Experts Say It Should Not Stop You from Buying a Condo for Sale in Downtown Toronto
In an attempt to arrest soaring real estate prices and prevent the housing market from going out of control, the government has been implementing various new regulations over the past year. When Vancouver’s real estate market seemed to be getting out of hand, the British Columbia government imposed a 15 percent foreign buyer tax, with the view to curb further escalation of prices.
In October last year, the Ottawa government introduced a mortgage stress test to assess if a borrower could afford to pay back a loan even if the interest rates were to go up. The objective was to rein in debt loans and consequently to calm the market. When eligibility criteria for mortgage payments are made tougher, less number of buyers qualify, making the market more balanced.
Vancouver’s Luxury Real Estate Market Declined Post Foreign Tax Levy —Toronto Market Remains Robust
The 15 percent foreign tax had a definite impact on Vancouver’s real estate, as the market saw drops in sales across most segments. While prices for condos and townhouses have surged once again in Vancouver, the sale of luxury properties declined by 45 percent this February and homes worth $4 million plus plunged to 68 percent. Even so, the city’s fundamentals are robust and the market is expected to normalize soon.
Toronto, on the other hand, recorded stunning figures, overtaking Vancouver and widening its lead in the luxury real estate market. It remains to be seen if the 15 percent foreign tax levies impact Toronto, but experts believe that unlike Vancouver, much of the demand for real estate in Toronto stems from the domestic market. According to Sotheby Realty International Canada, the sales of homes over $1 million in the GTA rose by 87 percent in January and February this year, compared with the same period last year. An even bigger change was seen in the $4 million home segment, which soared by 144 percent compared to the same time last year.
The condo luxury market sales are expected to be stellar this spring, according to Sotheby, with early 2017 sales of $1 million plus condos exceeding early 2016 figures by 104 percent. Toronto’s strong economic fundamentals, steady growth of population, and soaring real estate values are keeping its luxury housing market in top gear, with no immediate signs of cooling off.
Don’t Miss the Opportunity to Own a Luxury Condo for Sale in Downtown Toronto
Luxury properties across all categories are seeing record sales in the GTA, and the trend is expected to accelerate in the foreseeable future. One reason for the rising demand is also the relative scarcity of high-end properties in the city. Sensing that the city’s profile is only going to grow in the time to come, buyers are showing eagerness to find homes in upscale Toronto neighbourhoods. For those interested in purchasing a luxury condo, The Davies’ is a fantastic opportunity to own a home in the much sought-after Yorkville area. Only nine storeys tall, this luxury condo comes with a choice of floor plans, beautiful interiors, elegant décor, luxurious building amenities and wonderful outdoor spaces. Prepare to be dazzled by the many delights of the Yorkville area. The historical and architectural highlights apart, the area houses some of the finest restaurants and bars, innumerable art galleries, exclusive designer boutiques, high-end department stores, salons and local schools, and not to forget, easy access to TTC routes. Located at Avenue Rd. and Cottingham, this luxury condo building overlooks the Robertson Davies Park, offering you refreshing views and a serene environment.
Find out more about our new condos for sale in downtown Toronto. Contact The Davies at 647-360-9588 to book an appointment or register online for more details. Check these floor plans and work with our team to find the best option for your new home.