Property demand for luxury home buyers is on the rise in Toronto according to new data by Royal LePage. The data also reveals that the upward trend is expected to continue over the next year – forecasting a 6% increase in price for luxury condos. In Montreal, Canada’s previous luxury home hotspot, there is only a 2.5% increase predicted.
Kevin Somers from Royal LePage notes, “Luxury condominiums in Toronto saw significant price appreciation as the region’s international reputation continues to grow.”
In other words, the GTA remains positioned as a growing seller’s market with its high condo demand, booming tech sector and limited housing inventory. The demand encompasses a range of buyers; from baby boomers and young executives looking for a low maintenance property, to an uptick in foreign buyers who are also seeking a secondary residence.
“They want to be in close proximity to where they work during the week and where they want to spend their time on the weekends. Walkability is a huge factor,” says Nancy Almodovar, CEO of an international real estate company.
As a result, there is a heightened interest from developers who are entering the market and building luxury condominiums for those in search of an upscale lifestyle and specific type of homeownership. To meet demands, developers are focusing their efforts on constructing buildings with these and other leading-edge features that will attract buyers to the closing table.
It isn’t uncommon for luxury condos to be customized with communal areas, including pools, gyms and business centers. Additionally, the rising demand for luxury condominiums and larger suites is becoming more diverse as builders are incorporating retail uses, elevated parks, daycare facilities and community centers in their development plans.
On the corner of Yonge and Bloor Streets in downtown Toronto, real estate executive Sam Mizrahi and his team at Mizrahi Developments are developing the city’s first supertall skyscraper called The One. The building, which will have 416 residential suites, features top-of-line finishes and sleek “sky benches” that sit on the perimeter of the units, offering a perch to take in unparalleled views of the cityscape and Lake Ontario.
Over in Thornhill, Tridel and Kirkor Architects is constructing a new two-building condominium development that is set to rise along the eastern edge of the Ladies’ Golf Club of Toronto. The development, named Royal Bayview, will stand 12 and 14-stories, offering residents unparalleled views of the golf course.
These luxury developments and others are popping up all over Toronto and its surrounding suburbs, proving further that the city’s real estate market has come to be dominated by luxury condos more than single-family homes, at least when it comes to new construction