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Stomp Realty Inc. (www.StompRealty.com), a full service boutique-style realty brokerage, is weighing in on soaring luxury real estate prices in Toronto and Vancouver.The Toronto real estate market continues to set records across the board in sales numbers and price. February saw a year-to-year increase in the number of homes sold, rising from 6,294 in February of last year to 7,261 this February. Though these numbers continue to escalate, it is luxury homes that have caught the attention of the market. Both Toronto and Vancouver are leaders in the sales and pricing of luxury homes in all of Canada. (Battersby, S., “GTA real estate sales hit record high in February,” Toronto Star web site, March 3, 2016; http://www.thestar.com/business/2016/03/03/gta-real-estate-sales-hit-record-high-in-february.html.)
“It’s hard to keep coming up with adjectives to describe just how crazy the Toronto real estate market really is,” says Erica Smith, Broker of Record at Stomp Realty Inc. “It continues to shatter records, and now we’re seeing that same success continue on to the luxury home market.”
The Greater Toronto Area is currently at the top when it comes to luxury real estate sales, which is defined as sales of homes over $1 million. Experts are predicting that this pace will continue to escalate. According to further reports, adding to the spur in sales is a weakened Canadian dollar, which is triggering interest from international buyers. Year-over-year luxury sales have jumped 63%. Of the 1,646 homes sold in this market that exceed the million dollar price tag, 1,486 were categorized as single-family homes. (Source: McKenna, B., “Luxury home sales in Toronto, Vancouver to defy gravity,” CTV News, March 3, 2016; http://www.ctvnews.ca/business/luxury-home-sales-in-toronto-vancouver-to-defy-gravity-report-says-1.2801884.)
“The simultaneous occurrence of these factors is making Toronto an electric city for real estate,” Smith continues. “You have a beautiful and safe city, constant construction in the housing markets, and what seems like a never ending demand. Pair that with a low dollar and it’s a perfect recipe for luxury home sales to keep skyrocketing.”
As an established real estate brokerage, Stomp Realty Inc. helps first-time and recurring Toronto homeowners buy, sell, or lease homes across the GTA. More information can be found at www.StompRealty.com.
Contact Info:
Name: Erica Mary Smith, Broker of Record and Co-Founder of Stomp Realty Inc., Brokerage
Email: Send Email
Organization: Stomp Realty Inc., Brokerage
Address: 163 Sterling Road, Unit #10 Toronto, ON M6K 2B2
Phone: 416-366-3033
Website: http://www.stomprealty.com/
Release ID: 106714