Find out why Americans are flocking to this Canadian city
Toronto, Ontario is Canada’s largest city. Located on the shores of Lake Ontario, this beautiful, multicultural metropolis is an incredible place to live. Known for its friendly locals and up-and-coming tech scene, Toronto is becoming a more and more desirable place to live and work. Recent trends have seen American buyers looking at Toronto as their next home. Here are three reasons why American homebuyers are eyeing Toronto.
The American Dollar is Worth More in Canada
Perhaps the most obvious reason behind American home buyers looking north to Toronto is that their money is worth more in Canada. The difference in the value of the Canadian dollar has fluctuated over the years
, but today the US dollar is worth 2.23 percent
more than the Canadian dollar, meaning that anything sold in Toronto will be cheaper for American buyers.
Toronto’s Tech Industry is Booming, Driving a Real Estate Boom
Canada’s largest city is also its largest tech market. The CBRE ranks Toronto as the biggest tech center
in the country and the fourth largest in North America, just behind the original tech centers of San Francisco, Seattle, and Washington D.C. Since 2012, over 80,000 jobs have been created in the tech industry, adding more tech jobs than the Bay Area
over that span, and the trend is only increasing. Microsoft recently announced
plans to open a new Canadian headquarters in Toronto, and Intel is planning on opening a new graphics headquarters in North York
. That growth is having a huge effect on the Toronto real estate market, driving development and growth—as well as price. The booming tech industry and projected growth are reasons why American investors are making their mark on Toronto’s real estate landscape.
Canada’s Largest City is a Thriving Metropolis
Toronto is not just a great market for the tech industry—it is also an incredible place to live. Toronto is home to some spectacular restaurants
and cultural destinations like the Distillery District, and is great for outdoor recreation (the Toronto Islands are incredible). In fact, The Economist ranks Toronto as one of the world’s top ten most liveable cities
, based on safety, food security, liveability, and democracy. As the increase in tech jobs shows, the job market in Toronto is stable, making it a great place for buyers looking to move to the city.
For more information about the Toronto real estate market, visit our blog
. If you are an American buyer looking for a luxury real estate agent, or if you are selling your home in Toronto, visit our website
or contact us today.