Over the last 30 days ,the average days on the market for Toronto condos is around 30+ days. So, even though the condo market is cooling down, the number of new condos under construction is still high. It’s impossible that there could be such a vast natural increase of the population? According to the Ministry of Finance website, Ontario is expected to greatly expand in the next 25 years, with the GTA vastly exceeding the rest of the province. The report states:
"The GTA is projected to be the fastest growing region of the province over the projection period, accounting for almost two thirds of Ontario´s net population growth to 2036. The GTA’s population is projected to increase from 6.3 million in 2011 to 9.2 million in 2036. The region’s share of total Ontario population is projected to rise from 47.3 per cent in 2011 to 51.6 per cent in 2036. It passes the 50 per cent mark in 2027".
There’s no doubt that Toronto is a beautiful place to live, which attracts a vast number of newcomers. However, Statics Canada figures suggest that net migration (people coming to the GTA from elsewhere, rather than the natural increase through births) is expected to account for 68 per cent of the overall population growth in the province.
Toronto is a dynamic city with vast opportunities in all areas: employment, education, culture, and more. The city is appealing especially to young people, many of whom choose to study in Toronto and stay there afterwards, often purchasing a condo. The report suggests that the GTA is projected to remain the region with the youngest age structure due to substantial international migration and positive natural increase. However, the proportion of people aged 65 or more in Toronto is expected to double. Overall, within the GTA, Toronto’s population is expected to increase from 2.74 million in 2011 to 3.42 million in 2036, representing an increase of 24.5 per cent.
These Toronto condos continue to be popular with investors, students, professionals and trendy individuals. This high surplus of condos in Toronto means there is a slow down in the speed of sales. However, give yourself enough time and patience for selling, and stay on top of the market. Contact me today to find out what I mean and other tips to get your condo sold quickly and how to stand above the competition.