Wednesday, May 16, 2012

Toronto Millionaires Bullish on Real Estate

The perfect storm,

Lower than expected inventories of available homes;  incredibly low borrowing costs compared to Cost of Living and Inflation.  Bank deposits are in single digit yield territory while Real Estate in Toronto continues to remain strong and in short supply for Toronto's elite.

Toronto West luxury sales in Toronto’s West End so far this year, with the number of homes sold down 14 per cent from the same period in 2011. Eighteen properties priced in excess of $1.5 million changed hands between January 1st and March 31st, 2012—with close to 40 per cent (seven) moving at or over list price. Twenty-one sales occurred in the fi rst quarter of 2011.  
The vast majority of 2012 sales occurred in prestigious W08—which is comprised of some of the most exclusive neighbourhoods in the West End, including the Kingsway, Edenbridge, Edgehill, Thorncrest Village, Humber Valley, Princess Margaret and Princess Ann Manor. The area is also home to the most expensive home currently listed for sale in the West End, a custom-built, 10,000 sq. ft. estate on 1.4 acres, overlooking the St. George Golf and Country Club, priced at $7.987 million. Tear downs and infill are a huge component of today’s luxury market, with many smaller homes on large lots sold  for land value only. Traditional blue-chip areas like High Park have also seen pricing move into upperend  price points—at just over $1.5 million—with many sold in competitive situations.  
The highest  priced sale in the West End during Q1 2012 occurred in Baby Point at $2,750,013. Impressive equity  gains in recent years and today’s low interest rates have been the primary catalysts for most purchasers in the top end. Volatility in the stock market has also prompted greater focus on real estate...

Considering that the average house purchase takes 12 - 24 months from decision to moving boxes when do we get started?    Toronto MLS Listings   Call today!   647 218 2414

+David Pylyp

1 comment:

B. Taylor said...

Fortunately for residents living in Toronto, the real estate market has stayed pretty stable; which is saying a lot considering the situation that many areas in the US have found themselves in.