City of Toronto Luxury Real Estate
Toronto luxury real estate market is becoming more and more appealing to foreign investors. Especially interesting are Toronto suburbs and nearby regions, including real estate in Muskoka and Niagara Peninsula, with its multiple wineries that produce world-class wines.
There has always been an interest in Toronto luxury real estate, but in the last years it increased considerably. There are several reasons to that phenomenon. The main reason is that Toronto has steadily gained ground as one of the top 10 global financial and business centres. However, real estate in the city is highly underestimated.
That's the reason why foreign investors are so interested in luxury real estate in Toronto and it's suburbs - its prices here are considerably lower than prices for similar property in other mega-cities.
At present, Toronto is practically the only city of the top 10 financial centres where you can buy a luxury property on a large plot of land at a relatively low price.
Often, luxury real estate is located on large plots of land, in picturesque regions. Many properties include stables, gardens and wineries.
Reasons why the interest in Toronto luxury real estate is so high:
- Toronto is one of the most important financial, industrial and scientific centres in the world. A great number of fortune 500 companies are located in Toronto. Although Toronto is not yet as strategically important as New York, London, Tokyo, Hong Kong, and Beijing, it approaches their level by leaps and bounds. Therefore, foreign companies open offices in Toronto. Company managers are interested in buying quality real estate, and not only as a housing, but also as an investment. Also, it has become prestigious to have a luxury cottage in Toronto suburb.
- Canada is the only country in the world with an important program of attracting immigrants. Among business people, the most popular programs are Entrepreneurs and Investors. With this programs, you can quickly get the status of a permanent resident of Canada.
- Toronto is considered one of the safest cities in North America, with a very low crime rate.
- Toronto is the 5th largest mega-city in North America, and the largest city in Canada. It provides great opportunities for businesses development, with an entrance to the entire North American market. Canadian economy is admittedly one of the most stable economies in the world, and Toronto expensive real estate with continue to increase in price, which makes it a great investment.
- Canadians love to preserve old traditions, which attracts investors from the Western Europe, who buy properties with stables, wineries, invest in golf clubs, buy cottages in Muskoka and restore the European spirit of life.
- Foreign investors can freely buy, own, rent and sell real estate in Canada. Foreigners pay exactly the same taxes as Canadian residents.
- Capital gains (the difference between the buying and the selling price of the house) from selling real estate in Canada are not taxable, with the condition that the owner lived in this house for the last 6 months. If the owner did not live in the house, or if the owner is a foreign investor, only half of the capital gains is taxable. This makes Toronto luxury real estate highly attractive as an object of investment.
- Mortgage interest rates are very low in Canada (2.5 - 2.6%). Foreign investors can also get a mortgage with at least 35% downpayment. (For Canadian residents the downpayment can be as low as 5-10%).
You might also like
How To Sell
How To Buy
Pros And Cons
Buying A House
Do You Need