In 2015, Toronto was ranked the world’s best luxury real estate market. The demand for penthouses and mega-mansions accelerated in 2014 as wealthy buyers sought financial havens in their search for investment in art and collectible real estate. Greater Toronto luxury real estate market reflects the general perceptions of this area: an incredible place to live as well as a safe investment.
Toronto means luxury
Toronto was ranked 10th in the luxury index, and it was the first on the luxury thermometer, as it was the only city to have a 37 percent increase in luxury homes in 2014. In 2014, Toronto had the second-best year on record for the real estate market. The 2014 yearly report showed the modest supply homes in Toronto pushed prices to $1-$2 million for average homes located in the city and up to $2-$4 million for larger homes or those situated in the most desirable neighborhoods.
An investment for the future
The real estate market in GTA also had the fastest sales pace. In 2014 prime properties found a buyer within 31 days after listing (average). The ultra-luxury housing market is scaling new heights as more and more properties around the world had prices over US $100 million. Last year five homes were sold for more than US$100 million and more than 20 were on the market with a nine-figure asking price.
Today there are more than 1800 billionaires who are becoming members of the real estate collectors club. They are acquiring the most incredible and unique properties in the word. The Greater Toronto luxury properties are something to hold onto for a lifetime, as you would do with a Picasso or a Van Gogh or any other great pieces of art that were sold over the years.
The real estate market will never stop
In 2015 and 2016 the prices are likely to increase more with the newly built properties and off-market homes trading for more than US $100 million. The demand is growing among Europeans and Americans, billionaires from unstable economies like Russia and Middle Eastern countries as well as China, who could not invest overseas before 2012. Last year the luxury homes sales were led by an East Hampton, New York property, which was sold for US $147 million by Barry Rosenstein. But now more and more people are starting to turn their attention to Greater Toronto for luxury properties.
Cities part of the Greater Toronto Area
Greater Toronto is a large area spanning several cities. Each with their own culture, perks and real estate niches. These cities include: Markham, Oakville, Richmond Hill, Brampton and Mississauga. Finding which area you should buy a home in can be a challenge.
Toronto Luxury Real Estate provides you the expert advice you need as well as specific property and market information for high-end properties. We provide you with skilled and knowledgeable associates that will offer you the advice needed on homes and developments for investment purpose. We can help you invest your money into the luxury property and buy the home you desire.