Reasons Why We Love Our Country and It’s Largest City
1) According to the US News & World Report 2018 Best Countries List./Wharton School, Canada ranked 1st for the third year in a row as having the BEST QUALITY OF LIFE! We’re also one of the top 10 best countries for entrepreneurship, being modern/ forward thinking, retiring comfortably, raising kids, transparency, green living, education and for being a woman!
2) According to the same report, Canada is the second best country overall, just behind Switzerland. Did you know that 69% of Canadians own a home whereas in Switzerland, only 34% of the population own a home. That makes us #1 in my books!
3) In a global comparison of home prices by NBF Economics & Strategy, Canada’s large cities are a bargain as compared to other leading cities of the world based on price/SF as a multiple of income. Vancouver is #14, Toronto is #16 and Montreal is #18 of the 18 cities polled. At the top of the list and considered most expensive are Hong Kong, Beijing, London, Tokyo, Singapore, Rome, New York, Paris, Seoul, Vienna, Stockholm, San Francisco, and Sydney. Just behind Vancouver is Mexico City and behind Toronto is Melbourne.
4) We have the fastest growing economy (GDP) in the G7 countries according to Atlas Data: National Statistics Office. Our unemployment rate is the lowest it’s been in 50 years and labour markets are tight. More people have full time jobs than ever. This makes people feel confident in making large scale transactions. In other words, renters are turning into buyers!
5) While mortgage rates have been rising over the past 18 months, the stress test had more to do with reducing debt than it had to do with the real estate market, even though it did slow home prices. Rates are still traditionally very low which aids affordability. Imagine buying a home in 1981 when interest rates were 21%?!? We have a conservative fiscal banking system which ultimately serves to protect the Canadian economy. In 2009 after the global financial crisis, Canada had a 9 month correction whereas the US correction lasted 6 years.
6) Canada leads the following countries – Australia, United States, United Kingdom, Germany, France, Italy, Japan for population growth of Millennial + Gen X demographics over the past 5 years making it the fastest growing advanced nation on earth.
7) Lastly, it’s no surprise that the demand for housing is particularly strong in Toronto. The 3 main drivers are a) Immigration – and the quality of those people immigrating. We’re attracting the best and brightest from around the world and have the highest employment rate for immigrants. People want to come to Canada! b) Millennials – are the largest demographic in history. There are more millennials than baby boomers. Cars are no longer important but 87% of millennials want to own a home. 69% hope to own a home in the next 5 years but many will relocate outside of the city. c) Baby Boomers – richest demographic in Canadian history and once their kids have finally (!) left, many will be downsizing to a condo over the next 5 years, 56% will end up buying a home as large as the home they are leaving which will fuel the demand for luxury condos.
Thanks Canada ! You’re just awesome!!
Source: US News & World Report 2018 Best Countries List, NBF Economics & Strategy, Atlas Data, United Nations, Phil Soper CEO Royal Lepage/Brookfield Real Estate Services.