REPORT: TORONTO ''HOTTEST'' LUXURY REAL ESTATE MARKET IN THE WORLD
May 10, 2017
By Bob Komsic
The global luxury homes market softened in 2016 according to a just released report from Christie’s International Real Estate, but Toronto and Victoria, B.C. defied the trend.
Christie’s says the two Canadian markets were fueled in part by foreign and in particular Chinese buyers.
The report, titled ‘Luxury Defined,’ says global uncertainty was the main reason for some traditionally strong markets to decline or stall.
For example, growth in the luxury real estate sales were down 67% in the United Kingdom, 29% in Asia Pacific and off 4% in the U.S., while Europe rose 20% and Canada shot up 44%.
The number of $1-million-plus sales in 2016 nearly doubled over 2015 as the Toronto market topped Christie’s global ”Luxury Thermometer” list.
Globally, luxury homes spent 221 days on market, up from 195 days in 2015 but the Toronto market stood at 17 days on market, down from 28 in 2015 and lowest in the world due to low inventory and rapid price increases.
The heat of the Toronto market’s being felt in cottage country where values rose 20%.