Toronto's Projected Population Increase

By: Cindy

Toronto's Projected Population Increase

Tags: What does this mean for our real estate market?

According to Statistics Canada and the Census of Population in 2016, Toronto's population is projected to increase by 1.03 million people by the year 2041. This estimate roughly translates to about 41,000 people annually. Earlier projections in 2011 saw an increase in only 35,000 people annually between 2011 - 2016. The Census of 2016 proved that Toronto's population surge is exceeding prior projections. The question is what will this mean for our real estate market.

An increase in population means an increase in demand for properties, however, the type of properties needed may vary. We must also look at how the population is growing. This means understanding the age group and the status of the group as families look for much different properties than bachelors and/or senior citizens and couples.

Never the less, an increase in population can be a good sign of Toronto's economy and furthermore put Toronto as a place many want to live in.

Image