Toronto’s healthy luxury real estate market predicted to carry over to 2017 – mansion global usa today sudoku


Toronto is made up of nearly 250 officially and unofficially recognized neighborhoods, which have earned it the nickname “City of Neighborhoods.” That can be daunting to buyers who don’t know the lay of the land and to sellers trying to decide if their homes fall into one locale or another.

To remedy that, TREB has simplified the web of communities by breaking the city down into 35 larger property districts that each encompasses five or six different neighborhoods.

In 2016, six of those districts had an average sales price above $1 million binary converter. For instance, Drake’s old stomping grounds, a district encompassing affluent neighborhoods like The Annex, Summerhill and Deer Park, has seen prices jump roughly 13.5% since 2014, according to data from TREB.

The posh district, defined as C02, is just north of Queen’s Park and the beautiful 19th-century building housing Toronto’s legislative assembly, and includes Yorkville, Toronto’s high-end shopping neighborhood, said local agent Elli Davis of Royal LePage.

As recently as the 1930s, the Bridle Path was mostly farmland, which developers and the city’s wealthy subdivided into large estates to house tennis courts, swimming pools and privacy hedges.

“In that area there are massive houses selling for huge prices aud usd bloomberg. That seems to be very popular for those who want an acre or two-acre estates,” said Mr british pound us dollar exchange rate. Silver, of Sotheby’s.

This expensive district also happens to have some of the fastest-growing prices cool pictures of cars. Since 2014, average sale price has climbed 31% and median sales price has jumped 40%, according to data from TREB.

The city’s real estate board predicts that overall growth across price points will stay in the double digits in 2017 and will fall somewhere between 10% and 16% overall—driven mostly by Canadians and permanent residents.

January figures underscore just how tight supply is the in the city funny quotes. The number of active listings was less than half of what it was a year ago, down to a paltry 2,230.

“Statistics tell us there is a serious supply problem in the greater GTA, a problem that will continue to play out in 2017,” said Jason Mercer, director of market analysis at TREB. “The result will be very strong price growth for all home types this year.”

Local buyers have fueled most of the growth thus far, though foreign investors have played a role at the top of the market—particularly those taking advantage of the weaker Canadian dollar against the U.S. dollar and dollar-backed currencies, said Taimur Khan, a senior analyst at Knight Frank.

“In early 2016, currency also favored foreign buyers,” Mr us canadian dollar exchange rate. Khan said. “The Canadian dollar was below its 10-year-low against most major currencies, although as oil prices have recovered.” At its lowest point, a home priced at C$1 million cost just USD$683,000.

A growing number of foreign students from places like China and Saudi Arabia have also bolstered high-end home sales, as parents invest in properties for their kids or second homes for themselves, local real estate agents said binary solver. In 2016, 55% of sales to non-resident foreigners in the Greater Toronto Area, which include suburbs, were for a primary residence or a home for a family member.

But the significance of foreign buyers in Toronto is much more limited than in fellow cosmopolitan, luxury hubs like New York or London, experts said usd yen exchange rate. Foreigners accounted for only 5% of the city’s home buyers in 2016, with the average home costing them just under $1 million, according to TREB.

In the final months of 2016, some suggested that a 15% tax on foreign investment in Vancouver would steer more foreign investors to Toronto binary domain. But the city’s real estate board strongly contests that assumption.

So far, there’s little empirical evidence to suggest Toronto has benefitted from the fallout of Vancouver’s tax hike, which was enacted in October, TREB said in its 2016 year-end report released at the end of January.

“Toronto’s strong economy, with low levels of unemployment and low borrowing costs, had been one of the reasons behind the performance we have seen in the prime market,” Mr usd to sgd. Khan said.