Why 2017 Will Be a Good Year for Luxury Real Estate in Toronto
New York City, London, Dubai, San Francisco—all cities known around the world for their luxury real estate. 2016 wasn’t kind to any of them in the least, with weak currencies and political instability partly to blame for the cooling off of the luxury real estate market worldwide. If those cities can be described as “cooling down”, then Toronto’s can only be described as “on fire”. The luxury market saw an increase of 32% last year, comfortably in the lead for the entire nation. Here’s why 2017 will only be better for luxury real estate:
Limited Supply Driving Demand
Unlike most markets in the world, Markham, Unionville, Stouffville, and the rest of the GTA has the “good problem” of having too much demand for luxury homes and a lack of supply to feed it. There are just far too many people trying to get luxury homes in this city. In 2016, the average attached home didn’t even last two weeks on the market! It makes it more important to find an agent that can plug you into the market because the listings are becoming fewer and fewer. To put it in perspective, there were barely 2,000 total in January —less than half what there was a year ago.
Yorkville, The Annex, and More
Posh family estates, trendy fashion designers, the Fifth Avenue of Toronto — it’s all here for the taking in some of Stouffville’s trendiest neighbourhoods. 19th-century mansions and sprawling estates or high-rise condos for the rich and famous, everything you could possibly want is available in Markham’s most desirable districts. Luxury real estate fits right in with the rapid rise in employment and salaries in Canada’s business centre. Yorkville, the Annex, Lawrence Park, and the Bridle Path are just a few of the names to be on the lookout for.
Looking for luxury homes in Markham? Toronto is the place to do it! Nowhere else in the world can compare to the market we’ve got in this city in 2017. Just make sure to get the right agent to find your dream home.