Toronto luxury real estate market is the strongest in the world, as per a report by Christie's International Real Estate. Where other luxury markets over the globe are shrinking, our reasonable city was the only one to demonstrate an expansion in the rate of luxury home sales in 2014.
The report, which will be of most interest to the 1%, ranks the top property markets on the planet. New York, San Francisco, Miami, Los Angeles, Dubai, London, Paris and Sydney all demonstrated slower sales in 2014, where Toronto was up by 37 percent. Yes, the real estate market in this city is raging bull, from base to top.
Obviously the main variable that kept 2014 from being the greatest year on record for the Toronto market was stock. If there had been more homes accessible to offer, experts say the market would have smashed past records. So, here are three reasons why Toronto is considered the hottest luxury real estate market globally and why buyers need to move quickly:
1. 56 000 apartments
At the end of 2014 there were more than 56,000 apartments under construction in Toronto. That is much more than what is being built in other cities with a larger population as Chicago, Los Angeles or New York. In contrast, during the 90s the city drifted around 10,000 apartment suite starts.
2. $ 1,000,000 Average price
In February, Toronto reached a milestone that was reserved only for some of the most expensive cities on the planet. The average price for a detached house in the city limits more than $ 1 million. That still has not hampered buyers because multiple offer situations are still common.
3. 50% in five years
In 2010, the average price for a house in Toronto (including condos) was hovering around $ 430,000. In just five years, the average shot more than 50%, recently hitting nearly $ 650,000.
The last time the market moved that rapidly was back in the late 1980s, with the average price hitting a crest of $273,000 in 1989. The average price didn't best $270,000 again until 2004.
