Toronto’s real estate market is ever-changing, and sometimes hard to keep track of for most. To be honest, I love it! I thrive off the energy and growth. Many have asked, though... just how does it compare to the rest of Canada?
Let us start with Toronto. With a population of approximately 6 million, Toronto is the largest city in Canada, and 4th largest in North America, has been a top pick for many immigrating to our fine country. This is evidenced by Toronto’s multiculturalism (there are over 230 different nationalities in Toronto alone). The BBC has even named Toronto as the most diverse in the world, and we could not agree more. In fact, it’s what makes Toronto so fabulous. Toronto is safe, and has excellent employment opportunities. All of these aspects have had an incredibly positive effect on real estate in Toronto. Many may argue that the popularity of real estate in this area has had a negative impact on prices, but we simply don’t see it that way. At all. A home is your largest investment. Do you want it depreciating? No. So property values increasing is definitely a good thing. There are still good deals to be had. Property values have been increasing by, on average, nearly 9% per year in the last decade, and almost 63% total in the past five years. Real estate in Toronto is a very strong investment.
Our neighbours to the east make up Canada’s second largest city, with a population of just over 4 million. With many employment opportunities in commerce, aerospace, transport, finance, pharmaceuticals, technology, design, education, art, culture, tourism, food, fashion, gaming, film and world affairs, Montreal is gaining popularity for immigration. Property values have increased by over 14% in the past five years.
Vancouver has been the other “hot topic” of real estate in Canada. The market there is quite similar to Toronto, and has proven to be a good investment for buyers. Vancouver’s population sits at about 2.5 million, is also quite multicultural, and offers a milder climate for those wishing to immigrate to Canada. The housing market there, however, has mostly been dictated by off-shore investors. Vancouverites have discovered that they are priced right out of their childhood neighbourhood (quite far out of the area, in fact), with the average home costing over $1,000,000. Property values have increased nearly 84% in the past five years, with many believing there is a “bubble” that is about to burst.
Calgary has always been the “slow and steady” market within Canada. It may have had some ups and downs throughout the years (they are just coming back from two years of “downs”), but those adjustments have been less dramatic than some of Canada’s other large housing markets. It should be noted, however, that they have seen a dramatic growth in population (14.63% between the 2011 and 2016 census) to its current 1.4 million. Despite the population growth, however, property values have seen an improvement after 2 years of mild decline, and are now up 2% over last year.
Ottawa, our wonderful national capital, rolls in at the country’s 5th largest city, with a population of just over 1.3 million. A highly educated population, with very low unemployment. Property values have increased 14% over the past five years.
The “stress test” that was introduced at the beginning of 2018 may have scared off a few wobbly-kneed prospective buyers, but it is clear that real estate continues to be a good investment. Especially in Toronto.
Moving to Toronto? Are you part of a Toronto relocation with your employer? I can help you with all steps of the process, from finding a new home, temporary accommodations in the meantime, settling in services, move management, and so much more. So many steps of the move can be handled in advance, so when you arrive we can get you settled much faster. When moving to Toronto, I can help with all aspects of the relocation.
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