Canada’s luxury real estate market is smoking hot, a new report by Sotheby’s International Reality Canada says.
In the case of the GTA, sales in Toronto, Durham, Halton, Peel, and York hit record highs in 2021 and there was the highest confidence in the market since the start of the pandemic.
Sotheby’s says luxury real estate is now a preferred asset class because of low-interest rates and inflationary pressures.
Last year also “marked a year in which local ultra-high-net-worth consumers and market-responsive developers and home builders redefined the concept of luxury real estate for the region and for Canada,” the report said.
“As GTA buyers increasingly sought bespoke condominiums and single-family homes reflecting standards of luxury seen only in the world’s most prestigious real-estate markets, regional architectural, interior and outdoor design trends, amenities, and services elevated to new extremes.”
The $4 million-plus residential real-estate market in the GTA grew 224% in 2021 compared to 2020 — with 805 properties sold last year.
The Multiple Listings Service shows that property sales over $10 million grew 238% last year with 31 properties sold.
Properties in the GTA that sold for over $1 million were up 194% with 52,776 properties sold in 2021.
The GTA’s luxury single-family home market had scarce inventory, but sales of those worth more than $4 million were up 56% year-over-year, and 15 of the ultra-luxury homes sold for more than $10 million –an increase of 150%.