I read with interest the recent article by Kata Dmitrieva and Jeremy Van Loon in Bloomberg Business, in which Canada is referred to as the “new Switzerland.” In it, the authors mention our country’s reputation for safe living and banking as a driving force in Toronto’s vibrant housing market. I couldn’t agree more.
I also appreciate City of Toronto planner Jennifer Keesmaat downplaying the doom-and-gloomers who predict a housing bust with the fact that our buildings are in demand, and the completed ones are mostly occupied. In fact, according to Royal Bank of Canada Chief Executive Officer David McKay, our supply of high-rise homes may not even meet demand.
Toronto welcomes about a quarter of the 250,000 immigrants who come to Canada every year, many of whom buy or rent condominium suites. With Geneva-based World Economic Forum ranking Canada’s banks the world’s soundest for seven years in a row, foreign investors also feel confident spending their money here.
The new Switzerland when it comes to housing? I like it. Now, let’s work on our chocolate!