The luxury market is booming in Toronto and Vancouver, and agents on the fence about delving into the market may be enticed to do it sooner than later.
“It was a very strong year for the luxury market in Toronto,” Jimmy Molloy, an agent with Chestnut Park Real Estate Limited, told REP. “There was a tremendous amount of buyers both locally and internationally.”
A report released by Sotheby’s International Realty Canada found 11,112 luxury homes – worth more than $1 million – were reported in the Greater Toronto Area last year. That represents an increase of 48% year-over-year.
Meanwhile, agents on the left coast fared just as well.
Vancouver saw 4,578 homes over $1 million changing hands in 2015 – a 46% increase over 2014’s mark.
Further, the study found that the greatest boom was for housing costing more than $4 million. Toronto saw an 71% increase in homes in that category, and Vancouver sales grew by 67%.
"We had a lot of buyers who were very eager to enter the market, and they were bidding on a limited number of homes, particularly in premier neighbourhoods," Elaine Hung, vice-president of marketing for Sotheby’s International, told the Canadian Press.
With both markets booming – and showing little sign of slowing down – it seems agents are poised for another good year. And those agents interested in the luxury market may decide to defer no longer.
After all, while the deals may be further and farther between, they certainly provide a much handsomer commission.
Now may be the time for agents to break into the luxury housing market – at least in these two specific markets.