WHY INVEST IN TORONTO?
Above Average Price Growth:
The historical average appreciation rate for Toronto condos is 5%. In the second quarter of 2019 the average price increase was 6.7% and over the past two years downtown condos have appreciated between 9% and 10% according to the Canadian Real Estate Association.
Condo sales in Toronto continue to increase up 2.9% with 7,038 units sold in the second quarter of 2019 when compared to the previous year. Condo townhouse sales were up 18.6%. Despite significant sales growth the number of resale listings have not increased and have been lower than previous years. This means the demand for new construction will continue to increase.
Rental prices in Toronto continue to increase while vacancy rates are declining meaning demand is increasing faster than supply. Any buyer or investor should rest assured that the value of their property will continue to increase along with the potential rental income. Additionally, new construction condos are not governed by rent control. No rent control means owners have more flexibility should monthly costs increase as a result of interest rate, tax, or condo fee increases.