The ultra-rich are coming out to play

by Olivia D'Orazio on 06 Mar 2015
Knight Frank, a global real estate consultancy firm, released a report this week that found Toronto to be the 12th most important city in the world, based on its number of “ultra high net worth individuals” – those individuals with a net worth of $30 million or more.

And, according to the latest Toronto Real Estate Board numbers, those 1,216 ultra-rich Torontonians are increasingly buying real estate.

More than 100 properties were sold in the $2 million-plus range in Toronto in February alone. That’s more than double the number of sales in that price range in January. Sales in the $1 million to $2 million range also doubled from January, rising to 525 transactions in February.

Those sales have pushed up the average price of a detached home in the city, which surpassed the $1 million milestone for the first time in a single calendar month. In January, the average price of a detached home in the city was just $948,713.

“The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned,” said Jason Mercer, TREB’s director of market analysis.

Indeed, listings in Toronto fell 8.7 per cent compared to the year-ago period, particularly among detached, semi-detached and townhouse properties.
 

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