HOW THE HOUSING MARKET AFFECTS BUSINESS AND OPERATIONS
Toronto is a beautiful city with many tourist attractions. For example, in 2017 it was reported that a total of 43 million people visited the city and ended up spending around $8.8 billion (Brown, 2018).
But what does that mean for the citizens living in such a big global city and how does that influence the businesses around it and the way they operate?
Studies show that the number of homeless people has increased drastically in 2018 compared to 2013 which shows that there are not many affordable housing options.
In other news, Toronto also has a very low rental vacancy rate although the prices of rental units keep growing.
In many cases, those that own a condo or a house prefer to renovate it rather than try to sell it and buy something else which poses a great opportunity for those working in the construction industry; but construction companies are not the only ones that are at advantage when it comes to these numbers. Interior designers are needed due to the fact that people get tired of the same look in their house and want something different.
Given the fact that the city is crowded, rental spaces are expensive and there aren't enough vacant business fronts many companies choose to run their business in nearby cities such as Mississauga, Burlington, Hamilton.
So when you are looking for a construction company, interior designer or property management company, always look outside of Toronto as there are many amazing options out there.