Toronto is the World's "HOTTEST" market for luxury real estate

Posted by: Elise Stern, Created date: July 30, 2015

A report released yesterday found that high-end homes sales jumped by 37 per cent last year in Toronto, the fastest year-over-year pace.

Extremely low supply of homes in Toronto has pushed prices to $1 million to $2 million for relatively average homes in the city and up to $2 million for larger homes or those in the most desirable neighbourhoods.

The shortage of homes pushed luxury condo prices above $1million in in 2014.

It took an average of just 31 days on the market for a home in the $1million-plus range to sell.  That is up from 50 days in 2011, and far less time than the 71 days in San Francisco, 81 days in Los Angeles, 87 days in New York, 93 days in Sydney and 142 days in Miami.  London, Paris and Hong Kong followed at 165 days, 170 days and 225 days respectively.


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