RE/MAX Canada found that markets recorded percentage increases in the double and triple digits. The RE/MAX 2022 Luxury Market Report examined GTA’s luxury real estate trends and developments in freehold and condominium sales over $3 million in the Greater Toronto Area, and tracked sales over $1
These findings concluded:
1. Luxury home-buying activity is spilling into smaller centres where the dollar goes further. While the pandemic accelerated the trend of drawing purchasers from larger centres, particularly in Ontario. Inventory is reaching critical levels in markets such as London, Kitchener-Waterloo, Hamilton, Barrie, Kingston, and Ottawa.
2. Home sales are pushing into higher price points across the GTA. The luxury segment over $3 million represents approximately 1.8 percent of sales in the GTA.
3. Records were broken for luxury sales over $3 million in the Greater Toronto Area last year in 2021 Being able to understand today’s real estate market will strengthen your chances in buying, selling, or investing.
As we can see, home prices continue to rise in the luxury Real Estate market. If you're looking to buy, sell or invest contact us today!