The Luxury Condo Market

29 September 2017

Since April, the hottest real estate market in Toronto has been luxury condo sales. In 2016, the highest price for a condo was 6.5 million. This year, the highest priced condo was 11 million. Did you know, sales over 1 million dollars for condos are 86% higher in 2017 than for the same period last year. In contrast, the overall market is down by 16%. So why the sudden interest?

Baby Boomers are cashing out of those big, single-detached family homes. We’ve been talking about this happening for 10 years and now it's finally here. Toronto is also a trendy destination to live in. It is a destination city for people looking for a second or third home, and condos are the perfect answer.

At the same time, developers are not building enough big condos. Pre-Construction sales are focused on investors and smaller units. We use to think of luxury condos as over 2,000 sq.ft. Today these units are in the 1,200 to 1,500 square foot range. Big condos in older buildings will soon become the new thing.

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