November 07th, 2019

​NEW: 2019 UBER-LUXE PROPERTY REPORT

According to the new 2019 RE/MAX Uber-Luxe Property Report, sales of luxury Toronto real estate is on the upswing, surpassing 2018 trough levels. Year-to-date sales in the GTA of freehold and condominium properties priced in excess of $5 million topped 100 units between January and October 31. This is up 8.5 per cent from the 94 sales reported during the same period one year ago.

Against a backdrop of lower single-detached housing values, which are down about three per cent from 2018, domestic homebuyers have been steadily returning to the uber-luxe market, especially in Toronto proper. The average price of a freehold property over $5 million now hovers at $6,517,143 down from $6,726,532 in 2018.

“The one consistency in luxury Toronto real estate throughout 2019 has been value – and it’s evident from the bottom end of the market to the top,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Homebuyers at virtually all price points – including uber-luxe – are kicking the tires once again. As a result, momentum is building in the overall market, which is reflected in the escalation in sales at both the $2 million and $5 million price points.”

KEY FINDINGS

• Sales over $5 million up 8.5 per cent year-over-year
• Sales at $2 million plus up nine per cent year-over-year
• Sales of properties priced from $3-5 MILLION+ down 4.7%
• Growing demand for downtown luxury condos
• Domestic and Chinese buyers returning to Toronto’s luxury market
• Demand is outpacing supply in the downtown core, putting upward pressure on prices and in some instances, creating bidding wars