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Luxury home sales in Canadas largest realestate market continued
to climb in 2013,rising 18 per cent to 1,908 unitssettinga new
record for upper end activity pricedin excess of $1.5 million.
Inventory levelsplayed a key role in the uptick, with morebuyers
vying for fewer product, especiallyin prestigious central core
districts, includ-ing Rosedale, Forest Hill, Lawrence Park,Bridle
Path, Hoggs Hollow, and, to a less-er extent, west end
neighbourhoods such as
the Kingsway, Edenbridge, and PrincessAnne Manor. Te desire to
trade-up is fuel-ling much of the high-end activity at a time
when interest rates are near historic lows.Serious equity gains
have also contributedto the upswing, particularly in oronto
Proper.Local buyersprofessionals, entrepreneurs,and
executivesrepresented the vast ma-
jority of purchasers in the Greater orontoArea in 2013, although
a steady stream offoreign investment was noted in the top
end last year. Single-detached homes weremost sought after, with
the most expensiveproperty moving with a price tag of morethan
$13.4 million at year end. Te 21,000sq. ft. plus Bridle Path estate
is fashionedafter Frances Palace of Versailles. Approx-imately
1,000 luxury properties (freehold)are currently listed for sale in
the Greater
oronto Area, with just over 300 currentlyavailable in oronto
Proper. Over 50 arepriced in excess of $5 million. Te GAs
highest-priced listing is also a Bridle Pathestate, available
for sale at $25.8 million,followed by a Forest Hill property
listedat $18 million. he GAs C04 district,encompassing high-end
neighbourhoodssuch as Lawrence Park, Lytton Park, Led-bury Park and
Cricket Club, reported thehighest number of sales over $1.5 million
in2013, at clost to 250 units. Te Bridle Path,
York Mills, Hoggs Hollow and Sunny-brook (C12) followed in lock
step, with
Greater Toronto Area
Local Contact:
John Meehan
RE/MAX Unique416-928-6833
Fine Homes & Luxury Properties
8/13/2019 Upper End Market Trends
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Upper-End Market Trends
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nearly 200 sales recorded last year. Strengthwas also evident in
communities outsidethe core, with Mississauga posting justover 100
upper-end sales over the past 12months. Given tight inventory
levelsvir-tually across the boardpurchasers areincreasingly turning
to infill product. Newluxury home construction continues un-
abated throughout the GA, with buyerspaying top dollar for
generous lots in primelocations. In fact, in neighbourhoods
likeForest Hill and Lawrence Park, it is not un-common for a
builder to purchase an olderhome on a 50 x 150 ft. lot at $3
million, justto tear it down and build a larger, customresidence.
Renovation is also occurring ata breakneck pace in many
communities,as affluent purchasers realize their dreamsof
homeownership on their own terms.Despite concerns over the
proliferationof condominiums in the core, demand for
apartments and townhomes remained con-stant in 2013. Ninety-two
condominiumproperties sold over $1.5 million in 2013,up from 80 one
year earlier. Of particularinterest is the number of high-rise
unitssold over the $2 million mark49 prop-erties moved in 2013,
representing a 75per cent increase over the 2012 year-endfigure of
28. he most expensive condo,offering close to 3,500 sq. ft. of
pamperedliving space, moved for more than $6.3million in the tony
Yorkville district. Yorkville
continues to attract the lions share of pur-chasers looking to
take advantage of thecondominium lifestyle, many of whom areempty
nesters and retirees selling larger,single-family homes in the
coveted cen-tral core. Tere are currently close to 150upscale
condominiums listed for sale inthe GA. Te Greater oronto Area
hasexperienced a steady increase in sales inthe top end since 2008,
when the marketbottomed out at 656 units. Market esca-lation has
brought luxury sales up close to150 per cent since 2009, rising
from just
774 units (40 condos/734 single-familyhomes) to 1,908 (92
condos/1,816 singlefamily homes). Demand for luxury productis
unlikely to soften in 2014, with sales ofhomes priced over $1.5
million expected tomaintain a healthy clip throughout the year.
Greater Toronto AreaUpper-End Residential Sales - January 1 to
December 31
Price Point: $1.5 million+
3=5=6=8=9=2,000
1,500
1000
500
0
2009 2010 2011 2012 2013
Source: RE/MAX, Local Real Estate Boards
774
1,0
69
1,3
91
1,6
17
1,9
08
