Luxury home sales in the GTA post serious gains in 2014
$2 million plus price point up 43 per cent year-over-year
TORONTO, Jan. 20, 2015 /CNW/ - Affluent purchasers in the Greater Toronto Area drove sales of luxury real estate priced over $2 million to new heights in 2014. More than 1,100 upscale homes changed hands by year-end 2014, an increase of 43 per cent over 2013 levels (816 units), according to high-end realtor Barry Cohen.
"The top end of the market has seen consistent double-digit growth in recent years, but 2014's momentum is particularly impressive," says Cohen, RE/MAX's top luxury agent in Toronto. "Money flowed into luxury housing throughout the year as buyers moved to convert paper wealth to bricks and mortar. Limited inventory also played a role in the city's blue chip areas, as fewer overall properties listed for sale created ideal conditions for sellers. Solid equity gains on existing properties, combined with strong stock market performance, low interest rates, and continued economic recovery, fuelled exceptional activity in what was one of the hottest high-end markets in the GTA's history."
| GTA Residential Housing Sales Over $ 2 Million |
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| 2011 |
617 |
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| 2012 |
698 |
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| 2013 |
816 |
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| 2014 |
1,168 |
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Leading in terms of high-end sales activity were neighbourhoods south of the 401 in the central core, with Bridle Path, York Mills, Hogg's Hollow, Sunnybrook taking the lead at just over 170 sales over $2 million in 2014. Ledbury Park, Lawrence Park, Cricket Club, and Lytton Park (132 sales), Rosedale (109 sales), South Hill, Annex, and Yorkville (100 sales), and Forest Hill (74 sales) rounded out the top five areas in the C-district, comprising more than 50 per cent of sales over $2 million in 2014. There were also 29 sales over $5 million in the GTA, including the most expensive home sold in 2014 at $14.2 million. The highest priced property currently listed for sale is a $25 million Bridle Path estate once owned by financier Robert Campeau. The home is listed with Barry Cohen.
Sales activity at the $2 million plus price point also outperformed the overall residential housing market in 2014. The top end of the market now represents just over one per cent of total residential sales (based on 92,867 homes sold in 2014).
"Looking forward, the same factors are expected to buoy sales in the high end in 2015, albeit at a more tempered pace," explains Cohen. "Supply will likely remain an issue at the top end, especially for single-detached homes in the GTA's central core, which will continue to prompt existing homeowners to make their moves. Given the country's ailing energy sector, the Bank of Canada is unlikely to hike interest rates anytime soon, which will bode well for the luxury market over the next 12 months. Stock market gains will also continue to filter into residential real estate in 2015, although the trend is expected to slow somewhat from 2014 levels."
Barry Cohen is a respected member of the GTA's real estate community and has served the needs of both buyers and sellers for more than three decades. Barry joined RE/MAX Realtron Realty Inc. Brokerage in 1992 and has consistently placed among the organization's top sales associates. He ranked #1 in Canada for RE/MAX in 2004, 2006, and 2009, earned global recognition by placing #2 worldwide twice for RE/MAX LLC, and is the recipient of numerous RE/MAX Awards, including the Luminary of Distinction-RE/MAX LLC's highest honour. The award recognizes agents with no less than 20 years of service together with $20 million in commissions. There are 33 members worldwide -- out of 97,000 active agents. Since 2008, he has been the top agent in the city for home sales over $2 million, according to statistics compiled from the Toronto Real Estate Board.
SOURCE Point Blank Communications
Barry Cohen, Realtor, RE/MAX Realtron, 416.223.1818; Eva Blay, Point Blank Communications, 416.781.3911
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