With the implementation of non-resident tax, Toronto saw numerous foreign buyers back out from the scenario causing a decline in the real estate business. But the scene is about to change again. Experts feel that the real estate market will see a rapid rise again with the onset of the tech boom. With many tech companies, in the recent years, setting up their wares in the core of downtown Toronto, there is a visible change in the effect upon the market of real estate as per reports.
Latest studies show that during the time period of 2012 to 2017 around eighty-two thousand jobs have been added to the region in the field of technology which is more than that offered in Silicon Valley for this period. This is definitely more than any city in North America. Toronto now is ranked as 4th in the list of most important hubs of technology, a drastic move from the 12th position just a couple of years ago. Toronto now is just 19% away from San Francisco Bay Area, CA in the list as shown by several reports. However, the chances of Toronto erasing this difference to take over the 1st spot might happen sooner with Microsoft making an announcement of its plans for building its Canadian headquarters at the core of Toronto. This came after another announcement made by Intel for their plans for North York with a plant for graphic engineering chips.
The crux of the matter is that with the success of the technological hubs, the flow of buyers will increase, but the prices of real estate will soar as well. The recent developments have put Toronto in the same trajectory as San Francisco, Seattle and Washington, i.e. the fastest growing technology hubs. Experts believe that with the growth in tech jobs and the influx of skilled talent and other professionals to Toronto, demand will go up for housing and this will put prices back on steady growth territory soon. Experts have also stated that the development of condos over the last decade in Toronto’s lower west side is not a mere coincidence and has been spurred by companies which have set up shop nearby.
Foreign buyers and incoming technology and other companies are intrinsically linked to each other as per several experts. These experts state that several companies hire foreigners and they naturally increase housing demand overall in Toronto and surrounding areas. Experts believe that citizens should buy real estate in Toronto at the earliest since prices will start going up to unimaginable levels once again on account of forecasted high demand.