Provincial capital of Ontario and the most populous city in Canada
Toronto is an international centre for business and finance. The financial capital of Canada, the city has a high concentration of banks & brokerage firms on Bay Street in the Financial District.
The Toronto Stock Exchange is the world's seventh-largest stock exchange by market capitalization.The five largest financial institutions of Canada, collectively known as the Big Five, have national offices in Toronto.The city is an important centre for the media, publishing, telecommunication, information technology and film production industries; it is home to Bell Media, Rogers Communications, and Torstar. Other prominent Canadian corporations in the Greater Toronto Area include Magna International, Celestica, Manulife, Sun Life Financial, the Hudson's Bay Company, and major luxury hotels such as Four Seasons Hotels and Fairmont Hotels and Resorts.
The Canadian Government welcomes immigration. Current government policies state Canada’s annual immigrant intake will rise to 350,000 by 2021, compared with the 300,000 annual intake this year and roughly 250,000 over the last decade. The perception of immigration among the Canadian public is also favourable when compared with the United States, United Kingdom, and Australia. This means that current policies regarding immigration are not likely to change. Stats show the majority of immigrants to Canada choose the Greater Toronto Area.
The GTA is projected to be the fastest growing region in the province, accounting for over 65 per cent of Ontario’s net population growth to 2041.
The GTA’s population is projected to increase from 6.9 million in 2017 to 9.7 million in 2041. Toronto's share of Ontario's total population is projected to rise from 48.3 per cent in 2017 to 52.3 per cent in 2041, passing the 50 per cent mark in 2026. This data is fundamentally important when predicting a sustainable real estate market.
The Greater Toronto Area remains in the midst of a high-tech boom that is creating significant amounts of new wealth, and encouraging massive foreign real estate investment. The ripple effect of tech and other business investment is also driving growth outside the city to the Waterloo Region, Hamilton, and Markham. Hundreds of affluent Millennials are moving to these areas, and many want to become homeowners.
Toronto welcomes development and recognizes that new housing must to be built to support the cities growth. Toronto currently has the most cranes or high-rise buildings under construction in North America. A recent report found that Toronto had 97 cranes in use − 32 more than second-place Seattle, which had 65. In January, Toronto had 88, and a year ago it had 72. All three times, it came out on top
Toronto is not only experiencing growth in residential real estate, its commercial market is also experiencing significant growth. Demand in Canadian office markets continue to grow mostly due to rapidly growing tech and financial sectors. Toronto’s industrial market, has had 16 consecutive quarters of positive net absorption, and saw its availability rate hit an all-time low of 1.5 per cent in Q1 of 2019. This data indicates large companies and other corporations are growing or moving to the city. These economic indicators are important for any real estate investor.
Places to Grow Act
The Places to Grow Act was introduced in 2005. This policy was introduced to limit urban sprawl in GTA and to protect environmentally sensitive areas and agricultural lands. One of the main goals of this policy was to encourage growth and intensification in already established areas. This policy essentially limits the area in which the GTA can grow. Therefore all growth is limited to the existing urban area. This is the reason why the popularity of condos have grown.