Pre construction homes in Toronto​

Toronto holds a special status as the largest and most renowned city in Canada. As if that wasn’t enough to set it apart, it also boasts numerous water activities, top-tier educational institutes, employment opportunities, a first-rate transit system, and a growing economy. All these factors combined contribute to the expansion of real estate activity in the area, which makes it a hot spot for upcoming construction and renovation

Toronto New Homes

Modern standards have given rise to the concept of high-rise condos, and as architects and developers compete to create the most aesthetically pleasing structures, the demand for pre-construction homes is taking root. People of diverse age groups but especially young professionals are flocking to Toronto to be a part of the economic capital and the opportunities that come along with it. Since Toronto’s residential real estate is driven by real demand and not speculation, it leads to increased stability in the Toronto residential real estate market, hence making it lower risk as compared to other cities. Moreover, the city has numerous century-old vintage homes that require renovation. If these are purchased and worked upon, they can bring in a decent amount of profit and unlock a lot of value. Along with rising the value of the property, an upgraded property can mean that it will attract a higher-tier tenant pool that is willing to pay greater rents for a higher-end home.

Industries and Jobs in Toronto

If you are fond of living in big cities like New York and Chicago, then Toronto is the ideal place for you. What also makes Toronto stand out amongst the other similar sized cities such as Los Angeles and New York is its lower crime rate. From a work perspective, Toronto is very promising for professionals in the area. As of August 2019, the mean salary in Toronto is $59,358 CAD and the unemployment rate is down to 6.3 percent. There has also been a reported 4.5 percent annual employment growth rate in Toronto which is higher than both 0.7 percent in Chicago and 1.6 percent in Los Angeles and since 2017 an additional 30,000 more positions were added to the job market. These rates aren’t anticipated to fall anytime in the near future because, by 2041, the city’s projected growth plan estimates that there will be 3.4 million people and 1.72 million jobs in the city of Toronto. As per experts, there would be continued growth in the domain of sales, construction, and prices, in spite of te already flourishing market for new house developments in Toronto

Average home prices in Toronto

The average home price in Toronto has skyrocketed more than 450 percent since 1996, from $198,150 in 1996 to $1,095,475 in 2021, which has raised affordability concerns as the population continues to grow and land becomes more scarce. However, the average rate for rent currently is $2,700 for the city of Toronto A rate of 3.5 percent for rental appreciation has been maintained for the last decade. With a vacancy rate that is at present at 1.5 percent, it is clear that the demand for homes is very high. The basic combination of limited supply and growing housing demand makes residential real estate in Toronto appreciate much more quickly than in other cities. Over the last decade, Toronto residential real estate has on average seen a phenomenal market annual appreciation of 8.3%.

Pre Construction Homes in Toronto and why you need to purchase them

People buy real estate for residencial, investment or rental income purposes, and in all circumstances Toronto checks all the boxes and then some. Owing to the diverse and rich culture and community, these neighbourhoods host the perfect opportunity to purchase pre-construction homes that are family friendly, convenient and reliable. It’s no wonder the global population is flocking to the area to capitalise on the offerings at this time. In addition real estate investments are also one of the only investments in which you don’t necessarily have to pay the amount in full, upfront. In this way, you could always manage your finances to keep your liquidity levels at their optimum. Pre construction homes save you the time and effort of getting your hands dirty, while simultaneously catering to your requirements.

Transit and transportation in Toronto

It has been observed that Toronto has one of the largest, most effective commuting systems in the whole of North America. This includes the lucrative variety of modes of transportation such as subways, buses and taxis that make most destinations pretty accessible. It also benefits individuals and communities in a plethora of ways not limited to reduced congestion, improved citizen health and proactive action towards climate change, which is exactly the kind of sustainability we need when making our long term decisions. Having a strong lattice of connected transport options also means that you can choose the locality of your residence according to your budget and preferences without worrying about being close to the office. The city also has plans in the pipeline that aim to build a streetscape that is reportedly more pedestrian-friendly. If implemented, it would mean there would be new LRT Lines along with bike lanes. All in all these factors combine to build a rock solid case for postive sentiment towards investing in the real estate market in Toronto.

Compare listings