TORONTO’S LUXURY MARKET, HOW’S IT GOING NOW?

April 22, 2022

Inflation and a favourable interest rate environment continue to boost demand for Canadian real estate as an investment vehicle. Toronto is particularly affected by this phenomenon. Sales of luxury condominiums over $1 million increased by 120% in the Greater Toronto Area and 72% in the City of Toronto during the spring market.

Residential real estate transactions over $4 million were up 30% annually during Q1 2022 due to robust consumer confidence and sustained demand.

With relaxed pandemic-era restrictions that have fueled urbanization, 2022 saw a surge in momentum to the already burgeoning market. As renovations and new construction adapt to increasingly elevated tastes of cosmopolitan, ultra-high-net-worth and mostly local buyers, the region continues to set the bar for ultra-luxury condominium design, architectural excellence, smart home technology, amenities, and services for Canada.

The demand for top-tier single-family housing in the GTA continued to exceed supply in the early months of 2022, as bidding wars and price increases escalated.

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Credit: CMP Mag