New Canadians are driving up the housing demand in the GTA
Ontario welcomes over 100,000 newcomers each year, making it the most culturally diverse province in Canada. Survey shows about 21 percent of home buyers are newcomers, and 286,000 homes are projected to be purchased over the next five years due to the current migration rate. The Greater Toronto Area has been greatly benefiting from this migration as the neighbourhoods are blossoming and economies are growing. Our housing market value has only gone up over the years.
Only challenge is keeping up the pace in the housing market where supply is already tight. Demands for homes are still growing despite the stricter mortgage-lending rules. Demands can be met by proper reinforcing certain housing policies that encourage sustainable development that focuses on green spaces protection and development. Although study shows that average newcomers wait about three years to buy a home, things won’t be slowing down.
Toronto was declared the 7th world’s most livable city in 2019, and ranked as the global city in Canada offering the high quality of living as per PwC’s Cities of Opportunity Index.
Toronto was also included in Forbes Magazine’s “World’s Top Ten Most Economically Powerful Cities” due to the size of our economy, future inflation trends, cost of living, and quality of life. The magazine describes Toronto as being the economic heart of one of the world’s most wealthiest countries. Our city is projected to keep growing all throughout the year 2020.