Holiday season takes on special meaning in Canada

With our Canadian Thanksgiving over and a much-anticipated holiday season just around the corner, it seems like the perfect time to reflect on what we have to be thankful for. With so many areas of the world in turmoil, it is gratifying to live in a country where we can get up in the morning without worrying about bombs dropping on us and evacuation orders. Yes, our economy has been challenging, but as with everything, cycles go up and down. Recently, Statistics Canada reported that our country’s inflation rate decelerated to 3.9 per cent in September, which was down from four per cent in August. This was lower than many economists predicted.

High quality of life

If you need convincing about what a great country Canada is, just look at our immigration numbers. We have one of the highest rates per population of any country in the world. This year, we anticipate our numbers will surpass those of 2022, when we welcomed more than one million newcomers, including international students and foreign workers with qualified Visas. And remember that about 45 per cent of these newcomers will come to Toronto and the GTA.

They come for our high quality of life. They come for our relative safety, work opportunities and the world-class amenities they find here. And yes, they come for our top-quality education facilities. In 2022, Canada welcomed a record 551,405 international students. That led to an end-of-year total of 807,750 international students holding valid study permits in Canada. Our country is well on track to welcome 900,000 international students this year.

This is great news for investors, especially now in this atmosphere when we are not allowed to sell to foreign buyers. Yes, there is an exemption on that ban but only up to 500,000. These students are guaranteed renters for investors. Rents have continued to rise, going as high as $7 per sq. ft. in the best downtown Toronto neighbourhoods, and as high as $5 per sq. ft. in the west end of Toronto. The recent news from the federal government that construction of new rental apartments no longer requires the payment of GST will help, but more steps are required. Until then, condos are filling in that gap.

Financial and lifestyle investments

Canada is fortunate to have one of the most substantial and attainable real estate markets in the world, which is another reason why so many immigrants settle here. Our new-home buyers have more elaborate standard features and options than most other countries, including the U.S. And for a major cosmopolitan city, Toronto is still relatively affordable when compared with others around the globe. No matter what the economy does, in Canada, real estate has proven to be one of the best financial and lifestyle investments over the years.

So, as we approach yet another new year, let us be thankful for the wonderful and peaceful opportunities we have here, and for the immigrants who add so much to our rich tapestry of life.