Unprecedented demand for luxury properties priced over $5 million catapulted sales to new heights in the Greater Toronto, ON, Area, with sales climbing 108 per cent to 77 units in 2015, up from 37 in 2014, says Barry Cohen, a luxury realtor with RE/MAX. Seventy-three freehold homes and four condominium apartments changed hands last year, representing more than $500 million in total dollar volume. “2015 was a banner year for real estate activity across the board. Nowhere was that fact more evident than in the upper end,” says Cohen, who participated in 13 of the 77 sales over $5 million. “Tight market conditions prevailed throughout much of the year, with fewer ultra high-end listings coming to market overall, particularly in prestigious enclaves south of Highway 401. Pent-up demand is expected to carry over into 2016, with affluent purchasers waiting patiently in the wings for the right product.” Listings were greatest in the Bridle Path and Sunnybrook. Selection was scarce in upscale neighbourhoods in close proximity to the downtown core, including Rosedale, Moore Park, and Forest Hill.
245 Fairview Mall Drive, Suite 501, Toronto, ON M2J 4T1