New Jobs Driving Real Estate Growth in Toronto

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As stated in the new census data from Statistics Canada, millennials are now Toronto’s most populous age demographic. The city offers world-class healthcare facilities and a high standard of living, safety, and security in addition to excellent employment opportunities. 

With more and more job openings, the amount of real estate available in Toronto has increased significantly. Let’s see how new jobs in Toronto drive real estate growth.

Toronto Is on the Top of the List as Millennial’s City of Choice

Undoubtedly, Toronto is one of the best cities for millennials to live in. The largest city in Canada is the economic capital of the country, offering plenty of job opportunities. There is a high demand for employees in the IT industry who can choose to assist in improving software, building apps, or designing websites. 

Healthcare engineers, engineers, cloud architects, and data scientists are always in high demand. The wages are also among the highest in the country. With more job openings, more people are moving to Toronto and looking to either rent or buy.

Whether you are looking for a family-oriented property or a condo for yourself, Toronto has different neighborhoods to suit all of your needs and preferences. For example, Yonge & Eglinton is among the best neighborhoods for young professionals. In Toronto, you’ll find everything to make your life easier, being the perfect millennial city.

Toronto has an unemployment level of 6% and is the most dominant city in the country regarding industries and businesses. Luckily, Greater Toronto real estate prices are finally cooling after a two-year boom. The benchmark across the city fell by 4.5% in just one month down to $1.455.000. The prices are expected to fall even further.

Job Opportunities Are Endless in Toronto, Driving Real Estate Interest

Due to the city’s diverse economy, you’ll find plenty of job opportunities there. Toronto has always been a significant contributor to the country’s economy. Along with various vital industries, the city has the headquarters of the top five banks in Canada. Another industry that accounts for a considerable portion of job growth in North America is technology. People worldwide are moving to Toronto for high-tech jobs, leading to more substantial interest in renting and buying property. 

Often called the New York North, Toronto offers multiple reasons for you to settle down here, including:

  • A multicultural community 
  • Quality and free healthcare
  • World-class restaurants 
  • One of the best skylines
  • Various fitness and sports programs
  • Easy access to green spaces
  • Abundant job opportunities 

While Toronto is more expensive than other major cities in Canada, if you can secure a decent job, you can succeed in your new life in this fantastic and vibrant city. The IT industry provides some of the highest paying jobs outside of US cities, with an average annual salary of $81.000. Employers can increase your salary by 10 percent if you possess specific in-demand skills and abilities. For example, coding skills stand out as leaders of this particular pack.

Once you have found your dream job, you will need to choose whether you want to rent or buy in Toronto. You can find any property type you have in mind based on financial security and your personal preferences.