Luxury Real Estate Market in Toronto Saw Substantial Growth in 2015, Says Report
A new report by Christie’s International Real Estate found that Toronto’s luxury real estate market grew substantially last year. According to Christie’s Canadian affiliate, Chestnut Park Real Estate, Toronto saw a 48 per cent increase in luxury real estate from 2014 to 2015. Auckland, New Zealand took the top spot with a 64 per cent increase. “Singapore, New York, London, and Hong Kong are all experiencing slowdowns in sales, while Toronto, San Francisco, Paris, and Sydney continue to see overall sales growth,” the Christie’s report read. The definition of luxury differs among each of the 100 markets surveyed worldwide. Toronto, for example, defines homes worth $3 million (U.S.) and above as a “luxury” property. Meanwhile, in New York, Los Angeles and Hong Kong, luxury is defined as $5 million and above. “Primary housing markets experienced an overall 8 per cent increase in million-dollar-plus home sales as the global housing market returned to more traditional growth rates following several years of year-on-year increases at breakneck speed,” the report read. The report said that London upholds its reputation as the world’s most luxurious property market. In London, a home must exceed $7 million to fall within the luxury category.