Following trends seen in New York and London, people are leaving the Greater Toronto Area for spacious pastures, but unlike the former two cities, a pattern unique to the GTA has emerged.
Historically low interest rates have been the impetus for a homebuying frenzy that’s swept much of Canada, but it’s also presented a unique, if a once in a lifetime, opportunity for real estate investors.
A consequence of the COVID-19 pandemic for landlords is that they’ve lost leverage over renters, but there are still ways to optimize the search for responsible, respectful occupants who pay rent on time.
With the novel Coronavirus putting everything on hold, Toronto investors were left scrambling to find tenants. The city’s rental inventory skyrocketed as students no longer attended classes in person, immigration came to a halt, employees began working from home, and short-term rental operators, like Airbnb, were hampered by travel restrictions.
The federal government intends to settle 1.2 million new immigrants over the next three years in a bid to catalyze economic recovery, and if there’s one sector of the economy that will benefit, it’s real estate.
When prices climb, first-time buyers flock to surrounding areas so get their feet in the door of the real estate market, like London, Ontario. But now, amid the COVID-19 global pandemic, first-time buyers are being priced-out as prices soar past $500,000.
Forecasting real estate hotspots requires the study of key market fundamentals, and in the Greater Toronto Area one of the main drivers is the millennial generation.
The strength of condominium investments in Toronto has diminished recently—first because of exorbitant carrying costs, and lately because of the novel coronavirus—but not only does selecting the right project buck those trends, it yields above-average returns.
Don’t believe the headlines—investing in Toronto’s real estate market is not a perilous venture.
Rental prices have been down $200-$400 on average in Toronto compared to this time last year and may continue to decline in 2021 until things open up again
Open houses are appointment-only as COVID-19 numbers spike again as of Saturday, October 17. Virtual meetings should be opted for instead.
Potentially record-breaking $500,000 bonus going to the REALTORⓇ of the buyer of this $13.8 million condo in Vancouver’s Japanese-inspired new development on Alberni Street.
Perkins Coie is pleased to announce that Devin P. McComb has joined the firm’s Seattle office as a partner in the Real Estate & Land Use practice
Grimsby skyline to be reshaped by tallest buildings in city: two-tower residential complex
Connect Asset Management Challenges the Financial Community to Invest in Downtown Toronto Real Estate for a Good Cause