Where an average detached home now costs more than CAD1 million
Toronto’s real estate market has never been as strong as it had been for most of 2015, with impressive price increases and sales volume across the board, according to a report from The Globe and Mail. Whether small condos in the heart of the city or particularly large detached homes in the suburbs, there seems to be no stopping Toronto property.
One neighbourhood that particularly stood out for its yearly price growth was Banbury, which experienced a 24 percent jump to a whopping average price of CAD2.27 million (USD1.69 million), according to data compiled by Realosophy Realty Inc.
The luxury market in particular grew exponentially, with Sotheby’s International Realty Canada recently reporting sales above CAD4 million (USD3 million) soared by 72 percent in Toronto during H1 2015, in comparison with a year earlier. Data for the H2 2015 has yet to be released.
More: This Canadian city is the world’s hottest luxury home market
CBC News also commented that the average cost of a detached home was now well in excess of CAD1 million (USD750,000), breaching the previous luxury home threshold.
Sotheby’s attributes the strong performance to increased demand from international investors, limited inventory, historically low interest rates and heightened consumer confidence. The firm expects these factors to continue to fuel sales growth in the future, according to Money Sense.
Much focus is being put on the Chinese when it comes to international investors, with Canada now the third most popular country for Chinese property investment – after the United States and Australia. Developers are no longer waiting for these overseas investors to come to them and are instead making the first move by travelling to China and marketing their projects to the wealthy and interested.
More: Are Chinese buyers being forced out of Canada’s market?
Chinese buyers reportedly often like to buy property during the pre-selling stage, so developers will be closer to meeting their financing goals if they’re able to recruit Chinese buyers to the project.
But it’s not just Chinese investors who are interested in Toronto’s sizzling property market, per The Globe and Mail. Families who value the economic and political stability in Canada, as well as the general lifestyle amenities offered by Toronto, such as education, are snapping up property in the city.
Image is by paul bica and is used under a Creative Commons licence
Source : property-report.com
Read more…This Toronto neighbourhood has become a magnet for Chinese buyers
