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Sotheby’s – The Increase of GTA Luxury Home Sales To 34% in 2014

Posted on 8th Jul 2014 by Mark Stern
Luxury Home

The high end real estate market of GTA is creating a lot of buzz with property sales of more than $1M up 34% just within the first half of 2014 over one year earlier, keeping up with the gains in the most expensive market of the country, Vancouver. This is according to the new report provided by Sotheby’s International. Surprisingly enough, the biggest jump was within the sale of $1M-plus condos that increased by 53% at the end of June on similar period in 2013. Irrespective of the dreads on oversupply, demand for luxurious condos has stayed high, based on the report of the popular real estate company.

 

According to the realtor of Sotheby, he has viewed a surge right after the start of the brutal winter of this year among the baby boomers that are searching for spacious yet low maintenance luxury condos, preferably with 2 parking spaces that can be more difficult to locate. A lot of those buyers already own second homes within cottage country or sun destinations, which are excellent draws for family gatherings, yet are still looking for make their lives simpler and gain income from their expensive homes. Even the highest priced townhouses and townhouses in GTA (the ones pricing more than $4M) have viewed doubling in sales. This is in addition to the report given by Sotheby.

 

Given increased confidence, improved mortgage lending rates and strong economic basics, all markets will be expected to obtain momentum during the latter period of 2014. Furthermore, global demand is also seen to stay strong all across the major urban markets of Canada, with the Canada’s Immigrant Investor Program’s removal having had no effect on the market of luxury real estate year-to-date. GTA has in fact acquired the top ranks of 2014’s first half for the quantity of $1M to $2M properties which sold for more than the asking price.

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