Chestnut Park Real Estate agreed with a 2017 report about the luxury home market in Toronto and its country leading statistics. Sales of $1 million homes in the Greater Toronto area keep rising which put the Toronto real estate market into a league of its own.
After the wide-open market in 2017, Toronto saw the first month or so of 2018 plunging for sales of high-end homes. Compared to a year ago, luxury home sales in the Greater Toronto Area decreased up to 39.%. According to The Toronto Real Estate Board or TREB, this decrease spread across all types of luxury homes including the condo sector and the commercial market.
However, despite tighter mortgage lending rules influencing luxury sales, real estate prices in Toronto remained high during mid-year 2018. Yes, home sales have dropped as buyers and sellers adjust to Canada’s lending rules, but luxury home prices have only fallen by 17%. While this sounds high, prices are still prime, but becoming more reasonable.
Canada’s luxury real estate market reflects the aspirations of luxury buyers to work and live in Canadian cities ranked among the most desirable cities in the world. Buyers still want luxury homes and condos.
The TREB cautions that the prices of sales between Toronto’s luxury real estate this year versus last year compare to entirely different times. According to realtors who specialize in the luxury home market, the slump in luxury home sales is mainly due to a low number of quality listings. Canadian realtors say that most of what is on the market so far in 2018 needs repair investment while new properties in good condition sell within 30 days.
Why is the luxury market slow?
Two things are causing the luxury market in Toronto to be slower than last year. One is many people in the luxury bracket are not feeling the need to sell right now. They can afford to wait. Two, those who are selling buy luxury condominiums in downtown Toronto. This is the new trend for baby-boomers and empty nesters downsizing from luxury housing to luxury condominiums in prime Toronto neighbourhoods.
High-end realtors expect the luxury market to rise during the second half of 2018. It is predicted that sales will increase to a level on par with the final months of 2017. The number Canadians who are high-net-worth is up by 11.3 percent this year versus last year. High net worth is predictive of the market’s strength. A realtor with a luxury real estate firm also states that a strong U.S. dollar in addition to Toronto’s position in world rankings make luxury homes ready for foreign investment.
Examples of Luxury Homes Available in Toronto
Don’t despair. Even though the luxury home market seems to be on the decline in Toronto, there are still incredible listings available.
Always check out Chestnut Park Real Estate listing. With the backing of Christie’s International Real Estate, Chestnut Park Real Estate will find you the most luxurious property available in Toronto. Check out these examples of luxury listing in Toronto.
Luxury Real Estate in Toronto Continues to Impress
Gorgeous home at 331 Joicey Boulevard in Toronto is for sale at $3,298,000 Canadian. This luxury home is customer built and features 4 spacious bedroom and 6.5 bathrooms. Included is a nanny suite with a walkout and top of the line finishes throughout the home.
Absolutely delightful Victorian created in the 1880s. This jewel of a home is in a premier location on 106 Shaftesbury Avenue, close to parks and within walking distance of shopping and Summerhill subway station. This is a dream of a home for someone who is crafty and creative. The asking price is $1,995,000 Canadian.
Opulent real estate in Toronto Canada is well worth the asking price. Even if the market cries, “depression,” you can still find the perfect luxury home.