With a large population of over 2.7 million people, and its ranking as North America’s fourth most populous city, Toronto, Ontario is a hub for business, leisure, and international culture. Spanning an area of 630 sq./km, the city overlooks the shore of Lake Ontario and features a distinctive architectural mix of mid-19th century buildings and modern high-rise towers. Known for its multiculturalism, Toronto has a very diverse population made up of residents from around the world. With over 140 spoken languages, the city celebrates all nationalities and is undoubtedly one of Canada’s most attractive places to live.
Being such a major centre, Toronto enjoys a healthy economy and is a hub for both business and finance, as well as arts and culture. As well as being Canada’s financial capital, it’s also a centre for media outlets, IT companies, banks, publishers, film and television production companies, and hotels. Toronto enjoys a fairly low unemployment rate, with the services and domestic sector being the key drivers in employment growth. It’s a vibrant city with a lively atmosphere and a number of attractions, including the Toronto Zoo, the Eaton Centre, and a very strong performing arts scene.
Lake Ontario plays a large role in Toronto’s climate, which consists mainly of hot and humid summers, and fairly cold and snowy winters. The city is fairly flat with gentle hills that slope up from the lake shore.
Popular areas in Toronto include: East York, Etobicoke, North York, Old Toronto, Scarborough, High Park and York.
With a growing real estate market, Toronto is a property hot spot and has followed a similar trend to cities like Vancouver. It’s predominately a seller’s market and has been for a few years, largely driven by a demand for single-family, detached and semi-detached homes which have seen a rapid price increase. Many buyers are looking towards more suburban areas due to the price growth in more central neighbourhoods.
The city is known for its eclectic housing mix, and features a characterful mix of Victorian-style heritage homes, post-war homes, and high-rise, modern glass condos. Whether you’re searching for a small home, or something large and luxurious for the family, Toronto has a varied real estate market, and there are many neighbourhoods to choose from. 2017 and 2018 will see between 36,000 to 43,000 new housing units, due to an increased demand for housing – especially low-rise, single-family homes. Condominium and high-rise developments also contribute to this number. Demand for rental accommodation is also high, especially due to Toronto’s large immigrant and millennial population, with purpose-built rental properties on the increase.
Not only is Toronto a hub for business, finance, culture, and tourism, it also enjoys a growing and successful market. However, affordability is a concern, and due to the rising cost of single-family homes, many buyers are turning to multi-family homes such as condos and townhouses, which are generally much cheaper. While the demand for single-family detached homes is high, but inventory is low, condos and townhouses are more abundant, and the supply isn’t as limited. This means that such types of properties are available at both lower and higher price points.
Low mortgage rates create favourable conditions for buyers, especially first-time buyers, and the resale market remains strong especially for those between 25-44. Properties in the Greater Toronto Area are predicted to rise in value significantly, and an increase in listings is predicted for condos and multi-family dwellings, due to an increase in new developments. More affordable markets such as Halton and the Durham Regions are expected to see growth, however properties there can still be purchased well below the GTA average house price.