- The ultra-luxury real estate market in Toronto has defied all odds, continuing to flourish despite challenging economic conditions.
- In the condo market, supply surpassed demand, but average prices consistently hovered between $1.3m and $1.4m.
- Engel & Völkers Americas president and CEO Anthony Hitt predicted a dynamic year ahead for Canada’s real estate markets as buyers and sellers navigate evolving conditions.
Toronto’s ultra-luxury real estate market has defied expectations and continued to thrive, despite challenging economic conditions.
According to Engel & Völkers’ 2023 Year-End Luxury Real Estate Market Report, which analysed data on homes priced from $1m to $3.99m as well as those priced over $4m in high-demand metropolitan markets across Canada, Toronto saw the exchange of 31 homes with price tags exceeding $8m last year.
Although there was a decrease in the number of home sales over $4m in 2023 compared to the previous year, the report suggests that Toronto’s housing market grew significantly due to high net-worth families emigrating to the city.
While the number of residential homes sold between $1m and $3.99m decreased by 14%, average home prices remained relatively steady at $1.6m, marking only a 1.5% year-over-year decrease.
High net-worth individuals (HNWIs) interested in purchasing real estate in Canada’s stable economic market will need access to a secure money transfer service when making international payments.
In 2023, there were 281 residential units sold in the $4m-plus category, a slight decrease from 2022’s 340 units. However, the average price of these properties increased by 1%, reaching $5.67m compared to the previous year’s average of $5.598m.
The condo market also remained strong, with only a one-unit decrease in sales over $4m. The average price for these high-end condos in 2023 was $4.9m, with a noticeable increase in central European buyers.
Ottawa saw two properties sell for over $6m, leading to a significant increase in average prices for high-end homes over $4m. Montreal may have seen a decrease in the number of units sold in the $1m to $3.99m range, but average prices remained relatively steady.
Halifax experienced a drop in sales, but the average sales price for luxury properties actually increased. In Vancouver, the luxury real estate market remained strong and stable, with consistent average prices for homes in the $1m to $3.99m range.
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