Everyone has an opinion when it comes to predicting the future of Toronto Real Estate prices, but very people know the undisputed facts. Toronto real estate broker Ryan Coyle created this challenge to test the public on pertinent details related to investing in property in the city. This quiz is meant for fun, but you can use it to test your own real estate adviser, and maybe learn a few things yourself. Below are twenty questions. Getting ten questions right means you’re smarter than average on this subject, and getting more than fifteen answers correct means you’re a sophisticated buyer, or maybe you’re just super knowledgeable about Toronto real estate? Go ahead and find out. Test your knowledge with the Ryan Coyle Toronto Real Estate quiz.
Toronto is growing. Population growth is happening at an astounding rate every year. How fast is Toronto growing?
Toronto is growing at a rate of about 4.5% annually. This is about the same rate as Vancouver, which is known for its rapid growth rate. Montreal’s population increase is estimated at about 3.3% annually.
With the population increasing, many people wonder about jobs. Are available jobs growing fast enough?
According to City News, in December 2018, Stats Canada reported that the unemployment rate in Canada fell to a 40 year low.
What about good jobs? Are high tech jobs available in Toronto?
The Globe and Mail reports that while Ottawa has the highest concentration of tech talent, Toronto added the most high tech jobs over the past 5 years.
When it comes to deciding where to invest in real estate, vacancy rates are an excellent indicator of good value. Where does Toronto rank when it comes to vacancy rates?
When it comes to office space downtown, CBC recently reported that the vacancy rate is not only low, it is the lowest on the continent!
The prosperity of a city is often well measured by the prosperity of its residents. How does Toronto compare to the rest of Canada when it comes to those earning over $100,000?
According to the City of Toronto’s own statistics, Toronto had a greater proportion of residents that earned over $100,000 (10.5%) a year in 2015 compared to the rest of the country (8.7%).
Wealthy people have only a few things in common, but one thing is how they made their money. Most of the world’s wealthiest people made their money by investing in real estate. How many is “most”?
Yes, 90% of the world’s wealthiest people made their money investing in real estate, In fact, CNBC reports that with the current questions about the world economy, wealthy investors are turning to real estate as an even larger portion of their portfolios.
Activity in a housing market is a good measure for investment security. Where does Toronto fit as compared to other cities in Canada? Where is the most-active housing market in Canada?
According to the Canadian Real Estate Association (CREA) statistics, Toronto’s real estate market is the most active in the whole country.
Can you use the equity in your home to acquire investment properties?
Like other lenders in Canada, Scotiabank allows for a mortgage up to 80% of the current value of your home. If that value is more than what you owe, you can apply for a loan on that equity.
Is the money you borrow for a real estate investment a tax deduction?
Turbo Tax explains that interest on a mortgage to buy an investment property is deductible if there is rental income. Even living on the property, if you rent out a part of it, some of that interest is still deductible. Of course, check with your accountant for specific tax advice.
When you refinance a property and take out some of the equity, does it trigger capital gains taxes or is that only when the property is sold?
A “capital gain” is, by definition, the profit made from the sale of a property (or any other investment).
About how much did the average home in Toronto sell for in 1975?
The average house in Toronto sold for about $57,000 in 1975.
What was the average home sale price in Toronto in 2018?
In the city the average price was about $822,000. Condos averaged about $640,000, with detached homes sold in Toronto most expensive, at $1.35 million.
What is Toronto's tallest residential tower?
Aura was completed in 2014. It’s the last phase of the condos near College Park. 79 floors high, it is currently the tallest residential tower in Canada, plus ranks 25 th on the list of the tallest residential buildings in the world.
When it comes to condos, how many bedrooms is best for resale and investment?
A recent study by Zoocasa, found 2 bedroom condos had better than average appreciation levels in several neighbourhoods.
About how many homes sell every month in Toronto?
The Toronto Real Estate Board statistics show about 5,000 residential properties change hands every month in Toronto.
Of the transactions every month, how many are condo units?
Every month, Toronto real estate home buyers and investors see the value of Toronto condos to the tune of 22%. Condos apartments are the second most popular type of home in the GTA.
Homeowners surveyed by the Toronto Real Estate Board were asked how likely they were to list their home for sale next year. What percentage answered that they are at least “somewhat likely” (to very likely) to list their property?
TREB found that 40 per cent of homeowners surveyed did indicate that they were “somewhat likely “or “very likely” to list their homes in the next 12 months.
How common is it, really, to own a second home?
The TREB reports that in 2018, 20% of those who responded to their survey said they owned second properties. 90% of them said they rent out the second home for income.
Population is a fundamental driver for house prices. What is the population of the GTA, based on the latest statistics from the 2016 census?
The latest census shows the GTA population is about 6.4 million, and growing.
Where is the Bridle Path located? Sometimes it is called "Millionaires's Row" because of the collection of lavish homes, plus our Canadian celebrity residents.
Google it, if you didn’t know! How did you do? Better than expected? I'm glad you enjoyed the Ryan Coyle Toronto Real Estate Challenge.
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