The New York Times
writes on Toronto's "robust" real-estate market. The Toronto housing market--fuelled equally by long-standing Canadians and new immigrants--has, unlike many other major cities, managed to survive and grow despite the global economic downturn.
"Toronto's housing market is robust. 'People are investing here,' says Paul Dineen, a lawyer with the Toronto law firm Chapnick & Assoc. 'They see it's a good parking place.' The population is expected to increase by 1 million over the next 30 years, providing an ever-larger pool of prospective buyers. Mr. Dineen said that because the housing market hadn't been overpriced before the global downturn, Canada weathered the crisis when other countries had more difficulty. 'All it was here was a speed bump,' Mr. Robert said. 'The market took a deep breath for maybe four months, but then recorrected itself. We're just steaming ahead, moving forward.'"
"Buyers here include new immigrants, especially those from China, Hong Kong, India and Iran, as well as Canadians whose lineage goes back many generations. The city is attractive to many foreigners because it is considered safe, family friendly and multicultural."
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original source New York Times