According to the new 2019 RE/MAX Uber-Luxe Property Report, sales of luxury Toronto real estate is on the upswing, surpassing 2018 trough levels. Year-to-date sales in the GTA of freehold and condominium properties priced in excess of $5 million topped 100 units between January and October 31. This is up 8.5 per cent from the 94 sales reported during the same period one year ago.
Against a backdrop of lower single-detached housing values, which are down about three per cent from 2018, domestic homebuyers have been steadily returning to the uber-luxe market, especially in Toronto proper. The average price of a freehold property over $5 million now hovers at $6,517,143 down from $6,726,532 in 2018.
“The one consistency in luxury Toronto real estate throughout 2019 has been value – and it’s evident from the bottom end of the market to the top,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Homebuyers at virtually all price points – including uber-luxe – are kicking the tires once again. As a result, momentum is building in the overall market, which is reflected in the escalation in sales at both the $2 million and $5 million price points.”
- Sales over $5 million up 8.5 per cent year-over-year
- Sales at $2 million plus up nine per cent year-over-year
- Sales of properties priced from $3-5 MILLION+ down 4.7%
- Growing demand for downtown luxury condos
- Domestic and Chinese buyers returning to Toronto’s luxury market
- Demand is outpacing supply in the downtown core, putting upward pressure on prices and in some instances, creating bidding wars
Click on the social tiles to download for sharing!
HOW TO USE THIS REPORT
RE/MAX Reports are distributed throughout the year and are designed to educate the public and our network on industry insights. A full download of the report and press release are always available on remax.ca.
- Become a recognized leader in the field by posting some of the statistics found throughout the report on your social platforms, or by presenting the report in your listing presentations
- Be the pillar of communication for the markets you serve by posting the infographics on your website or by displaying them at your next open house!
- The possibilities don’t stop there! We encourage you to check out the full report on the RE/MAX Canada blog. It’s the perfect place to refer clients to!