From marketing magazines to the mainstream media, the number of condos under construction in Toronto has been a hot topic of discussion lately. However, once one looks past all of they hype, the number of condos that are currently under construction in Toronto should not be a cause of concern or panic that the market will become over-saturated, but should be a source of excitement for investors and residents.
While many have argued that too many condos are currently under construction and that the market will be glutted with condos, the source of that concern has been based on current population statistics and past trends which fail to take into consideration the current level of migration to the Toronto area. By the end of the decade, it is anticipated that the city of Toronto itself will pass the three million mark in terms of population, and that does not include the surrounding areas.
The unprecedented number of condos under construction in Toronto, especially high-rise condos, makes perfect sense when one considers the need that will continue to exist for housing for those that continue to move to Toronto. For investors looking to acquire rental properties that can be rented and/or leased to this influx, the fact that so many high-rise condos are under construction is a sign that they have the possibility for a steady source of income for years to come if they invest in those condos now.
If you have ever considered investing in condominiums Toronto as rental properties, now is the time to strike since so many condos are currently under construction in the GTA. When statistics indicate that there are roughly 150,000 new residents in the greater Toronto area each year, it would be hard to make an argument that too many condos are being built.
