remains 65,700 jobs below the July 2023 peak. Job increases were noted in agriculture, construction, transportation, warehousing, professional services, and public administration, while losses occurred in various sectors. The housing market continues to thrive, with growth in sales and construction.

Average Prices of Condos in Toronto

In 2023, pre-construction condos in the Greater Toronto Area sold at an average price of $1,411 per square foot. In the second quarter of 2023, the average price per square foot for new condos in the 905 region of the Greater Toronto Area (GTA) was $1,172, compared to the average of $1,673 per square foot in the former City of Toronto. The benchmark price of a resale condo by the end of 2023 was $724,200 in the City of Toronto. Prices have always been on an uptrend and continue to grow annually. On the other hand, the demand for rentals has intensified due to substantial immigration, decreasing affordability for homeownership, and a robust job market. The rental rates for Greater Toronto Area (GTA) condos continue to climb, reaching an average of approximately $2,800 per month in the second quarter of 2023. The rental market in Toronto has witnessed a remarkable surge, with average rent prices soaring by more than 40% since 2021. The situation gets even more challenging, a detailed examination of Toronto’s rental condo market unveils an even more constrained scenario, as the vacancy rates for condo rentals in Toronto stand at 1.1%

Learn More About the Toronto Real Estate Market

Whether you are in the market for a home for your family or as an investment vehicle, investing in Toronto real estate is bound to provide substantial returns. The rising popularity of condo living, primarily due to its affordability and convenience, has led both young working professionals and growing families to consider it as a housing option. It is predicted that by the year 2022, Toronto will feature the most high-rise condominiums globally. With the exciting atmosphere of the city, working professionals gravitate towards Downtown Toronto since it is home to much of the major entertainment and nightlife attractions. Downtown Toronto has experienced an upsurge in pre-construction condos for sale over the past few years, and this will add to the enterprising nature of this beautiful landscape. In short, now is a good time as any to invest in Toronto condos and homes as it will likely yield a very nice ROI.

Getting Around in Toronto

When it comes to transportation, Toronto proves itself to be among the most accessible cities in North America. The Toronto Transit Commission, the TTC, is one of the best options when it comes to traversing within the city and nearby areas. There are subway, bus, streetcars, and LRT available that can assist you in reaching your destination in no time and with ease. After New York and New Mexico, Toronto’s public transit system is the third-largest in the American continent. The city has also laid out plans to build a pedestrian-friendly streetscape by installing new LRT Lines and bike lanes.

Questions & Answers

Will the demand for pre-construction condos in Toronto continue to grow?
How much will my condo increase in value over 5 years?
Are new condos in Toronto a good investment?

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