The Internet has become an extremely valuable resource for real estate. Almost 75% of Canadians claim they will use the Internet for their next real estate transaction. The value of the American dollar over the Canadian "loonie" has made American investors migrate to Canada and buy properties during the past few years.
If you've been watching the housing market recently, you've probably noticed that the reason for the huge growth in property values comes more from an influx of migration to the city, plus the low interest rates, versus foreign investment.
Toronto properties are some of the most popular in all of North America. Whether you decide to invest in a new condo, commercial property or buy a house for the whole family, Toronto has it all. If you decide to buy a property in Toronto you are guaranteed to live in a city with great services, facilities and entertainment.
The housing market in Toronto is largely based on demographics, as there has been an influx of over one million people to the Greater Toronto Area during the last decade, and there is still a huge need of housing for these new residents. Furthermore, the real estate market crisis in the US has many homebuyers wondering if this will affect the housing markets in Canada, which opened the door for speculation on the Canadian market. The good news is that the housing market has been setting records for five consecutive years now despite the economical crisis in the US.
The luxury Toronto real estate market is the perfect example of the strong Canadian market with million dollar plus home sales across the Greater Toronto Area increasing over the 2006 figures. A thriving Canadian economy has many suburbians moving back into the cities. The fierce competition ensures that pricing cannot be raised artificially, so the people buying homes and condos are mostly families and the downtown workforce.
Not only is the existing housing market doing great, but newly built condos are also in very high demand and each year, condos are becoming a more significant part of the real estate market. The Toronto condo market is a great alternative to home ownership if you are a first time buyer or looking to reduce your current investment. The high cost of a home in Toronto makes it very difficult for a large percent of the population to become homeowners, making condos a great alternative.
If you do decide to invest in the Toronto real estate market just make sure to work with a professional real estate lawyer. Also, getting a good interest rate on your mortgage is essential to being able to afford your investment and avoiding foreclosure.
Patrick Kennedy is a Toronto Real Estate specialist. Visit http://www.realestate.mycitytoronto.com for listings of beautiful Toronto properties and Toronto's top real estate agents. You will be able to map out homes for sale in your desired neighborhood as well as take a virtual tour of properties. MyCityToronto is Toronto's premier source of real estate information.
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