Luxury Real Estate Market Reaches New Heights in Toronto
The volatile stock market and low Canadian dollar aren’t negatively affecting ever sector of the economy. These factors are actually fuelling a surge in luxury home sales as foreign buyers look for havens at bargain prices.
High-end homes, $5 million homes to be exact, became increasingly popular last year among local and international luxury buyers. Sales in $5+ million residences rose 108 per cent to 77 units in 2015, up from 37 units in 2014, due to tight market conditions and (of course) the availability of highly desirable GTA estates.
According to the National Post, most of these sales occurred in the 416 area code, with the Bridle Path and Sunnybrook area reporting 43 per cent of the high-end sales. Sixteen per cent of sales came from Forest Hill South.
Luxury real estate is expected to continue to thrive this year due to the strength of the US dollar, and the world-class amenities Toronto has to offer. The city is considered to be a safe place to invest, and is well priced from a global perspective.
Are you thinking about purchasing a luxury home in Toronto or the GTA? Our expert team has the experience and skills to get you the home of your dreams. Contact a Hammond International Properties representative today at 1.877.702.7870, or email us at email@example.com.