Toronto’s Real Estate Market The Internet has become a very valuable option when dealing with real estate. Almost 75% of Canadians have said that they plan to use the Internet for their next real estate transaction. American investors have been migrating to Canada to buy properties during the past few years due to the value of the American dollar over the Canadian “loonie”. If you have been keeping your eye on the recent housing market, you can probably tell that the reason for the huge growth in property values comes from the influx of migration to the city paired with low interest rates, versus foreign investment. Some of the most popular properties in all of North America are those in Toronto. Whether you choose to invest in a new condo, commercial property, or purchase a new house for your family, Toronto has it all. If you choose to purchase a property in Toronto, you are guaranteed to live in a city with impeccable services, facilities, and entertainment. With the influx of over one million people to the greater Toronto area in the last decade, the housing market has become rather demographic based. These new residents actually still have a need for housing. The door for speculation on the Canadian market has been opened due in part to people wondering whether the real estate market crisis in the United States would affect the Canadian housing market. The housing market has still been setting records for the last five years, despite the United States economic crisis.
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The luxury Toronto real estate market is a great example of how strong the Canadian market is, with million dollar home sales across the greater Toronto area increasing over the 2006 figures. The thriving Canadian economy has caused many suburbians to choose to move back to the city. Strong competition ensures that the prices can’t be increased artificially, so the people purchasing homes are mostly families and downtown workforce.
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Besides the fact that the existing housing market is doing great, newly built condos are also in very high demand each year. Condos are actually becoming a more and more significant part of the real estate market. The Toronto condo market is an excellent alternative to home ownership for those first time homebuyers or for those who are looking to reduce their current investment. The high price of Toronto homes makes it difficult for a large percentage of people to become homeowners, so condos are a great alternative. If you do decide to purchase Toronto real estate, make sure you hire a professional real estate lawyer. It is also very important to get a good interest rate on your mortgage in order to afford your investment and avoid being foreclosed on.