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Investing in Toronto Real Estate The Internet has become quite a valuable tool when it comes to dealing with real estate. Nearly 75% of Canadians state that they will use the Internet for their next real estate deal. Due to the value of the American dollar over the Canadian “loonie”, American investors have been migrating to Canada to buy properties over the last few years. If you have been keeping tabs on the recent housing market, then you’ve probably noticed that the cause of the enormous property value growth has risen from an influx of migration to the city, plus the low interest rates, versus foreign investment. Some of the most popular properties in all of North America are those in Toronto. Whether you choose to invest in a new condo, commercial property, or purchase a new house for your family, Toronto has it all. You are guaranteed to live in a city with great services, facilities, and entertainment if you decide to purchase a property in Toronto. The housing market in Toronto is mostly based on demographics because there has been a massive influx of over one million people to the greater area in the last decade. Actually, there is still an enormous need for housing for these new residents. Furthermore, the United States real estate market crisis has had homebuyers pondering whether it would affect the Canadian housing market, which has opened the door for speculation on the Canadian market. The good news, however, is that the housing market has been establishing records for five straight years despite the United States economical market.
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The luxury Toronto real estate market is a great example of how strong the Canadian market is, with million dollar home sales across the greater Toronto area increasing over the 2006 figures. A booming Canadian economy has a lot of suburbians moving back to the city. The prices cannot be raised artificially due to fierce completion, so the people buying homes are mainly families and downtown workforce.
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Besides the fact that the existing housing market is doing great, newly built condos are also in very high demand each year. A more significant part of the real estate market has become dedicated to condo sales. Purchasing a Toronto condo is a great alternative as a first time homebuyer or if you are trying to reduce your current investment. The high price of Toronto homes makes it difficult for a large percentage of people to become homeowners, so condos are a great alternative. Make sure you hire a professional real estate lawyer if you do choose to invest in Toronto real estate. You will want to make sure and get a good interest rate so you can afford your mortgage and avoid foreclosure.