Luxury homes will be in demand come this fall in the City of Toronto, according to Sotheby’s International Realty. This surge would be mostly coming from international investors wanting to purchase these properties. The company also reported that luxury homes (worth at least $1 Million and up) sales increase in the first half of 2013 compared to the first half of 2012. Sales of these homes were up in most major cities in Canada with Toronto at 61%, 65% in Vancouver, Calgary at the highest with a 67% increase, and Montreal at the lowest with a 29% increase.
Based on this recent Data, this company predicts we will have the same increase for the fall market. Buyers from China, Russia, The Middle East, India, and the United States are key international investors when it comes to purchasing luxury properties in Canada. As mentioned in previous blogs, the Condo market in the GTA is doing well and predicted to pick up with this year’s fall market. These international investors are not typically new to the real estate market and are not afraid when things tend to fluctuate, which is typical of any real estate market. When they know a property has potential, they will dive in it regardless because they know eventually the market will mend or recover.
Contact Robert Clancy today to learn more about the real estate market and whether or not an investment property is a good fit for you!