Toronto property market sees strong demand: Damac chairman
By Staff Report
Published: Wed 23 Aug 2017, 4:55 PM
Last updated: Wed 23 Aug 2017, 10:55 PM
Toronto's property market continues to see strong demand, noted Damac International chairman, Hussain Sajwani, following a visit to the city to explore new investment opportunities.
Toronto has experienced surging property prices for the last few years due to continued demand by citizens and foreigners. Strong demand for condominiums and family homes in the Greater Toronto Area continues to make the city an ideal investment location.
Canada's federal housing agency, Canada Mortgage and Housing Corp (CMHC), said the current stabilisation in prices will be short-lived, and is an immediate market reaction to the Ontario government's recent introduction of a 15 per cent tax on foreign buyers, aimed at slowing down overheating housing prices.
During a meeting with Toronto Mayor, John Tory, Sajwani praised Toronto's diverse community, which continues to attract highly skilled professionals from around the world as well as international investors looking to get a foothold in Toronto's lucrative property sector.
"In a way, Toronto and Dubai share a number of similarities, as both cities continue to attract skilled professionals and investors who are looking for a stable, friendly market to raise their families while offering strong investment returns on property purchases," said Sajwani. "Both cities are leaders in attracting top talent from around the world, both offer a rich, culturally-diverse environment that is safe, vibrant, and family friendly, but most importantly, both cities have a burgeoning property market that continues to show resilience and is able to deliver strong returns."
Damac continues to explore international opportunities overseas that would enable it to expand its global footprint beyond the Middle East. On August 14, 2017, it announced its first-half 2017 financial results, which showed booked sales of approximately $1.1 billion and deliveries of over 1,000 units at its Damac Hills master development, bringing the total number of units delivered there to more than 3,100.