There is no doubt about it – Toronto’s real estate market is hot. In 2016, Toronto had the strongest sales gains of any Canadian metropolitan area. Hotter still is Toronto’s luxury market which saw price increases of around 32 per cent last year.
Toronto’s Luxury Properties
Luxury properties can be found all over Toronto, but some neighbourhoods are much more prominent than others. The majority of Toronto’s luxury properties are removed from the city’s bustling center, and tend to be located in what is known as the midtown. In 2016, six districts (as outlined by TREB) had an average sales price above $1 million. C12 is Toronto’s most expensive district with an average sales price of $2.5 million. It includes upscale neighbourhoods such as Lawrence Park, Windfields, and a collection of estate-lined blocks called the Bridle Path. This district also happens to have some of the fastest growing prices, with the average sale price climbing 31 per cent since 2014.
Toronto is home to nearly 250 neighbourhoods – a daunting number for those who are unfamiliar with the lay of the land. The Toronto Real Estate Board has made things a little easier by breaking the city down into 35 larger districts – each containing between 5 and 6 neighbourhoods.
Leading Canada’s Luxury Market
In Vancouver, sales of homes over $1 million were down 27 per cent from last year, and sales of homes worth over $4 million were down 46 per cent. Toronto’s luxury market outpaced Vancouver last year and the city will likely remain a top pick for high-end property buyers through 2017. Of Canada’s four major markets, the GTA saw the greatest year-over-year gains in condo, attached, and single family home sales over $1 million in 2017 so far.
Starting Off 2017 With Record Numbers
January and February 2017 compared to the same time last year:
GTA real estate sales over $1 million soared 87 per cent; sales volume rose 86 per cent.
GTA luxury real estate sales over $4 million rose 144 per cent; sales volume rose 158 per cent.
TREB predicts that overall growth for all home types will stay in the double digits for the rest of 2017. Supply is as tight as ever and the number of active listings is less than half of what it was a year ago. The continued lack of supply, low interest rates, and population growth will result in very strong price growth for all home types this year.
Whether you are looking to build a new custom luxury home like Drake’s new Bridle Path mansion, or are on the lookout for a slightly less elaborate luxury property, give me a call at 416. 921.1112. I would love to help you find into the luxury property of your dreams.