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Toronto is still Canada’s leading luxury real estate market!

Aug 02 2017
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Toronto is still Canada’s leading luxury real estate market and as of recent, sales of GTA condos priced at $1 million or more have risen 98 per cent. According to a report by Sotheby’s International, units priced at $1 million or more rose to 758 in the first quarter of 2017 which is a 98 per cent increase over the previous year.

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Furthermore, sales of units which are priced at $4 million or higher rose 150 percent, accumulating to 15 units. The main influencer in this increase is the rise in housing prices for Toronto. Another is buyers looking to right-size, looking for something more affordable, a good address and enough space to accommodate their lifestyle.

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Out of the aforementioned condos, those over $1 million sold fastest with an-average-days-on-market of 16 days on market for Rosedale and Moore Park from March through June. In the Annex however, luxury condos lingered with an average-days-on-market of 27 days. The Bridle Park and Forest Hill fell in between.

 

In conclusion, the effects of interest rates on those purchasing luxury properties is not as intense as it is for those on a tight budget. Therefore, high-net-worth individuals are using financing strategically rather than out of sheer necessity.

 

 

Source: Toronto Star

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