While there are many up and coming real estate markets throughout the world, few offer the growth potential of Toronto. This Canadian city offers a number of advantages for investors living in Toronto, as well as for those interested in exploring a new market. While you will still have to do your own research into the Toronto real estate market, these highlights make a great starting point.
Toronto’s Population is About to Explode
Already, Toronto sees a steady influx of immigrants, taking in double the percentage of new immigrants in comparison to those that Canada takes on as a whole. By the year 2023, the population of Toronto is expected to expand by 2 million more residents. This likely means there will be a steady influx of professionals and skilled workers, all of whom will be in need of rental units in the area.
Higher Rental Rates
While Toronto’s Rent Control Act has chased off the more timid investors, it shouldn’t leave you feeling an investment in Toronto real estate won’t pay off. In spite of the new law, rental rates are on the rise, particularly for markets along the transit line. If you happen to buy property close to public transportation, you’ll be able to request premium rental rates from your prospective tenants.
More Benefits of Buying Near Transit Lines
In addition to higher rental rates, properties located near Toronto’s transit lines also offer advantages for other types of investors. For fix and flip investors, buying real estate close to transit lines will offer higher property values, which will make it easier to turn a profit. Already property values are beginning to rise in these areas, making the potential ROI for investors more worthwhile. As Toronto prepares to update the transit lines, those property values are expected to see an even greater increase, making this an ideal time to begin investing in the area.
Now that you can appreciate the advantages of investing in Toronto real estate, you’re ready to begin researching the market. Investing now in this market will help you poise yourself on the verge of an exciting economic explosion that will benefit any real estate owners in the area. Toronto definitely offers the most promise for investors willing to take the plunge.