Many people want to know is now a good time to buy a house in Toronto? In terms of population, as we summarized in the last issue, at the macro level, the population of Canada will double in the next 50 years. In terms of specific regions, population growth will be concentrated in the large urban areas of Ontario and Alberta, with Ontario’s population expected to rise from the current 14.8 million to 16.5 to 20.4 million by 2043.
The growth of Ontario’s population is an established fact, whilst in comparison to the land supply in other major cities in Canada, Vancouver has the least flexible land supply, with demand far outstripping supply, leaving house prices high. Toronto is a close second, also with a very inflexible land supply and a rapidly growing population.
Now we have the answer for the question: is now a good time to buy a house in Toronto?
In these circumstances, home prices in the Toronto area currently have great potential for appreciation, and investors should therefore consider that it is a great time to buy a home in the city, as it meets the criteria of having a less flexible land supply and a fast-growing population.
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