Investing in Toronto Real Estate
As the largest city in Canada, Toronto is diverse in nature and extremely popular. It is perfectly located on Lake Ontario’s shores where residents can enjoy a number of activities such as boating, kayaking, and sailing. The city is also home to several post-secondary educational institutes, three of which are top universities. Not only does this city offer a good education, but it also has many opportunities when it comes to employment. The growing economy of Toronto is defined by the list of newly constructed home developments as well as renovations that are constantly being completed throughout the entire city. Toronto happens to be one of the most popular choices when it comes to pre-construction homes and increasingly more people are choosing the GTA over other cities owing to its amenities as well as its excellent transit system, which includes buses, trains, subways, and streetcars. One of the most recognizable landmarks in the city is the famous CN Tower, which helps in making Toronto’s skyline unique and easily identifiable among other cities. Toronto’s real estate market is booming and with its diverse community, it is one of the best places to look for your new home.
List of New Homes in Toronto
Why Buy A Pre-Construction Home in Toronto?
Over the past decade, the city of Toronto has experienced a resurrection in terms of upscale condominium and home developments. Renowned developers and award-winning architectural firms have taken up the onus to construct state-of-the-art housing facilities for the inhabitants of this beautiful city. It is estimated that by the end of the year 2022, Toronto will be the worldwide leader in high-rise condo buildings. It has been observed that people of all age groups have a strong desire to settle in this city. Young professionals who fall under the age group of 25-35 years are more inclined towards residing in the core neighbourhoods of Toronto. In this area, there is an abundance of new pre-construction homes designed to suit the needs of the growing population, especially working professionals and nuclear families. Toronto is the economic powerhouse of the nation, characteristically dynamic in its demeanour with a favourable business environment. Luxurious housing facilities, top-notch transit options, career opportunities, and a vibrant lifestyle is what the city offers its residents. Below we have listed several new pre-construction houses in Toronto for sale. Each of these houses is unique in its own way, featuring a plethora of amenities, stunning interiors, and exquisite finishes. Register with us for first access to units, special incentives, and promotions and be a part of this dynamic city!
Jobs and Industries in Toronto
Toronto is perfect for people who enjoy living in big cities such as Chicago and New York. One feature of Toronto that makes it more appealing than those cities is the fact that it has a much lower crime rate than other similarly sized cities such as Los Angeles and New York. According to a Statistics Canada Labour Force Survey, more than 1.26 million people out of the total residents are employed, with service-producing industries being the most common among the residents with 85 percent or more of the entire population engaged in it. Toronto’s current focus is on continuing to improve the employment rate. Additionally, the unemployment rate will fall below 8% in the near future according to many studies. Experts are expecting to see continued growth in the domain of sales, construction, and prices, despite an already booming market for new house developments in Toronto. The city of Toronto has a little bit of everything for everyone. You will find that there is always something or the other going on throughout the year to keep you engaged and entertained. Numerous festivals and events take place during the warmer months, drawing people from all over the country.
Average Home Prices for Toronto in 2021
Homes in Toronto had an average selling price of $1,097,565 for the year 2021. New home listings in Toronto for the current year have reached a price per square foot of about $1,083. Prices grew at a rate of 21.6 percent this year. However, the average rate for rent is $2,700 for the city of Toronto at present. A rate of 3.5 percent for rental appreciation has been maintained for the last 10 years. With a vacancy rate that is currently at 1.5 percent, it is clear that the demand for homes is fairly high. On the other hand, the rate of resale appreciation is being maintained at 5.4 percent over the last 10 years.
Pre-Construction Homes in Toronto & Reasons to Buy
Whether you are interested in a new home in Toronto for business purposes or as a reliable investment, Toronto real estate is very likely to reap a favourable outcome. Toronto features countless family-friendly neighbourhoods with new pre-construction homes available for sale. This is an ideal opportunity for both young families or working professionals as Toronto is quickly establishing itself as a noteworthy real estate city on a global scale. Owing to the vivacious nature of the locale, young working professionals prefer Downtown Toronto as their preferred location since it is one of the liveliest corners in the city featuring an array of diverse entertainment outlets and recreational venues. Whereas families may feel more comfortable in the more spacious suburbs or residential neighbourhoods. Thus, it is a good time to invest in Toronto pre-construction homes as it will fetch you a very high ROI.
Commuting in Toronto
Toronto ranks as one of the most accessible cities in the whole of North America, and this is extremely evident with regard to mass transit. The Toronto Transit Commission (TTC) is often the best option when it comes to getting around the city. You have many options, including the subway, bus, and streetcar services that can help you get anywhere in the city in no time and without any hassle. Toronto’s expansive public transit system is among the largest on the continent. The Under Gardiner Park is also an exciting project currently in development that will add another interesting attraction. The city also plans to create a streetscape that is more pedestrian-friendly by implementing new LRT Lines along with bike lanes.
Questions & Answers
Land transfer tax is a tax that you, as the buyer, pay after the closing day when the deed has been transferred to you. This tax is even required when purchasing condos as they still count as land. Toronto homebuyers pay an additional land transfer tax on top of the general Ontario one. The amount you pay scales with the amount you are spending. For example, if the value is between $400,000 and $2,000,000, which the majority of Toronto houses would fall under, then you will have to pay 2% of that value in Ontario Land Transfer Tax, and an additional 2% for the Toronto Land Transfer Tax if the property is within Toronto. This tax is very important and must be paid by all homebuyers as there is no way to get around it. However, first-time homebuyers that have never owned property before can qualify for a refund for the Ontario portion of the land transfer tax.
Crime rates in Toronto are lower than many comparable cities in the world for all types of crimes. This is especially evident when comparing Toronto to similar cities in the US like New York and Chicago where there is a clear difference in the amounts of crimes and the safety of the city. Violent crime is especially low compared to other large global cities which allow citizens to feel safe at all times in Toronto even when walking alone at night. Having this level of safety while still being in a major bustling city makes Toronto one of the best cities to raise a family in, and the increasing number of new pre-construction homes means there is plenty of options for where to live. Some areas do have slightly higher crime rates than others but this information is all easily accessible online and should be noted when in the market for a home
With a pre-construction home, you are guaranteed to get the most up-to-date features including better efficiency when it comes to appliances, heating, and cooling. However, one of the most important benefits to buying a pre-construction home is that you get the chance to pay the lowest price possible which that home will ever sell for. This means you will immediately start seeing your investment appreciated and it will only go up with time. When buying an existing house there is always a chance that you won’t be able to resell it for much more, but a new pre-construction development provides a huge amount of room for ROI and profit.