“The majority of investors buying pre-construction condos in Toronto are ‘Foreign Investors'”.
This is a quote we hear over and over, perpetuated by the media.
We literally have this conversation a few times a week.
So let us clear up this misconception and confusion once and for all.
Looking at the past 500 pre-construction deals, 96% of the purchasers LIVED in the Greater Toronto area, had a social insurance number, and Ontario driver’s license.
Speaking with many other top agents in the city, there numbers were similar.
Speaking with the 2 largest inside sales organizations who represent developers, their numbers are similar.
It is actually quite easy to track, as non-residents have a different deposit structure.
So Why All The Confusion?
As it turns out, if you asked all of the Toronto pre-construction condo investors where they were BORN, the majority would say a different country.
Condo investing, and real estate investing in general, is very popular in other countries.
When we host our condo investor workshops, we always ask “Who in the room was born in a different country?” Almost every hand shoots up.
With 1,000,000 new immigrants expected over the next 10 years, you can bet this trend won’t end.
If you’d like the full story, download a free copy of our latest book, Condo Investing 101.