The Canadian government recently launched the “Lifeboat Scheme”. Hong Kong people who are interested in immigrating to Canada, remember to read the following: Canada’s lifeboat scheme | Pathway to PR for HK Residents. If you are still wondering which place to settle in Canada, Toronto may be on your radar. Toronto is Canada’s most welcoming city for immigrants. It attracted nearly 118,000 immigrants last year, or 35 percent of Canada’s total newcomers. Vancouver, Montreal, Calgary and Edmonton rounded out the top five Canadian metros.
Toronto
Toronto is located on the northwest coast of Ontario, with a population of more than 6 million. It is both the capital city of Ontario and the largest city in Canada. It is a political, economic, cultural and transportation center, and has top educational resources. Its four seasons make for enjoyable and livable weather. In the “2021 World’s Best Cities Report”, Toronto ranked 13th, the highest ranking of Canadian cities. Its high standard of living makes the cost of living and property prices higher than other cities. The cost of living ranks third in the country, and the average property price is about 928,000 Canadian dollars (that is, about 5.71 million Hong Kong dollars).
Property market reacts enthusiastically
Toronto’s investment market value only rises and does not fall, with strong market appreciation. The demand for condos in downtown Toronto is in short supply, with high-end residential, suburban detached houses, and new construction in low- and medium-density single-family homes being the most popular. As North America’s second-fastest urban center and Canada’s tech hub, Toronto properties appreciate the smallest 8.3% per year. And Toronto has enough demand from the immigrant population to keep the appreciation rate steady.
Immigrant friendly environment
Canada has a relatively loose immigration policy. It receives about 20,000 to 30,000 immigrants every year, of which about 50% will choose to live in Toronto, making Toronto an immigrant-friendly city. At the same time, Toronto is also the place where most Hong Kong people choose to immigrate. And if you can successfully apply for immigration status, you can also apply for a refund of the 15% overseas buyer tax paid when buying a property.
Good rental yield
Due to the growing population of Toronto, the supply and demand curve of the housing market continues to rise, reflecting that the rental yield in Toronto is quite promising, falling between 3.9% and 5.5%, which is enough to cover the excessive costs of buying a house, such as mortgage, tax and property management. With the opening of new transportation lines such as the Ontario Line, The Finch West Project, etcToronto’s growth and development continue to increase. Rental yields in the vicinity are predicted to continue rising.
Even if Toronto is closed due to the spread of the global epidemic, citizens have increased their savings while reducing entertainment consumption expenditures, indirectly prompting citizens to increase their willingness to invest in Toronto real estate. And once the vaccine is widely administered and the immigration wave begins again, the market demand for the Toronto real estate market will further increase.
Canada related information:
- Canada’s lifeboat scheme | Pathway to PR for HK Residents
- Hong Kong Immigration | UK vs Canada – Which to choose?
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