NEW: 2019 UBER-LUXE PROPERTY REPORT

OA BLOG HEADER-2019 GTA Uber Luxe Property Report

 

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.”

Luxury Toronto real estate sales and prices

KEY FINDINGS
  • 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

 

 

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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!

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