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Do you ever wonder if or when the Toronto real estate market might slow down or crash?
How long can it keep going up and going up by so much?
You hear the media & many realtors keep announcing “Best Month Ever” “The Market’s On Fire”.
Do you ever ask yourself WHY the market keeps going up and going up by so much?
Today I want to talk about Toronto Becoming A Heavy-Hitting Global Tech Hub
As I’ve said before in many videos & posts I’ve done, the real estate market is like any market. It’s driven by supply & demand.
When demand is much bigger than supply the Buyer’s force the prices up their willingness to pay more for the product (in this case house or condo) they’re competing for with other Buyers.
And so if we peel this proverbial onion and really dig deep we must look at WHY there is always more demand than supply.
Seems only logical right?
There’s no questions that immigration has driven our market for the past decade or so, and continues.
Although demand might have shifted in the past year from foreign immigration to locals, wanting more or different places to live, once immigration resumes that demand will increase again.
But today I’m going to talk about something else most people possibly don’t even realize.
Torontonians (or those anywhere in the suburbs) talk about how amazing our city & province is.
The culture, the diversity, the architecture, the arts scene, and so much more.
Well today I’m going to share some interesting tidbits about our technology scene.
Like I said, Toronto and the GTA is known for the culture, diversity, arts & theatre scene, and of course sports teams.
But many people might not realize just how popular the city is becoming within the technology & global tech scene.
Many big-time tech companies are moving to or setting up shop in the big T.O.
Some say Toronto is giving other big tech cities in North America a real run for their money.
The question of course is why?
Well first let’s look at what’s happening in the tech sector in and around Toronto.
Tremendous Growth:
Toronto and about a 100km distance westward towards the Waterloo area has seen tremendous growth.
There are now over 5200 startups and 15,000 tech companies.
It’s actually the second biggest pocket of tech companies in North America.
And of course the tech sector is supported by our amazing universities and colleges which have also expanded their technology and business programs.
Obviously that means many more students graduating and going into the tech sector.
Venture Capitalists:
Due to what I just said the GTA has also experienced a large increase of investment from venture capitalists.
Billions of dollars has been invested into our tech sector recently (meaning the past couple of years).
Not to mention the government has shown more interest in technology talent by giving more funding and benefits to these startups and offering more programs to expand our tech resources.
Global Tech Giants:
Global tech giants and Fortune 500 companies are seeing the benefits of relocating their technology departments and research facilities here.
Companies like Uber, Intel, LG, and Samsung are just some.
We all heard that Amazon did not pick Toronto for it’s second headquarters but they do continue to invest in our city.
Microsoft announced the opening of a new office in downtown Toronto.
Now let’s look at WHY Toronto has become so attractive to Global Tech companies?
For many years (as our immigration would confirm) Toronto has been on the world map as a great place to live and do business.
We are very open with our immigration policy and even offer a unique startup visa program.
We have our healthcare system, many social services, and our education is widely respected.
Our economy is steady and we have a relatively high standard of living for many.
And of course we Canadians are very welcoming and friendly, Eh?
Companies want to do business in environments like this, and people want to live in places where their merits are valued regardless of their country of origin.
The GTA is seen as a place for people, families and businesses to grow.
So in closing I’ll say that Toronto is more than just a city adored for our friendly people, our beloved Leafs & Raptors and Drake.
It has become a global tech destination and given the increasing demand and increasing investment it looks like it will continue for quite a while into the distant future.
What does this all mean to those who have no interest or training in tech?
It means the increasing immigration along with the increasing growth of our tech section will continue to drive the increasing demand for housing.
And with increasing demand, and lack of supply, the price of housing will keep going up.
If you want to know more about the real estate market, buying or selling a home I’m always happy to chat.
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