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Christie's 2016 Luxury Refined Report is hot off the press. Once again, the spotlight has been cast on Toronto, well known for its economic stability. Last year’s top ranking market, Toronto, continues to thrive and saw an extraordinary 48 percent growth in year-on-year luxury home sales as well as a shrinking number of days on market. This is an incredible jump from 2014's impressive year-on-year growth increase of 37%. This year Toronto has been named as the second hottest real estate market in the world.   [youtube]https://youtu.be/dDpjSqnmb0I[/youtube]   2015 was a banner year for Toronto real estate as Toronto ranked as the world’s “hottest” luxury home market in Christie’s International Real Estate’s Luxury Defined report. The Economist also ranked Toronto as “the best city to live in the world.” Furthermore Chestnut Park had a record year in sales and has been recently named Affiliate Of The Year for 2015 by Christie’s International Real Estate.   As Chestnut Park Real Estate CEO Chris Kapches states "we are running out of words to articulate this charged market - "hot" does not begin to describe what is happening here." CEO Dan Conn has dubbed Toronto's market as "Turbo-Charged."     
 
 
The Economist, the OECD, and Mercer Research all agree that Canada is one of the world’s top places to live. Endowed with excellent schools, a clean and safe environment and overall stability, Canada is also graced with a wide array of living environments.  
 

 

The above graph illustrates the lightening speed in which homes in Toronto are selling. The worldwide luxury homes average days on market 195 and Toronto's luxury homes days on market 2015 is an impressive mere 28 days.

 

This report named Canada and New Zealand as leading examples of high-performing luxury housing markets that have instituted legislative changes for international buyers but continue to welcome overseas funds for housing.

 

Canada’s Immigrant Investor Program, which allowed foreigners to obtain residency by loaning C$800,000 interest-free to the vernment for five years, was cancelled in February 2014. Of the 59,000 pending applications, 76 percent were from mainland Chinese investors. The move did not dampen the country’s luxury housing markets if Toronto is any indication. The city posted 25 straight months of sales growth and surpassed the C$1 million average price mark for the first time last September. Affluent overseas buyers, many from China, continue to be drawn by Toronto's abundance of new construction and home prices that are lower than many other global economic hubs. Overall household formation supported price increases and sales pace with over 100,000 new households being formed in 2015 and 2016 showing no signs of slowing down.

 

 

81 Binscarth, Toronto | $7,900,000

 

  Christie's report went on to state that commodity-dependent countries Canada and Australia—both of whom experienced rapid declines in their respective currencies over the past 12-24 months—have witnessed brisk growth in their major prime property markets. Sydney’s million dollar plus sales were up by 15 percent and Toronto’s by a whopping 48 percent in 2015. Growth was not consistent country-wide however, reflecting a broader trend: a rift between the performance of these luxury property markets themselves. This marked shift can be attributed to two key variables—affluent buyer demand and inventory levels—that strengthened sales in some cities and obstructed growth in others. In Canada for example, cities with strong international appeal, most notably Victoria, Vancouver, and Toronto, continued on an upward trajectory whereas luxury property sales in oil-money dependent Calgary slowed. “Strong governmental, banking and investment systems, favorable migration trends, leading educational institutions, and stable employment have all caused our market to defy the impact on other marketplaces that are experiencing declines in sales volume and average prices,” observes Chris Kapaches of Chestnut Park Real Estate in Toronto.  

   

589687 Grey Road 19, Collingwood / The Blue Mountains | $2,749,000  

 

Also noted in this report is the luxury real estate explosion in Collingwood and Hamilton where people are purchasing homes for a third of the price and starting businesses in retail space that is less expensive as well. One result: In October a home in Hamilton sold after 17 offers for C$200,000 over asking price.   In conclusion Toronto's luxury real estate market has kept the remarkable momentum established in 2014 and it is anticipated to continue through 2016 and beyond due to the cities financial stability, and international appeal. Additionally Toronto's recreational luxury markets like Collingwood and Muskoka continue to enjoy growth.

 

  See full Christie's International Real Estate 2016 Luxury Defined Report

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