High-End Home Sales in Toronto Will Continue to Dominate in 2017

High-End Home Sales in Toronto Will Continue to Dominate in 2017

Toronto’s housing market is booming. The past year has seen homes for sale at record high prices and the demand for 2017 shows no signs of slowing down. In addition to smaller properties and homes throughout the GTA, luxury real estate in Toronto is experiencing a steady increase in interest, development, demand, and sales. 290 homes were sold at over $4-million in the GTA during 2016, a year-over-year increase of 95 percent. While last year’s numbers have left many people in a state of disbelief, signs point towards similar trends for 2017. The coming months will see more sales of luxury homes and continued strength in Toronto’s real estate market as a whole.

Reasons Toronto Luxury Real Estate Continues to Grow

Toronto neighbourhoods offer plenty of opportunities in luxury real estate, with brand new condos and refinished detached homes on the market in neighbourhoods around the city. Prices for both property types will continue to rise based on demand in the coming months. Many people from Canada and beyond recognize the urban centre as an attractive haven. Here are just a few reasons that people continue to flock to the city and invest in high-end real estate within the area:

  • International Investment: The United States election and the uncertainty surrounding Britain’s Brexit vote have led many individuals to fear the instability of international real estate investments. Canada’s low dollar, low interest rates, strong housing market, and security have made it a relatively stable and safe bet and have helped increase and maintain Toronto’s status as a haven for luxury real estate sales.
  • Employment: Toronto is Canada’s largest economic centre and home to many industries. National and international companies alike call the city home, making it a popular destination for both Canadian residents and new Canadians who are looking for work.
  • Limited Supply: The city of Toronto has a finite area that can be used for real estate, let alone luxury properties. More and more home buyers have been pushed to the far reaches of the GTA in order to afford luxury homes, since land and space restrictions downtown are clearly defined and leave limited options for developers. With a growing population and influx of newcomers, it is not in the least surprising that properties across all price points have been seeing a surge in interest and sales. New luxury condo projects in downtown Toronto have been developed across the city. The ones that combine lifestyle factors such as neighbourhood, outdoor space, and proximity to schools are gaining the most interest. High-end properties that bring these factors together with the convenience of condo living offer professionals and families an exciting long-term investment opportunity that is not only very livable, but also promises income potential for years to come.

Harbourfront in downtown Toronto with Condo buildings in the background

If you are interested in finding out more about luxury real estate in Toronto, contact The Davies. Our new condo project provides easy access to the beautiful Robertson Davies Park and is located a short distance from TTC connections and the upscale Yorkville neighbourhood. With attractive amenities and stunning units that provide functionality, views, and premium finishes, it is easy to see the value and appeal of Toronto’s high-end real estate market.

Contact The Davies at 647-360-9588 to book an appointment or register online for more details. Find out more about our luxury condos in downtown Toronto and discuss your options with our friendly team today.

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