My Immigrant Story from Hong Kong to Toronto Canada

Around 2 weeks ago, our Immigrantion Minister made a huge announcement on the most aggressive immigration plan ever in Canada’s history.

$1.2 million immigrants in the next 3 years, around 400,000 per year.

Just last week, he made another big announcement, specifically for Hong Kongers.

A new expedited immigration program will be launched in early 2021 to attract young people in Hong Kong to come study or work in Canada, and eventually become permanent residents.

Toronto Real Estate Market

The Game Changer Announcement for Toronto’s Rental Market

Last week, we talked about how to survive the current tenant’s market.

The major cause in the sharp drop in demand is obviously the drastic downturn in immigration.

Last year 2019, we had around 340,000 immigrants.

Earlier this year, the government announced an aggressive 3 year immigration plan.

We planned to welcome another 341,000 immigrants in 2020.

Then 351,000 in 2021.

And 361,000 in 2022.

That’s over 1 million immigrants in 3 years.

Well, of course, nothing goes as planned in 2020.

We’ve only had around 130,000 immigrants so far this year, that’s only 38% of the originally planned number.

You see, a killer drop in immigration, international students and travellers, plus a record high number of new condo completions this year, drag us to a struggling rental market.

In the meantime, we can only survive the current rental market with the “Love me, hate me, there’s no money in the middle” strategy.

If you don’t know what this strategy is, make sure you watch last week’s video at the link below.

The good news is…

A few days ago, the government just announced a vaccine for our rental market.

Toronto Real Estate Market

How to Survive a Tenant’s Market in Downtown Toronto

Rents are plunging in the world’s richest cities!

From New York to London to Sydney to Singapore… Landlords are all facing rent declines.

With downtown Toronto being the home to the second largest financial centre in North America just behind New York, we’re no exception.

On the supply side, a record 7,776 new condo units were completed in the 3rd quarter of 2020.

Typically, one-third of the units are investors owned.  

And indeed, these new units produced 2,366 rental listings.