Toronto is right behind New York as a financial Centre - CondoTrend

Toronto is right behind New York as a financial Centre

     In these past few years, Toronto has been become one of the top financial giants throughout the entire world. In a report done by the conference board of Canada to measure financial growth mainly within Toronto. To put it simply, the finance and insurance sector has been the largest contributor to GDP growth in Toronto between 2011 to 2020. Another key finding was employment growth, outpacing all other sectors between 2011 to 2020. As a finance center, Toronto has recently placed 8th as one of the top financial centers across the world falling behind the likes of London, New York, and Paris. In terms of North America, Toronto has placed second in its economic footprint falling only behind New York. Toronto has been beating Canada in terms of its average employment growth rate in the periods between 2010-2020. It’s not surprising when many large organizations have been open an office and many other businesses in downtown Toronto compared to other cities in Canada.

     At this current growth rate, Toronto will continue to be one of the most desirable places to live in Canada. Unfortunately, this will very likely mean that prices for homes will not be decreasing any time soon, but properties will continue being built all around. It is likely that many old buildings will be torn down for new estates in these upcoming years. A healthy financial sector means high employment rates where more companies want to become a part of it, further increasing the number of jobs which results in all the surrounding areas becoming more valuable to live in. People will continue to flock and move in around the GTA. Properties near these employment hotspots will likely increase in value as people try to find convenient locations to minimize their daily commute. Even in further areas that are conveniently near transit hotspots like GO stations will see increased values as well. With all this considered, Toronto is likely to continue this rate of growth and greatly increase the values of many properties within the nearby areas.

Interested in Condos in Toronto? Check out CondoTrend for the latest preconstructions.

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Photo by Maarten van den Heuvel

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