Toronto was ranked fourth among the happiest cities to live in the 2017 World Happiness Report. The city has the second-fastest-growing commercial real estate market in a downtown city within North America.
From finance to tech, many big companies have invested in Toronto’s future and boosted Toronto’s profile to that of a “world-class city.” These factors will lead to an eventual increase in job opportunities and population growth in the upcoming years, making Toronto a great option for real estate investment.
Rent prices have shot up, a 2-bedroom and 2-bathroom condo downtown can rent for anywhere between $2,800 – $3,000, and if you have a higher floor or offer amenities such as parking and locker, it can be rented for an even better price. Rental income can create a tremendous ongoing income for investors looking at investment condos in Toronto.
Toronto banks have very stringent lending guidelines, which mean that mortgage is not granted to anyone and everyone. Borrowers have to jump through many security hoops to qualify for a mortgage. The buyers have to be well-funded to invest in Toronto’s real estate. This is one of the reasons that the real estate market will not destabilize in Toronto due to poorly funded buyers. Toronto’s real estate market is insulated from market volatility and has proven to be stable over the years, even throughout the pandemic.
Several up-and-coming pre-construction projects in Toronto will make for great investment condos, and some are nearing completion. The question remains: Is it worth investing in Toronto’s condo market? The answer is yes. The growth potential that Toronto has continued to exhibit and the market’s stability are all factors driving massive demand for housing, specifically condos. Toronto’s condo market will only continue to grow; therefore, the best time to invest is now! If you are looking at real estate investment in Toronto, Contact Condo Junkie today for our picks on great investment condos in Toronto and surrounding cities.