Investing in Toronto Real Estate
As far as real estate goes, the Internet has become an extremely valuable resource. Almost 75% of Canadians have said that they plan to use the Internet for their next real estate transaction. American investors have been migrating to Canada to buy properties during the past few years due to the value of the American dollar over the Canadian "loonie".
If you have been keeping your eye on the recent housing market, you can probably tell that the reason for the huge growth in property values comes from the influx of migration to the city paired with low interest rates, versus foreign investment. When looking at North America, properties in Toronto are some of the most popular. Toronto has it all, ranging from condos, to commercial properties, to family homes. If you make the decision to buy a Toronto property, you are certain to live in a city with excellent services, facilities, and entertainment.
The housing market in Toronto is mostly based on demographics because there has been a massive influx of over one million people to the greater area in the last decade. These new residents actually still have a need for housing. The door for speculation on the Canadian market has been opened due in part to people wondering whether the real estate market crisis in the United States would affect the Canadian housing market. The housing market has still been setting records for the last five years, despite the United States economic crisis.
A great example of the strong Canadian market is the fact that million dollar home sales across the greater Toronto area has risen over the 2006 figures. Many suburbians have been moving back to the city due to Canada's booming economy. Strong competition ensures that the prices can't be increased artificially, so the people purchasing homes are mostly families and downtown workforce. Check out this website at https://en.wikipedia.org/wiki/Real_estate and learn more about real estate.
The existing housing market is doing great, but newly built condos are also in extremely high demand each year. Condos are actually becoming a more and more significant part of the real estate market. Purchasing a Toronto condo is a great alternative as a first time homebuyer or if you are trying to reduce your current investment. The high price of Toronto homes makes it difficult for a large percentage of people to become homeowners, so condos are a great alternative.
Make sure you hire a professional real estate lawyer if you do choose to invest in Toronto real estate. It is also very important to get a good interest rate on your mortgage calculator in order to afford your investment and avoid being foreclosed on.