Ads Google

Toronto's luxury performance ranks 2nd across North America

by Ephraim Vecina on 07 Nov 2018

The latest edition of the Prime Global Cities Index by Knight Frank LLP revealed that Toronto ranked 2nd in terms of prime real estate growth across all of North America.

The city’s luxury prices increased by 8.5% year-over-year in Q3 2018, according to the study that analyzed the top 5% most expensive properties in each market.

This placed it behind only San Francisco’s 9.5% growth, and 7th place overall in the worldwide power rankings.

Knight Frank’s analysis pointed at the Rosedale and Yorkville neighborhoods as the main drivers of the Toronto luxury market’s exceptional performance.

Read more: Luxury condo segment continuously drawing in buyers

Another contributing factor is that the city’s most expensive condo units are only getting pricier, according to the  2018 RE/MAX Spotlight on Luxury Report.

Toronto’s highest-priced condo sold for $11.5 million this year, a dramatic 44% increase from 2017’s $8 million. Luxury condo sales across the region also increased by 2% year-over-year.

 

Related stories:
These are Toronto’s most appreciated and depreciated neighbourhoods
Canada’s luxury property markets maintain strong performances

 



Post a Comment



Most Trending News

Training new skilled trades workers must be a priority
News

While there has been a deceleration in new home sales, we must keep the pedal to the metal and continue to train skilled trades workers for the future.

Read More
To build 1.5M homes, we must think outside the box
News

Many jurisdictions in the U.S. have been thinking outside the box to boost the housing supply. Here in Ontario, we’d be wise to follow suit.

Read More
Upcoming free event: Canadian Real Estate Investment Summit
News

This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.

Read More