Posted 2.17.15 @ 15:9
For those of you who may be following real estate news, you may have been aware of the current uprising trend in the GTA real estate market. As of this writing, sales of $1 million and above homes has risen to more than 38% in the GTA for 2014 and it is showing no real signs of slowing down soon.
Who are buying properties in GTA? Well, the driving force behind the sale of $1 million and above properties are foreign investors, wealthy buyers, and yes, baby boomers. This influx of moneyed buyers has influenced both home sales and condo sales and the trend is going to continue for this year, because guess what, GTA properties are ‘hot items’ in today’s real estate!
Even Better Than Vancouver!
With a sales growth of 38% in the category of million dollar homes category, GTA is doing much better than pricey homes hub Vancouver, which had a significantly less growth at only 25%. Montreal is still recovering from the results of the elections and Calgary is on the fence because of slumping oil prices. About 7,527 condos and homes with a worth of more than a million dollars each was sold all over the Greater Toronto Area in 2014. Although the figures above are less than 10% pf the 90,000 homes and condos which was sold in GTA for 2014, the high demand for million dollar homes on GTA right now is unlike any seen in years past. In fact, the sales of high end condos and million dollar houses has risen 46% depending on which sources you look it up with. The point is, the statistics are so strong that it is affecting national housing statistics, as we wrote about in some of our previous articles on Toronto real estate news.
Let The Bidding Wars Begin!
It is said that a huge percentage of Canada’s 270,000 high-net-worth families are a major part of this trend for GTA’s housing market. There is no reason for this growth to slow down except maybe in Alberta but that is still yet to be seen as that area is affected by slumping oil prices.
Bidding wars are actually starting to be the norm for some of the higher-end condos and realtors are really feeling how the demand is much higher for luxury real estate these days. This is because wealthy people, foreign buyers, and baby boomers are flocking by the thousands to Toronto and Vancouver, seeing the two cities as safe and stable havens to invest in. This goes much better for Toronto because properties in the GTA is more affordable than those in Vancouver. It is not just the prices that drives buyers to Toronto either, a lot of them prefers the Toronto area over Vancouver because of the lifestyle and community feel it offers.
Want to have a taste of the lifestyle and close-knit community feel which buyers price so highly about Toronto and surrounding areas? Contact us and we would be happy to give you a glimpse of that! We sometimes give a tour of our beautiful luxury homes to serious buyers and we’re sure we can accommodate you as well. Find your dream home in one of Toronto’s best neighbourhoods today!