Hot on the heels of Knight Frank ranking Toronto 2017’s third hottest luxury market, Sotheby’s International Realty Canada recently released a report highlighting the staggering increase in luxury sales within the GTA.
With the average price of a detached home in the GTA reaching $1.21 million in March of this year, it’s no surprise that the region continued to lead Canada’s top-tier residential real estate market according to the Sotheby’s report. In the first half of 2017, the GTA showed sales gains of 41% year-over-year in the $1 million-plus real estate market for a total of 14,292 properties sold so far. Furthermore, luxury sales of $4 million-plus listings nearly doubled in comparison to last year, a 93% surge in overall activity and a 150% increase in condominium units within that price range.
Greybrook’s Avenue & Park development is expected to bring to market 36 luxury suites in the $1 million-plus market to address growing demand. We look forward to sharing more information regarding our luxury developments at 1 Scollard and 140 Yorkville, and how they will impact the luxury market once their sales and marketing programs launch.
Read the full report on the Sotheby’s website.
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