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March 09, 2016

Luxury Home Sales In Toronto Set To ‘Defy Gravity’ This Spring

by Author

Luxury homes are a hot commodity in Toronto, and sales aren’t expected to slow down any time soon.

According to a recent report, the Greater Toronto Area will lead the $1 million+ residential Canadian real estate market, with continued sales gains and price escalation. Vancouver is also making significant gains in the luxury home department, especially in the $4 million+ category. 

Already, the Toronto and the GTA have seen a tremendous 63% year-over-year increase in sales of million dollar homes. Out of the1,646 units sold, 1,486 were single-family homes, demonstrating the high demand for this type of estate.

The report cites macro-economic trends, including limited inventory and strong demand from both local and international buyers, as reasons why it anticipates growth in the months to come. 

The decision by the Bank of Canada to hold the key overnight interest rate at 0.5% in January, along with the expectation that mortgage rates will remain low into the spring, will also have a positive impact on home sales over $1 million. 

If you’ve been thinking about purchasing a luxury estate in the GTA, Hammond International Properties would be pleased to help you find exactly what you’re looking for. Our team is experienced, knowledgeable and driven, and we will ensure that you are completely satisfied from the beginning of your purchasing experience, until the very end. Please contact us today at 1.877.702.7870.