Despite a challenging 2023 plagued by housing shortages, high inflation, and economic uncertainties, Canadian real estate investors are optimistic for 2024.
A recent survey by RE/MAX Canada reveals that 73% of Canadians still see owning a home as the best investment, much the same as the year before.
Despite economic challenges, investors kept their confidence in the Greater Toronto Area multifamily rental market throughout 2023, according to property management company Morguard’s 2024 Canadian Economic Outlook.
Morguard predicts investors will keep flocking to the GTA's multifamily rental market in 2024. The driving force behind this will be the ongoing supply-demand imbalance, which is keeping rents high and void periods short. The company says the booming immigrant population will place upward pressure on rents, creating a favourable environment for investors and promising prospects for property managers.
Coupled with an ingrained belief in the long-term value of homeownership, sustained confidence in the multifamily rental market paints a resilient picture for Canadian real estate in 2024.
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