According to a recent news report by CTV Toronto sales of high-end luxury homes in Toronto reach a new record during May. According to the report, there were 273 sales over $1 million in Toronto during the month as compared to 258 in May 2008, an increase of 2008.
We have certainly seen a resurgence of higher-end residential sales here in the Georgian Triangle as well. During the month of April, there were 4 MLS® sales reported over $800,000 including one over $1 million. By comparison there had only been one such sales in the 4 months prior to April. During May we had 2 sales between $1 to $1.5 million and one property sold over $1.5 million, a power-of-sale at just over $1.8 million.
As much as we have seen an increase in upper-end home sales throughout the Georgian Triangle in recent years, $2 million is a barrier that few properties can command or on the other hand, few buyers seem willing to enter. In the last 3 years we have seen just two residential sales over $2 million. Both properties were larger acreages with homes offering 6,000 square feet of finished space.
The resurgence of the Toronto luxury home market signifies perhaps two things. The first is that perhaps the worst of the recession is behind us. If that is not the case, then at least this trend points to the fact that buyer confidence in this segment of the market has returned which is true of the real estate market in general. Purchasers have come to realize that prices are at their lowest level and with a good selection of inventory in all price ranges including the upper-end, now is the time to buy.
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