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Reasons On Why Toronto Real Estate Market Would Continue To Appreciate In Future

When you take a look at the Toronto real estate market now, you will see how it is booming. We can expect the Toronto real estate market to continue its progress in future as well. Here are some reasons that highlight why the Toronto real estate market would continue to appreciate in future.

1. Labor shortage

Labor shortage is one of the main reasons on why Toronto real estate market would continue to boom in future. As of now, around 700,000 skilled trade-people who live in Toronto will be retiring by the year 2030. This will create a massive trade availability. To fill in the gap, more immigrants would come into Canada. As a result, the Toronto real estate market would continue to appreciate in future.

2. Focus on green building

Toronto City Council is on a mission to cut down the emission of greenhouse gases by the year 2030. Along with that, we will be able to see green building technology and materials becoming more prominent. This would also contribute towards the booming real estate market in future.

3. Taxation/ Development Charges

Toronto is a city that believes that infrastructure development and growth happens completely with new developments. As a result, they will be adding many new categories. These expenses will have a spiraled effect, which is quite out of control. Back in the year 2013, development charges were just $20,000. However, the rates for the same unit increased up to $140,000 by the year 2022.

4. Inclusionary Zoning

One of the most prominent solutions present to address the problem of affordable housing is to introduce inclusionary zoning. Along with this, all sizeable developments that are located near the major transit stations will need to offer in between 5% to 10% of the units as affordable units. The result of this would be that people will be able to get amazing discounts on housing units. However, these discounts will be absorbed by the rest of the units, which will make them quite unaffordable.

These reasons show why the Toronto real estate market would continue to appreciate in future. While keeping that in mind, you may proceed with investing in Toronto real estate.

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