Toronto has a global reputation for its multiculturalism, top colleges and universities, professional sports teams, and the Toronto real estate market is booming. It is truly a world-class city. In fact, The Economist ranked Toronto #7 on its “world’s most liveable cities” list, tying with Tokyo – and that makes it a great place to purchase a property.
Toronto reaps great liveability offerings throughout the downtown core, such as access to transit, multiple green spaces, bike lanes, and restaurants to just name a few. When it comes to living downtown, there are plenty of schools, parks, and shops a short walk away – it’s incredibly easy to get by without a car!
The Toronto real estate market can be cutthroat due to high demand and lower supply. Bidding wars have become the norm, but remember to be resilient and patient.
Laneways aren’t just for cars
To help with the aforementioned housing supply issue, Toronto changed its policy on laneway housing in 2018. Laneway homes provide another option for living, and since most of these homes are fairly new, you could be in for a fresh, more modern space. On the other hand, consider purchasing a home that includes a laneway garage, and transform it into a laneway home for added income!
Rental prices continue to increase
Rental prices in Toronto have increased by 35 percent since 2013, and continue to rise. It’s common for property owners to increase rent to be more in line with the value of the property.
The vibrant culture
Toronto is one of the most diverse cities in the world, boasting 200 ethnic groups with over 140 languages spoken. Additionally, Toronto’s art, music, and sports scene contribute to the richness of culture. You’ll always have something to do in the city!
Keeping these five considerations in mind when deciding to tap into the Toronto real estate market can help you make an informed decision about your purchase. As a city rich in culture, you’ll never get bored!