The State Of Real Estate in Toronto – Now and In The Future
The cities of Toronto and Vancouver continue to lead in terms of real estate development and investment projects despite lower availability rate than the national average. This is one of the many insights revealed by the newly published PWC report on Emerging Trends in Real Estate across Canada and the United States. Hiring a real estate lawyer in Toronto is important.
Shifting expectations and demands are bringing a wave of change to the real estate industry – one that has been previously known to be reluctant to this. On one hand, the rise of the co-living trend which blends various features of houses, apartments and hotels makes it a hot investment project for the future. On the other, younger generations are driving bigger needs for reimagining offices and workplaces while the rise of technology is craving for more storage space. These are just some of the shifts that are expected to transform real estate forever and any Canadian looking to invest or even a future homeowner should be wary of them.
Purpose-built rental in Toronto
The national vacancy for housing was around just 2.4 per cent across Canada in 2018 with Toronto specifically registering as little as 1.1 per cent. Many people find the idea of downsizing when choosing to rent more appealing that buying a home. This demand leads to a situation where landlords are empowered to change the rents potentially increasing the price. This is also in part due to the fact that while many are willing to sacrifice space and homeownership, there is an increased focus on services and amenities that align with lifestyle and preferences.
Toronto – a real estate investment to watch
Toronto remains one of the fastest-developing cities in North America with a constant and strong economic growth of 2.4 percent in both 2019 and 2020. The office market is a major asset, as observed in the continued low vacancy rate and ongoing announcements of large developments across the city. The industrial sector is equally seeing an upward trend continuing to gain momentum on the back of e-commerce growth.
A nationwide poll has revealed that Toronto was the city of choice for relocation in particular for young Canadians. About 10 per cent of respondents said they would happily move to the city to buy a home. And in line with these findings, a MoneySense report has concluded that Toronto is one of the most valuable markets to invest in.
The downside here is that nowadays there are a number of challenges such as high prices and strict regulations which makes it increasingly difficult for Canadians, especially younger ones to be able to save for a down payment. On average, it takes over 10 years for a Canadian to save up 20 per cent of the down payment, in comparison with almost half of that back in the latest 70s.
The value of a real estate lawyer in Toronto
In the happy situation when a person has decided and has the capital to purchase a home, there is often the case that they overlook details of the process. There are a number of laws that are specific to real estate, with which most people are not familiar or even aware they exist. Just like hiring a real estate agent to handle the sale, hiring a real estate lawyer is just as necessary. Homebuyers can benefit immensely from this service. Such a lawyer can ensure the process is run smoothly and every single document is expertly analyzed – from reviews purchase agreements and mortgage contracts to transfer documents. And while to many it may be perceived as an additional, unnecessary cost, when we think about the almost 13 years it takes a person to get to that point and that buying a home is probably one of the biggest investment many will do in their entire lives, having someone to offer guidance becomes a necessity.
The type of clients that real estate lawyers advise can vary greatly and can include both commercial properties and residential ones. What few people are aware of is that such a lawyer can also handle some of the negotiations conversations which is a skill that not everyone has and frankly, a situation that can become rather uncomfortable at times.