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The luxury real estate market on the rise in 2021

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The luxury real estate market in Canada is booming, according to a new report from Sotheby’s International Reality Canada.

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In the case of the GTA, sales to Toronto, Durham, Halton, Peel and York hit record highs in 2021 and market confidence was the highest since the start of the pandemic.

Sotheby’s says luxury real estate is now a preferred asset class due to low interest rates and inflationary pressures.

The past year also “marked a year in which high net worth local consumers and market sensitive home developers and builders redefined the concept of luxury real estate for the region and for Canada,” the report.

“As buyers in the GTA increasingly sought custom-made condominiums and single-family homes that reflected luxury standards seen only in the world’s most prestigious real estate markets, regional trends in architecture, interior and outdoor, amenities and services taken to new extremes. “

The GTA’s over $ 4 million residential real estate market grew 224% in 2021 compared to 2020 – with 805 properties sold last year.

The Multiple Listings Service shows that property sales over $ 10 million increased 238% last year with 31 properties sold.

Properties in the GTA that sold for over $ 1 million increased 194% with 52,776 properties sold in 2021.

The GTA luxury single-family home market had limited inventory, but sales of those valued at over $ 4 million grew 56% year-over-year, and 15 ultra -Luxurious ones sold for over $ 10 million, an increase of 150%.