The 2016 Census showed that 17 per cent of all recent immigrants to Canada live in Toronto, and that if that trend continues, we would see nearly 170,000 immigrants moving into the city by 2020. According to the Canadian Government, Toronto has the highest per capita immigration rate in the world, and 43 per cent of all new immigrants to Canada settle in the Greater Toronto Area. The World Population Review posted that Toronto has the second-highest percentage of foreign-born residents of all world cities after Miami. The result is that immigration is at its highest peak in a generation, and Toronto’s population is inching up toward 3 million, making it the largest city in Canada by population. As I continually say, newcomers have to live somewhere.
People who immigrate to Toronto and the GTA appreciate the high standard of living we enjoy, especially considering the conditions in some of the other countries in the world. They are also used to living in, and raising their families in, high-rise apartments. Condominiums are a natural choice for many newcomers. Add to that the fact that across Toronto and the GTA, condos represent the most attainable price points in the new home market, and between immigrants, first-time buyers and investors, are always in demand.
At Baker Real Estate Incorporated, we know that right out of the gate, our first sales are to investors who know that buying early in the process gets them the best prices and the most choice of suites, floors, etc. Of course, not everyone’s life falls in line with a five-year construction timetable – and the good news is that for those with an immediate need, there is plenty going on with new construction that is built and toward the end of the selling phase, as well as resale condos. The upshot is that there are condos out there for everyone at every stage of life. GO CONDO!