Why People Buy Extra Homes in Toronto?
Toronto is a luxurious place to live in. People from various countries wish to have the lifestyle of those living in Toronto. This may be one of several reasons why families from different countries want to migrate to Toronto.
Since the real estate market in Toronto has proved to be very profitable for buyers, people have shown more interest in buying extra homes. People use the equity in their primary home and buy extra houses so that they can capitalize on the real estate market.
Living in Toronto has a great charm but selling a home, if you own multiple, brings even greater revenue to the home owners. Specially, when the prices continue to rise every year as much as 10-15%.
Sky rocketing prices of housings may also have contributed to people buying extra places to live in Toronto by bringing condo lifestyles into the limelight for smaller families with younger members.
Another main reason, particularly related to current affairs, is the election of Donald Trump as the president of the USA. Real estate agents in Toronto are calling it the Trump effect. This event has led a lot of American immigrants to consider moving to Toronto, forcing them to buy extra homes in Toronto.