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364 Patricia Ave, Newtonbrook West, Toronto, Ontario M2R2M7
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2946 St. Clair Ave, O\'Connor-Parkview, Toronto, Ontario M4B 1N8
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66 Tom Wells Cres, Steeles, Toronto, Ontario M1V0A4
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195 Rathburn Rd, Islington-City Centre West, Toronto, Ontario M9B2L5
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2 Abbotsfield Gate, Tam O\'Shanter-Sullivan, Toronto, Ontario M1T1P1
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46 Midland Ave, Birchcliffe-Cliffside, Toronto, Ontario M1N3Z9
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48 Corinthian Blvd, L\'Amoreaux, Toronto, Ontario M1W 1B3
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343 Melrose Ave, Bedford Park-Nortown, Toronto, Ontario M5M1Z5
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97 Keeler Blvd, Morningside, Toronto, Ontario M1E 4K6
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119 Leacrest Rd, Leaside, Toronto, Ontario M4G1E7
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237 Delhi Ave, Lansing-Westgate, Toronto, Ontario M3H1B1
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11 Lydia Crt, Blake-Jones, Toronto, Ontario M4J5B7
Frequently Asked Questions
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Buying Real Estate in Toronto
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Toronto is the capital city of the Ontario province. This city is the most populous city in Canada, and the commercial and financial center. Toronto is Canada’s largest city and is considered as a world leader in areas like business, technology, finance, culture and entertainment. Toronto has a population of 6.9 million which has been estimated in 2022. It covers an area of 5,903 sq. km under the Greater Toronto area limits. This country has a large population and has accepted immigrants from all over the globe, which has also made Toronto one of the most multicultural cities in the world.
On Jan. 1, 1998, Toronto’s amalgamation took effect, which merged the six previous municipalities that made up Metro Toronto (Etobicoke, Scarborough, York, East York, North York, and the City of Toronto) into a new singular City of Toronto.
Toronto has a continental climate. The average temperature for January is in the low to mid-20s F (about –4.2 °C), and in the summer, the average July temperature is in the low 70s F (about 22.2 °C), which can also exceed 90 °F (32 °C) with 100 percent humidity.
Living in Toronto can be quite expensive, especially anywhere near downtown. Rents are among the highest in Canada, and other standard monthly expenses such as groceries, phone plans, and transit are not cheap either. We will dive into Toronto’s Real Estate Market and Conditions and draw a better picture of Toronto Real Estate for those who want to buy a house in Toronto.
Toronto Real Estate
When there’s talk about investing in Toronto real estate, you’re either in for it or go against it. There are the skeptics out there that like to hang onto the headlines that prophesy that Toronto’s real estate bubble is going to burst. On the other hand, you have everyday Toronto homeowners and the real estate investors that have made extraordinary equity gains just from choosing to buy property when they did. Investing in Toronto real estate is still quite profitable and with Toronto’s growing population, the demand for rentals remains stable. The Covid pandemic may have had its time and, quite frankly, lowered rental demand but that was temporary and we are already in the up-and-up situation. With college students attending school again and immigration expected to reach record-breaking levels, we expect stable but increasing demand for rentals in Toronto.
Both educational opportunities and immigration are causing a surplus of qualified residents to come to this city.
In 2019, the Huffington Post published that Toronto is the quickest growing city in the Canada and U.S with an increase of 77,435 new residents between July 2017 and July 2018. In 2021 Canada welcomed 401,000 new immigrants, has already landed over 70,000 just in the first quarter and plans to tie record immigration levels set in 1913.
Toronto Real Estate Market
When you decide to invest your money this question may arise, is investing in the Toronto real estate actually better than investing in the stock market? Well, the short answer is yes — Although, if you can afford it.
The real estate market in Toronto has shown time and time again to produce far better steady growth and be more stable than the stock market. Just ask yourself this, how much have your traditional investments made you over the past decade compared to your home?
When you buy a house in Toronto, you are investing in real estate — a tangible asset, not the shares of a company that might take a nose dive caused by a bad PR crisis. It’s a long-term investment as well; so even if the market takes a minor drop, it will continue to climb and increase in the long run.
When you get into the numbers of it all, investing in Toronto real estate has the potential to make you earn ten times the amount of traditional bonds and stocks because when you invest in real estate, you’re leveraging your money into a much bigger asset.
For example, if you buy $30,000 in stocks and the market goes up 10%, you have just made $3,000.
Although, if you put $30,000 down on a property that’s worth $300,000 and the market increases up to 10%, you’ve made $30,000.
Toronto Houses for Rent
When you want to buy a house in Toronto, you have three main options:
- Apartment Buildings – Managed and Owned by one company (against a bunch of individual owners), apartment buildings aren’t as numerous as you might think in downtown Toronto. While there haven’t been very many new apartment buildings built in the past few decades, we have seen an increase in dedicated rental buildings under construction. There is still some high quality (although older) buildings that periodically have vacancies.
- Houses – With more and more people wanting to live downtown, many Toronto home-owners have converted a part of their home into an apartment. While many of these buildings are basement apartments, some houses have been converted into several apartments. The greatest advantage of renting a house is the opportunity to live in a residential neighborhood, which is often with private outdoor space and sometimes even parking!
- Condos – It’s quite easy to see that Toronto has a lot of condos, and many of them are owned by investors who rent them out. By renting a condo, you take advantage of some of the city’s best locations, and many of them have amenities like pools, gyms, concierge services and party rooms, and they’re normally close to TTC transit. If you decide to rent a condo, you’ll be renting directly from the suite owner, but you will be required to abide by the condominium’s rules.