The International Appeal of Toronto Condos
By on Jul 19, 2010
by Barbara Lawlor
Whenever I travel, I am reminded just how prominent Toronto is on the world stage as a desirable residential destination. Recently I visited Ft. Lauderdale, Miami, Atlanta, New York and Moscow. Talk about a diverse range of cultures and new home markets! And I am continually impressed by how respected Canadians are as knowledgeable consumers, especially when it comes to real estate. It helps, of course, that our banking system is much sounder than in the United States. In fact, we have five of the top 10 world banks right here in Canada. Talk about having our act together!
Traditionally, Canadians have looked south to warmer winter climates for their second or vacation homes, and now is the optimum time to consider purchasing a property there. Buildings are sitting vacant, and we have emails coming in about homes and condominiums that are devalued because of the complexity of the U.S. recession. If there’s one thing we’ve learned here, it’s that owning real estate and holding onto it throughout economic fluctuations is a wise investment. Canadians are used to providing a substantial amount as a deposit and planning well for carrying a mortgage.
Our real estate situation here is great. We came through the recession well, and condominium sales in the Greater Toronto Area are extremely healthy. According to Urbanation, sales during the first quarter of 2010 represented the highest-ever number of first quarter new unit sales in the history of the Toronto Census Metropolitan Area, and were nearly six times higher than the first quarter of 2009—proof yet again that even with occasional economic dips, real estate increases in value over time. Anyone thinking of owning a vacation or second home in Florida, Atlanta and California will be able to buy now for prices we will likely never see again!
Our sound, stable economy and peaceful democratic society continue to attract immigrants and foreign investors, along with the fact that our prices in Toronto are undervalued on a world scale. The Russians were impressed with the quality and choice we offer here, and Eastern Europeans find our city appealing for a second home, vacation home or investment property.
Another thing that both immigrants and residents appreciate is the fact that in addition to being one of the world’s most cosmopolitan cities, Toronto is also one of its safest. A recent report ranked Toronto second only to a city in Slovenia with a population of 267,000, and we have 5.5 million people! It’s easy to understand why so many immigrants want to move here and investors want to place their money in our condos.
Realtors approach Baker Real Estate Incorporated about purchasing condominium suites here from all over the world, including Asia, India, United Arab Emirates, Russia, Sri Lanka, Thailand, France, Belgium, Germany, Ireland, New Zealand and Australia. Many of these people have grown up in high-rises in major urban centres and are used to apartment-style living in the hub of the city. They may own properties in cities around the world, and for them a condominium suite is handy when they’re here on business or on holiday.
The more I travel, the more I appreciate what we have here—literally one of the best lifestyles anywhere. Toronto is a wonderful place to call home!
Barbara Lawlor is president of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas.
