Introduction to real estate investment in Toronto, Canada

Toronto is located on the northwest shore of Lake Ontario, the center of the world's freshwater lakes - the center of the Great Lakes in North America. It has flat terrain and beautiful scenery. Join me for an introduction to real estate investing in Toronto, Canada.

1. Introduction to Toronto

Toronto is the capital of Ontario, Canada, with a population of more than 6.4 million and an area of ??712 square kilometers. The city of Toronto is located on the northwest shore of Lake Ontario, the center of the world's freshwater lakes - the North American Great Lakes. It has flat terrain and beautiful scenery. Ships can enter the Atlantic Ocean via the St. Lawrence River from here, and it is an important port city in the Canadian Great Lakes region. Toronto was originally a place where Indians traded hunting items by the lake. Over time, it gradually became a place where people gathered. Toronto is only a one-hour flight from New York City and is one of Canada's southernmost cities. In fact, its latitude is nearly that of Northern California. Therefore, Toronto's climate is quite mild, with the warmest spring and summer in Canada. The Toronto Metropolitan Area is mainly composed of the following cities and regions: City of Toronto, Halton Region, Peel Region, York Region, and Durham Region. The local overseas Chinese and Chinese population in Toronto exceeds 600,000. There are 5 Chinatowns in Toronto, including 2 in the center, namely Dundas/Spadina and Broadway/Gerrard. Toronto also has many Chinese shopping malls: there are more than 70 Chinese shopping malls in the center of Toronto and in the suburbs of Scarborough, North York, Markham, Mississauga and Etobicoke. Among them, the larger and prosperous ones include Pacific Mall, City Plaza ( Market Village, First Markham Place, Times Square, Oriental Center and Metro Square, etc.

Toronto, Canada, is a peaceful and quiet city in the minds of many Chinese people. It has been listed by many economic think tanks for its low crime rate, clean environment, high living standards, and tolerance of multiculturalism. The most livable cities in the world. Like a man possessed, Chinese from all over the world flocked into this kaleidoscope-like place, bringing their traditional Chinese culture with them.

2. Introduction to Toronto zoning

Downtown (Toronto CBD):

The mainstream real estate is apartments

In January 2017, apartments The average price is 566,000 Canadian dollars

Toronto DOWNTOWN is the main commercial area of ??the Greater Toronto City. It is located on the north shore of Lake Ontario, south of Bloor Street, east of Dufferin Street, and west of DVP. There are four main universities and colleges here including the University of Toronto main campus, Ryerson University, Ontario College of Art and Design, George Brown College, and four famous hospitals including Toronto General Hospital, Children's Hospital, and Mount Sinai Hospital. ), Princess Margaret Hospital, the famous Financial Street (BAY STREET), Eaton Mall, Ontario Museum, City Hall, and Chinatown are all concentrated in this small place. In early 2017, there were 1 apartment here The rent can reach 1,800 Canadian dollars per month for a one-bedroom apartment and 2,700 Canadian dollars for a two-bedroom apartment, and the vacancy period is less than 1%.

North York (North York, Toronto):

The mainstream real estate is apartments

The average price of an apartment in January 2017 was CAD 520,000

North York is located in the northern center of Toronto, Ontario, Canada. Its total population in 2016 was approximately 672,955. According to the 2006 Canadian National Census, 60% of the population in North York is white, 14% are Chinese, 10% are South Asian, 9% are black, and 3% are Korean.

The heart of North York is located on Yonge Street, Toronto's main street, between Finch Avenue and Sheppard Avenue. It is also the area where Toronto Subway Line 1 runs through. one. The section of Highway 401 across North York is very busy, with up to 400,000 cars passing through it every day.

There are three main universities in or around North York: the main campus and branch campuses of the University of York, and Seneca College. The University of Toronto at Scarborough is not far east of North York. North York has three private campuses: cresent school (boys school), Toronto french school, Havergal college, public campus Elkhorn public shool, and Earl Haig secondary school, all of which are very famous. There are three large shopping malls in North York: Yorkdale mall, Bayview village, and Fairview mall. North York is also an area with good public security and good living environment in the Greater Toronto Area. The residents in this area are mainly middle-class and wealthy people, and there are many large residential areas in the area. The Bridle Path, located between Bayview and Yorkmills, Lawrence and Leslie, is a wealthy and influential residential area in Canada. The properties in this residential area are worth hundreds to hundreds of millions of Canadian dollars. The residents are mainly wealthy Canadian businessmen. Celebrities such as Macau gambling king Stanley Ho and Celine Dion all have properties here.

Markham (Markham City):

The mainstream real estate is detached houses

The average price of detached houses in January 2017 was 1.52 million Canadian dollars

Markham starts from Steeles in the south, adjacent to the city of Toronto, to the 19th area in the north, from the York-Durham Line east of Markham Rd in the east, to Yonge St (between Hwy7 and Steeles Ave) and Highway 404 (Hwy 7) in the west. and 19th Av), covering an area of ??approximately 2.12 million square kilometers, is the largest city in York Region, and is closely connected with the surrounding cities of Toronto, Vaughan, and Richmond Hill. ) and so on adjacent. The total population in 2016 was 328,966. 32.9% of the people speak Chinese (Mandarin + Cantonese + Chinese dialect), and only 40% speak English. As a high-tech capital (High-Tech Capital), Markham has gathered a large number of IT and life sciences companies. There are more than 400 company headquarters and more than 1,000 high-tech and life sciences companies located in Markham, providing 39, 000 positions. IBM Canada, AMD, Honda Canada, Honeywell, Oracle, Johnson & Johnson, Huawei, Qualcomm, etc. are all in Markham. At the same time, Markham’s educational resources are very superior. According to the 2016 Fraser Institute survey, 4 of the top 25 public campuses are in Markham. Markham is an important town for Chinese people. Here, there are many Chinese supermarkets and shopping malls. There are four Canadian Chinese supermarkets, T&T, Pacific Place, Markham Plaza, etc., making life very convenient. The market for detached houses in Markham is very hot at the moment. It’s not surprising that there are 20-30 customers vying for offers for good second-hand detached houses.

Richmond Hill (City of Richmond Hill):

The mainstream real estate is detached houses

The average price of detached houses in January 2017 was 1.68 million Canadian dollars

Richmond Hill is a town in York County and a part of the Greater Toronto Area. It is only 5 kilometers away from North York in the city of Toronto and 20 kilometers away from the central area of ??Toronto. It has developed rapidly since the 1990s, with a population of approximately 195,000 in 2016 and an area of ??approximately 110 square kilometers.

19% of people speak Chinese (Mandarin + Cantonese + Chinese dialect), and only 40% speak English. Richmond Hill has a superior geographical location, prosperous industry and commerce, beautiful communities and excellent education. Although there are residential areas such as the manor-style "Pastoral Villa", Wilcox Lakeside Villas, Bayview Hill (Rich Villa), and South Richvale, they are not the legendary "Rich Man HIll". There are still large communities suitable for the middle class and ordinary classes. Partially. It is dotted with large and small lakes, runs through streams, 5 golf clubs, 166 parks, 544 hectares of nature reserves, provincial Oak Ridge Nature Reserve, etc., integrated into large and small communities, the scenery is beautiful, auspicious and pleasant. Four of the five public high schools are very popular with Chinese: Bayview Secondary School, Langstaff Secondary School, Richmond Green Secondary School and Richmond Hill High School. The two church high schools are also quite good: St. Theresa of Lisieux Catholic High School? and Jean Vanier Catholic High School.

Vaugham (Vaughan):

The mainstream real estate is single-family houses< /p>

The average price of a detached house in January 2017 was 1.52 million Canadian dollars

The City of Vaughan is located north of Toronto, Ontario and is known as "Above the City of Toronto" city. The city consists of 5 thriving communities. In the past 20 years, Vaughan's population has increased six-fold and is currently around 300,000. The percentage of Chinese in Vaughan is lower than that of Richmond Hill and Markham, at about 10%. Vaughan has a clean environment and convenient transportation. Ontario's main highway, Highway 400, runs from north to south and is connected to Highway 401. Vaughan is a strong, diverse manufacturing base that dominates local industry and commerce. The city layout of Vaughan is square and is subdivided into five major areas, namely Thornhill, Concord, Woodbridge, Maple (Maple Town) and Kleinburg. Among them, the Thornhill area is especially familiar to the public. Thornhill, translated as Kangshan in Chinese, is because the community is divided into two cities, so the part to the west of Yonge Street belongs to Vaughan, while the part to the east belongs to Markham. Thornhill has a large Jewish community in most areas and has many synagogues. Most of the people in Thornhill are Westerners, and the residents of Crestwoods and Upland communities are also mainly white. The number of Chinese residents has only gradually increased in recent years. What attracts more and more high-end residents is the unique hardware and software of these two communities: transportation and education. Education is excellent. Although it is always said that Chinese parents pay too much attention to their children's studies, in fact, all parents in the world are the same and hope that their children can become talents. Therefore, Westerners also pay attention to the community when choosing a house. Westerners' preference for this community also stems from The educational area in which this community is located. Western families admire the education of this community, and some Chinese parents who value their children's integration with mainstream society rather than pure academic performance have also moved in. It is worth mentioning that the main campus of York University is close to the border between Vaughan and Toronto, in North York, south of the border.

Mississauga (Mississauga):

The mainstream real estate is detached houses

The average price of detached houses in January 2017 was 1.18 million Canadian dollars

Mississauga (Mississauga, referred to as Mississauga or American City) is a city in Ontario, Canada. It is located in Peel Region, west of Toronto, and is part of the Greater Toronto Area. According to the 2016 census, Mississauga has approximately With 72,1599 residents, Mississauga is the sixth largest city in the country in terms of population. It is an important transportation hub in the Greater Toronto Area, with seven provincial highways crossing the city and one of the largest Toronto Pearson International Airports. Some are even located within Mississauga.

Mississauga is located on the north shore of Lake Ontario, bordering Brampton to the north, Oakville and Milton in Halton District to the west, Halton Hills to the northwest, and part of the city boundary with Toronto to the east follows Etobicoke Creek. (Etobicoke Creek). The University of Toronto at Mississauga (also known as UTM) is a satellite campus of the University of Toronto, located in Mississauga. The campus is about 33 kilometers away from the center of Toronto. The University of Toronto consists of the St. George Campus, the Mississauga Campus and the Scarborough Campus. The St. George Campus is mainly responsible for undergraduate, postgraduate and doctoral education at the University of Toronto, covering most of the majors at the University of Toronto; the Mississauga Campus and the Bachelor's Degree The Castle Campus is a satellite campus of the University of Toronto. It decentralizes the functions of the main campus and diverts students. It is mainly responsible for the undergraduate education of the University of Toronto's Faculty of Arts and Sciences (business, liberal arts and science majors. It does not include engineering, law and medicine), and a small number of Graduate and doctoral education.

Oakville (City of Oakville):

The mainstream real estate is detached houses

The average price of detached houses in January 2017 was 1.31 million Canadian dollars

Oakville, known as one of the wealthier towns in Canada, is a town with a beautiful lakeside and strong heritage protection. It is culturally diverse and often hosts a variety of tourist celebrations. Oakville has the second highest annual household income in Canada and the third lowest crime rate. 80% of the population of 190,000 is white, and Chinese only account for about 5%. Canada's famous TIM HORTON coffee chain giant, Siemens, and Ford Motor Company (FORD MOTOR COMPANY) are all headquartered in Oakville. Oakville is also home to many life technology companies, primarily in the pharmaceutical and elderly care sectors. In Oakville, K12 has both public and private campuses. The percentage of private campuses and students in Oakville is the highest in Canada. Oakville has two famous private campuses: Appleby College (founded in 1911, enrolling students from grades 7 to 12) and St Mildred’s-Lightbourn School for Girls. Oakville has two of the top 25 public campuses in Ontario, Oakville Trafalgar and Iroquois Ridge. There is only one higher education institution in Oakville, Sheridan College. Its educational advantages lie in animation and business studies.

3. The process of buying new and second-hand houses in Toronto

New houses:

1. Image survey and real estate analysis.

2. The home buyer puts forward the demand and selects the area.

3. Compare the projects of various developers horizontally and select the properties.

4. Sign a contract directly with the Toronto developer, or sign a POA (entrustment agreement), and have the local Lianjia cooperative broker sign the house purchase agreement on your behalf.

5. Pay a deposit of no more than 10% of the house price to the developer’s law firm’s custody account.

6. Meet the following conditions:

1) Loan

2) Home inspection

7. Submit all documents to respective lawyers, if any All loan documents must also be submitted to the bank.

8. The transfer will be signed by the lawyers of both parties.

9. Customers who need to rent out a house must sign a house management contract and rent out the house.

Second-hand housing:

1. Intention survey and property purchase analysis.

2. Home buyers prepare funds (buyers are required to pay 35% down payment + about 2% second-hand house transaction tax within 3-4 months of signing the house sales contract).

3. Search for housing, buyers put forward their needs and select the area.

4. Local house viewing (for clients who do not go to local house viewing, the Toronto agent will provide videos or photos for reference).

5. Compare horizontally and select the property.

6. Submit a letter of intent to purchase a house (OFFER).

7. Both parties sign a formal purchase contract.

8. The buyer pays the deposit.

(Generally 5%-10% of the house price)

9. Meet the following conditions:

1) Loan

2) House inspection

3) The lawyer will read the building management documents (applicable to the purchase of an apartment)

10. Submit all documents to the respective lawyer. If there is a loan, all documents must be submitted to the bank.

11. The transfer will be signed by the lawyers of both parties.

12. Customers who need to rent out a house must sign a house management contract and rent out the house.