The real estate market in Toronto and other cities has been on the rise over the last two decades. This is s streak that will continue even in the coming years. There has been a positive outlook even in the neigh boring countries including the US. This post is going to highlight the emerging trends in Toronto real estate market that every investor should know:
High Demand and Low Supply
The demand for houses has been on the rise among the international and domestic buyers of Toronto real estate market. It is a trend which is projected to continue over the coming years. It is therefore worth for investors to join this lucrative market.
There are a High price Points In Major Cities
The city of Vancouver has been the epicenter of this lucrative market for many years. In fact, its prices reached 35. 8 m Canadian dollars in 2017. The price points are also high in other metropolitan areas including Toronto.
The Tech Scene Has Been Heating Up
Many tech hubs have been growing and popping up in Canada. Toronto is one of the major cities that have experienced a high influx of global entrepreneurs, tech executives. Google is planning to construct its innovation offshoot in Toronto. Other big players, especially in the gaming industry, have moved to Montreal because of the grants offered by the government to the entertainment industry. More hotspots will continue growing in the coming years.
International Buyers Have Joined the Lucrative Property Market
The luxury real estate market in Canada has attracted many foreign buyers. Foreign investment accounts for about 80 percent of the luxury real estate business in Vancouver. Most of the international buyers come from Asia and European countries like Germany, Italy an s France. Brokers should make an effort of reaching the feeder markets in Asia and Europe to capture more investors who are interested in buying properties in Canada.
Changing Consumer Preferences
Most of the demographic trends focus on valuing experiences over material goods. The changing preferences are now reflected in real estate choices. Most people are now interested in living in the cities instead of traditional design features and single family residences. Canadian Millennials are mainly looking for condo units which are located in prime locations close to museums, restaurants, and theatre.
The New Millenial Homebuyers
Millennial residents have started to buy properties in Canada’s tech hubs like Toronto, Vancouver, and Montreal. These areas are attracting developers, entrepreneurs and top talents from different parts of the globe.
