There is a major economic shift being witnessed in Toronto with the downtown seeing a major concentration of employment and job creation. Several manufacturers and other companies are shifting to downtown Toronto. There are several communities near downtown Toronto which will naturally see growth in real estate due to natural housing demand which is an offshoot of growth in employment and jobs. The number of jobs has increased in the entire GGH (Greater Golden Horseshoe) region although downtown Toronto has already gained more than 67, 000 core employment positions which generate income in the entire area between 2006 and 2016. Many of these core jobs pertain to sectors like technology, finance, law and accounting among others as per reports.
General Motors will soon be setting up its urban innovation lab on central Toronto’s east side along with a new unit in Markham. Downtown Toronto is followed by other areas like Vaughan and Markham in terms of job growth and generation. A second downtown for Toronto and its surrounding areas may be considered as a future solution. There are 300, 000 new employment opportunities expected to be created downtown by the year 2041. A site for the Unilever soap factory in the east will soon be a hub linked by transit for 50, 000 new jobs.
There will be considerable growth in downtown Toronto and this will certainly spark demand for real estate in areas throughout the GGH, particularly those which are well connected by public transit facilities. Toronto is currently being perceived as one of the biggest commercial hubs globally with several leading corporates and IT and ITeS majors opting to build offices in the city. Several technology companies are creating their hubs in Toronto and this will naturally lead to sizable demand for real estate in the city and several parts of the GTA (Greater Toronto Area).