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Toronto: The Disadvantages Of Excessive Foreign Buyers

871 Words4 Pages

oreign Investment of Housing in Toronto: The Disadvantages of Excessive Foreign buyers
Over the past several years, Toronto has characterised an attractive city as the globalization of cross-border investments. An event launched by John Tory, the Mayor of Toronto, that encourages foreign investors could do businesses in Toronto to grow Toronto’s economy and bring more employment opportunities. Due to the fact of Toronto is on the international stage and Toronto is able to provide enough and necessary resource to investors for making businesses. (France, 2012) With the process of encouragement and global integration, the foreign investment has significantly focused on Toronto’s real estate. In 2014, the proportion of foreign investments increased to more than 12% and approximately 34,000 new households were created in Toronto per year and the percentage of individual houses or condominiums owned by foreign investors were 2.4 % which as the highest rate in Canada. (Sun, 2015; Pigg, 2014) According to Bloomberg News, Toronto is building high- rise condos three times more than New York City and about seven times more than Chicago. (Francis, 2012) Even though the foreign investment of housing has great contributed in Toronto’s economy. Foreign housing …show more content…

Ireland (2015) points out that more and more people are interested in becoming real estate agents, even though people who are not trained specifically in this field, as Toronto’s real estate market has flourished and become more profitable than ever. He also gives an example that an agent might earn $82,500 before expenses which their income is approximate between $60,000 and $75,000. Toronto’s real estate indeed provides a profitable circumstance and handsome salary that people could have more employment

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