Anita BalakrishnanThe Canadian Press
A record number of Toronto homes priced over $3 million sold last year, Re/Max said in a report this week, even as amid the economic downturn during the Covid-19 pandemic.
Real estate agents sold 1,062 Toronto homes over $3 million in 2020, up 55.7% from the 682 sold in 2019, the report said.
Although the “uber-luxe” homes highlighted in the Re/Max report are a small fraction of the overall home sales market, Re/Max’s Christopher Alexander said the luxury home market reflects broader trends emerging from the pandemic. Toronto average home prices hit a new high of $929,699 in 2020, the Toronto Real Estate Board said on Wednesday, as the number of homes sold rose to 95,151, up from 87,751 in 2019.
More people bought homes over $3 million in Toronto last year than ever before
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While the pandemic destroyed countless Toronto businesses and put millions of Canadians out of work, the wealthiest among us have remained essentially unaffected, with many of the rich actually getting far richer during the course of the health crisis.
Toronto s real estate was likewise unfazed by months of lockdowns and financial precarity, with sales volumes and prices continuing to skyrocket to reach new record highs over 2020.
Property in the city has become so overvalued that experts think we re on the verge of a housing bubble and assert that homes here are now more expensive, on average, that in notoriously pricey locales like San Francisco, New York and London.
Although the uber-luxe homes highlighted in the Re/Max report are a small fraction of the overall home sales market, Re/Max’s Christopher Alexander said the luxury home market reflects broader trends emerging from the pandemic. Toronto average home prices hit a new high of $929,699 in 2020, the Toronto Real Estate Board said on Wednesday, as the number of homes sold rose to 95,151, up from 87,751 in 2019. (Pre-pandemic), you didn t really notice the shortcomings of your existing living arrangements because you were out of the home so much, said Alexander, the chief strategy officer for Re/Max Ontario-Atlantic Canada. Wealthier homebuyers tracked by Re/Max fell in line with another trend that was apparent in the overall home buying market: buying in the suburbs. The Toronto Regional Real Estate Board said on Wednesday that South Simcoe County homes saw the biggest price growth in December, while homes within Toronto city limits saw the least appreciation. Homes over $3 mill
A week before the launch of a city budget that councillors are calling an “unprecedented fiscal challenge,” a new Toronto home sales report is offering a glimmer of hope of the land transfer tax that can be reaped from the boom.
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