Across all market segments, Toronto has witnessed increases in price and sales volume. The luxury market in particular is thriving across the Greater Toronto Area.
The average home price in central Toronto is $1.26 million. For buyers seeking true luxury from high-end finishes to extra amenities, the benchmark price is over $4 million.
Overall luxury properties represented just a fraction of the transactions between January and June in the Multiple Listing Service (MLS). The figure represents a small portion of the total GTA market, but inside the $4 million-plus segment, sales volume is increasing rapidly. In the first six months of the year 134 luxury homes were sold in the $4 million-plus bracket. Compare that to the 74 luxury properties that were sold during the same time frame during 2015.
The recently released MLS report demonstrates the luxury market is increasingly competitive. The $4-million-plus super luxury portion experienced the largest sales volume increase. The category’s number of sales increased 81 percent in the first six months of 2016 including detached and attached homes and luxury condominiums.
High-end buyers are not exempt from bidding wars. While super-luxury homes tend to remain on the market longer, properties on Toronto’s top end are moving and receiving multiple offers. Luxury real estate is moving because confidence in Toronto Real Estate remains high, especially with foreign investors. Their interest in GTA’s properties is helping year-over-year luxury sales increase.
To sell in the luxury market requires a knowledgeable expert tracking the trends in the GTA. Nobody knows Luxury Real Estate better than the Barry Cohen Group, a trusted resource by discerning owners and sellers for decades. Contact the Barry Cohen Group for a real estate consultation.