In a recent article in the Toronto Star, Tess Kalinowski a Real Estate reporter quotes Mark Renzoni, president of global commercial real estate giant CBRE: “Toronto’s soaring home prices are in line with the reality of other world cities such as New York, Hong Kong and London.” If you compare the prices between Toronto and other major cities, in terms of high-rise properties, Toronto is reasonably priced.
The article goes to mention that Toronto’s real estate is not being driven by foreign capital as most may immediately assume. It’s being driven by Canadians moving up and buying a home for the first time. A lot of it has to do with low interests rates and a good job market in Toronto currently. If you take a closer look into the foreign interest in Toronto real estate, it’s families and students attending Toronto Colleges and Universities. They have family living here or a spouse working in Toronto while other foreign investors are purchasing residential real estate because they believe in the quality of their investment here in Toronto.
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