Toronto Is Now the Fastest Growing City in North America

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Toronto Fastest Growing City

What’s so special about Toronto? From the nonstop energy of Yonge Street to a vibrant waterfront dotted with cozy cafes and boutiques, Toronto is much more than its iconic skyline views. As Canada’s largest metropolis, the city is famous for its many sights and attractions—but also its sense of community.

Toronto is one of the world’s most livable cities. People who visit tend to agree—Toronto may be as big as other major cities, but it’s different. With world-famous attractions, the best transit system in North America, friendly residents, and cuisines sampled from all over the world, Toronto is a great place to live. We’re not just saying that—we’ve got proof that other people think the same thing.

Toronto is now the fastest growing city in Canada and the U.S. The capital of Ontario is joining the ranks of New York City, Tokyo, and London. And while Toronto’s population saw an increase of nearly 50,000 people in 2019, New York City’s population declined by just over 53,000.

We’re now a world-class city. But what does that mean for our real estate market here at home?

Bursting at the Seams: Toronto’s New People and New Homes

A report published by Ryerson University’s Centre for Urban Research and Land Development found that Toronto beat every other major Canadian—and American—city in population growth over the last year.

In 2019, Toronto proper saw 45,742 people become residents, while its surrounding metropolitan area expanded by a whopping 127,575 people.

While Toronto topped the list of North America’s fastest-growing cities, Montreal came second place, with Phoenix, Arizona claiming third. In total, Canadian cities represented over half of the top 20 fastest growing cities in 2019.

The city’s steady increase in new residents has long fueled the local economy—and will be integral to its economic recovery following the COVID-19 pandemic. At this stage in the crisis, it’s become clear that the city is home to more than its fair share of innovative thinkers, resilient businesses, and courageous healthcare professionals.

Ripe for Investment

Investing in Toronto’s real estate has always been a safe and profitable venture. According to the Toronto Real Estate Board, the prices of condominiums in the city have risen by 52% since 2015. High equity gains have long attracted investors to Toronto rather than other North American cities.

With a sound investment strategy, returns are quicker and more plentiful in Toronto than anywhere else in Canada—especially now, with its growing population.

Due to the influx of new residents—caused by an uptick in immigration and a thriving tech industry—Toronto’s demand for rentals is higher than ever. High-profile tech corporations such as Uber, Microsoft, and Pinterest, among others, have settled down in the city, which–in combination with major projects like East Harbour—is driving the demand for housing through the roof.

Toronto attracts talent. Whether we’re talking about creative, financial, or tech industries, global companies have set up shop in our city. With rent at an all-time high, investing in a property is the new way to pay your mortgage if you can afford to invest.

A Growing City

In the past 40 years, Toronto’s downtown population has more than doubled. Toronto is Canada’s business, tech, and financial capital—and is making waves on a continental scale. We’re now competitive in every major sector, from life sciences to digital media. Investing in Toronto is investing in the future.

Are you interested in learning more about new trends in Canada’s evolving real-estate market? Get in touch with the team at CHI Real Estate by calling 647-347-9723.

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