The investors believe that there will be a higher rate of real estate investments in Canada this 2016. The western part of Canada is in troubled times right now, and this could lead to a higher investment rate in Toronto. The investors are highly confident that Toronto will be the place where potential buyers would cash in their investments compared to other nearby places.
Since Toronto is expected to receive and welcome the large groups of migrants from Canada, their real estate investments are highly likely to grow and the economic state might also increase.This would therefore lead to an increased number of Toronto residents.
A Toronto real estate agent named Ira Jelenik said, "Toronto will definitely be a good spot for investors this year; I was just talking with a broker from another office about this and we think many people who currently live in Alberta will look to move to Toronto."
"The oil industry taking its fair share of beatings last year, with many people out of work and struggling to cover the cost of rent or mortgage. The trend is expected to continue - and its one that has had a very real impact on the real estate industry," Canadian real estate wealth writer Justin da Rosa noted.
It was also taken into account that droves of real estate agents from Fort McMurray had left their city and searched for other markets they might be able to sell. Royal LePage Real Estate Services Chief Executive Officer Phil Sopher admittted this decrease of agents during an interview with the National Post.
"Our offices in Edmonton are experiencing a transfer of agents from Fort McMurray and you'd expect that, because the region is experiencing the most severe change in economic fortune in Canada in years," said Sopher during his interview with the Post.
Although it is a loss to the Western Canadian market, right now, Toronto real estate agents are highly expectant of this market forecast.
