The rate of luxury home sales in 2014 in Toronto increased – and it was the only market in the world where luxury home sales increased.
“This is one of the most stable financial and governmental systems in the world. It’s the major economic hub in Canada,” Dan Conn, chief executive of Christie’s international real estate practice, told the London Telegraph, “with a net influx of people and an incredible rate of growth. The perception is it’s a safe place to invest, still relatively cheap, with an attractive rate of return.”
This comes as no surprise to David Fingold, the president of Forest Hill Real Estate Inc., who has positioned his company securely in the GTA luxury market.
“We are increasing our reach into several new areas of the Greater Toronto real estate market,” says Fingold.
The Christie’s report ranks the top property markets in the world, and found affluent markets in New York, San Francisco, Miami, Los Angeles, Dubai, London, Paris and Sydney all showing slower sales in 2014; whereas Toronto was up by 37 per cent.
In fact, the only factor preventing a record year for the Toronto market was a lack of inventory.
If there had been more homes available to sell last year, Christie’s analysts say the market would have shattered previous records.
Fingold and his wife Ronni founded Forest Hill Real Estate over 30 years ago, and have an insider’s knowledge of Toronto’s condo building boom, having been in on the ground floor when it started in the mid-1990s.
“I was fortunate enough to have been the co-developer of the premier residential condo development that started this building spree. The project known as ‘The Chedington’ was built in 1994-1996,” said Fingold, adding that condo buildings are numbered when they are registered, with The Chedington being No. 1100.
“There are over 1,100 new condo buildings in Toronto since ‘The Chedington’ up until about 2012 when ‘The Avenue’ was registered with many more condo registrations in the last three years,” says Fingold. “It’s a truly amazing growth story, with the promise of a lot more growth to come for Toronto.”
The white-hot luxury market in Toronto is an excellent opportunity for brokers who are looking to take the next step up the ladder to selling top properties.
“We are always anxious to meet and discuss mutual opportunities with like-minded entrepreneurial individuals,” Fingold told REP.
Toronto's luxury real estate market is the strongest in the world, according to a recent report from Christie's International Real Estate, despite the trend of luxury markets around the world shrinking.