Market Spotlight: Toronto

The hot luxury real estate market in the Canadian city shows no signs of slowing down

Housing prices in the eastern Canadian city have been spiking, particularly in the luxury market.

And for good reason. The economy in the “City of Neighborhoods” has been growing, and local buyers are capitalizing. Meanwhile, new condos are being churned out by developers at a feverish pace.

In this special series, Mansion Global will guide you through all you need to know about buying and living in Toronto, including new developments changing the skyline, strategies to navigate the market and tips to enjoying the city’s blossoming cultural scene. Also, some famous Torontonians share their insights on their city and tell you what they love most about it.

The Canadian city has watched housing prices skyrocket over the last four years, thanks to tightening inventory, low interest rates and population growth (including steady immigration). In December, the average sales price was 20% higher than a year earlier, and Toronto saw the strongest sales gains of any Canadian metropolitan area in 2016, according to the Toronto Real Estate Board (TREB).

Meanwhile, the luxury market saw prices increase around 32% in 2016, says Richard Silver, senior vice president of sales at Sotheby’s Realty International Canada...READ MORE

The Toronto luxury real estate market is booming. In fact, the condo market in Toronto has grown considerably and gone much more high end in the past five or six years, according to Jim Burtnick, of the Torontoism team at Sotheby’s International Realty.

“Toronto is going through a boom,” he said.

High-end condo development began in Toronto with hotel projects like the Four Seasons, Ritz Carlton and Shangri La. From there, the options boomed. Now buyers have many choices, from high-rise buildings on the harbor, to boutique condos in residential neighborhoods like Summerhill and Rosedale...READ MORE

Canada’s biggest city and the fourth largest in North America, Toronto was once dubbed “Toronto the Good,” and known as a center of morality bordering on saintliness. Today, the city has outgrown its stodgy reputation and come to rival even the most famously cosmopolitan urban areas for arts, culture, nightlife and culinary delights.

Downtown has seen recent revitalization, with development all along the waterfront and small businesses taking over former working class, industrial, or red light districts. For example, the west end neighborhood of Bloordale, a former drug-ridden hub for the down and out, is now home to a selection of eateries, coffee shops, vintage stores and art galleries...READ MORE

Toronto, a diverse and cosmopolitan city, is popular with buyers from all over the world.

“Toronto is known as the most multilingual and multicultural city [in Canada],” said Jim Burtnick, of the Torontoism team of Sotheby’s International Realty. “There are six Chinatowns and everybody and anybody coming here will feel pretty absorbed into the community...READ MORE

We asked Torontonians to tell us what they love (OK, and sometimes hate) about their city. From actors to artists and businesspeople, it turns out everyone loves neighborhood hopping, the walkability of the city and the (multi-cultural) food, too.

Here’s what those in-the-know know about their native—or in some cases, chosen—city...READ MORE