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Market Report

Toronto Multifamily Market Report

Fourth Quarter 2019

Strong Immigration Trends and Robust Job Growth Bolster Rental Demand

Deep tech roots and hub for top-tier talent boost housing demand. The rapid growth of Toronto’s tech ecosystem and exceptional immigration trends contributed to record-breaking employment growth with the creation of 209,400 jobs over the year ended in September, the strongest gain in at least a decade. The employment base expanded 6.3 percent over this period, well above the 0.5 percent pace recorded at the same time a year ago. A simpler immigration system in contrast with the U.S. along with government programs and world-class universities that have led the metro to be a major tech hub have encouraged many global tech firms to open offices and bring on new workers. Microsoft, Google, Amazon and Uber are just some of the companies capitalizing on the vast tech talent presence in the market, creating thousands of highly compensated positions and fueling household formation. As housing demand expands rapidly in the GTA, the rental market remains pressured to boost supply as the metro faces a substantial shortage of purpose-built rentals.

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