Culture, History, and Business
Toronto, the provincial capital of Ontario is home to over 2.8 million residents, while its census metropolitan area is the largest one in Canada by population with almost 6 million people living within its borders.
Home to the Big Five financial institutions and the 7th largest stock exchange in the world, Toronto’s economy is mainly driven by the financial sector. However, other branches and industries are also highly developed, including the industrial sector, transport, and tourism, making Toronto an important economic driver in Canada, but also internationally. With an average monthly salary of 2,670 USD after taxes and around 950 USD monthly costs for 1 person, Canada is a heaven for those looking for wide career opportunities and great quality of life.
When it comes to culture and music, the Toronto Film Festival, Mad Decent Block Party, and Luminato are just a few of the events attracting tourists throughout the year. All fashion boutiques, art galleries, chic pubs, museums bars, and night clubs offer a platform for any person to express themselves
From an investor’s standpoint, Toronto is one of the most versatile markets you can invest in in 2020. From condos and mixed-use properties to new constructions and flipping opportunities, there is nothing the market doesn’t have to offer to investors. Even secondary suites and basement apartments are a viable option in Toronto, something not many cities can brag with.
Vacancy rates as low as 1% for rentals are another major advantage when investing in Toronto because you’re 99% guaranteed to make a profit from renting out a unit. Add this to the fact that average rent in Toronto is a surprising $2,300 per month and you see why Toronto is one of the top real estate markets for investors.
Property prices are ever-growing as well. In fact, since 2015, condo prices have jumped by 52%, something we rarely see in real estate markets. Just on a year-to-year basis (February 2020 – February 2019), the average selling price for condos has gone up by 19%, the average selling price for detached homes has gone up by 12%, while townhouses’ average selling prices rose by 8%.