Dear Friend,
The weather in December and January was not the
only thing that was unseasonably warm! The Toronto real estate market continued
its hot pace with the sale of 4,672 residential transactions in January, up 8.2
% over January of 2015. The average price in January was $631,092, up 14.1%
over January 2015’s average price of $552,925.
This upward trend will continue in 2016 as a recent
polling conducted for TREB by Ipsos suggested that 12 % of GTA households were
seriously considering the purchase of a home in 2016. Buying intentions are
strong despite rising prices of homes. With low interest rates, home ownership continues
to be seen as an affordable long-term investment.
Here are some reasons why Canada is so popular
an investment opportunity for so many foreign investors.
#
Expensive in the world
|
City
|
Cost
of 1300 Apt
per sq. Ft
|
Monthly
Rental Rate of 1300 sq. Ft Apt
|
# 2
|
London
|
$3,227 US Dollars
|
$11,089 US Dollars
|
# 3
|
Hong
Kong
|
$2,132 US Dollars
|
$
6,431 US Dollars
|
# 4
|
New
York
|
$1,728 US Dollars
|
$
7,225 US Dollars
|
# 6
|
Moscow
|
$1,497 US Dollars
|
$
5,158 US Dollars
|
# 7
|
Singapore
|
$1,425 US Dollars
|
$
4,332 US Dollars
|
# 10
|
Mumbai
|
$1,070 US Dollars
|
$
2,540 US Dollars
|
# 12
|
Tel
Aviv
|
$950 US
Dollars
|
$
2,318 US Dollars
|
# 15
|
Toronto
|
$775 US
Dollars
|
$
3,047 US Dollars
|
I know the above are “averages”. Prices are
dependent on location, condition etc. However this gives you a general idea why
so many foreign investors are purchasing in Canada. We are a BARGAIN!
If you
or a friend are considering purchasing an investment property, (yes, 2016 is a
great time) please give me a call, there are some great opportunities in
Toronto!
Have a great February, your Friend in Real
Estate.
Steven
Steven
