Foreign and domestic buyers alike are looking at Toronto as one of the top cities in the world, thanks in part to its low crime rate and harmonious community, and diversity is never more than a few blocks away. Everyone from local, young Canadian couples to Middle Eastern and Asian families want a piece of the Great White North’s “Metropolitan Haven.”
In fact, the current real estate market in Toronto is arguably the strongest in the area’s history, according to a new Unique Homes report by our own Stacey Staum. Below is a sneak peek of the report, which can be found on pages 44 and 45 of our November & December issue.
Over the past several years, Toronto has seen unprecedented growth in its high-end real estate market. While Canada as a whole did feel the full brunt of the global recession in 2008, the luxury market has soared to new heights since.
Sam McDadi, broker and owner of Sam McDadi Real Estate Inc., explains, “This is our best year ever. The number of luxury homes that have sold are higher and the prices are holding or going up.”
Toronto’s strong economy is partially responsible for this unprecedented growth, and is bolstered by a variety of industries within the city itself. According to McDadi, “Toronto is not a one-industry based city. There are a multiple of opportunities, which makes for a successful long-term economy. Calgary suffered when oil prices plunged. We don’t see that kind of ebb and flow, so we see a slow and steady growth in our market.”