Toronto Considered the Fastest-Selling Luxury Real Estate Market in the World
Experts and consultants from a variety of disciplines that include economics, real estate, investments, and retirement planning seem to be in agreement on at least one particular theme – that Canada is one of the best places to live when compared to anywhere in the world. Despite the nay-sayers who may equate points on a map or globe with the ideal place to live (most of whom have likely never even been to this country), there is indeed extensive evidence that Canada, and notably Toronto, is currently a real estate hotbed.
Although other major real estate markets around the world are experiencing declines in both sales volumes and average selling prices, there are a number of dynamics that are allowing Toronto, and to a lesser extent Vancouver and Victoria, to essentially fly in the face of this trend. Some of the positive stimuli behind Toronto’s trend defiance include:
- More stable employment
- Vibrant multicultural appeal
- Strong government systems
- Robust banking/investment systems
- Distinctiveness of educational institutions
- Favourable migration trends (rural to urban)
The above factors have been particularly influential in the luxury real estate market. In fact, luxury real estate in Toronto has experienced remarkable growth over the last two years, evident in its year-over-year increases of 37% in 2014 and a stellar 48% in 2015. And this trend has continued into 2016, as Toronto is currently recognized as the second hottest luxury real estate market in Toronto.
This is illustrated when one considers how long it takes to sell a luxury home in some of the top cities in the world. Based on the following figures, representing the number of days, there is little doubt that Toronto has developed a reputation as the fastest-selling luxury home market worldwide, and by a significant margin:
- Toronto (28 days)
- San Francisco (61 days)
- Sydney (67 days)
- Los Angeles (67 days)
- New York (79 days)
- Miami (125 days)
- Paris (165 days)
- Hong Kong (250 days)
- London (270 days)
Additional factors working in Toronto’s favour include high demand from affluent buyers for high-end real estate, and a greater availability, including new construction, of luxury properties. The latter piece includes The Davies, a high-end luxury condo development overlooking Robertson Davies Park in the heart of Toronto.
Proximity to Amenities, Services an Integral Part of Luxury Living at The Davies
The Davies, luxury condos and penthouses situated on Avenue Road in Toronto, provide the ideal location for affluent real estate buyers, both domestic and international, looking to acquire and/or reside in a high-end home in this vibrant city, deemed one of the five largest municipalities in North America.
In addition to its spectacular view of Robertson Davies Park, so named to honour one of Canada’s contributors to world literature, The Davies offers its residents the proximity they want/need to a vast array of amenities and services, many within walking distance of their immediate neighbourhood. These nearby conveniences and facilities include:
- Arts and entertainment
- High-end/luxury shopping
- Access to public transportation
- Fitness clubs/recreational facilities
- Emergency and health care services
- Natural parkland and outdoor recreation
- Private and public educational institutions
- Agricultural and environmental enterprises
All of the above contribute to the viability and stability of The Davies environs. And in keeping with the subject of proximity, for residents of The Davies with an inclination to extend their sphere of luxury living, access to the very prestigious recreational areas of Muskoka and Blue Mountain is just a short-distance drive away.
The luxury real estate market in Toronto has demonstrated more than 24 consecutive months of sales growth and, in September 2015, the average selling price surpassed $1 Million for the first time. Become a part of this remarkable performance and momentum with an exclusive residence overlooking Robertson Davies Park in the heart of Toronto.
For more information about this unique property and to reserve your luxury unit, call The Davies sales office at 416-873-0862 today.