Toronto Loft Conversions

Toronto Loft Conversions

I know classic brick and beam lofts! From warehouses to factories to churches, Laurin will help you find your perfect new loft.

Modern Toronto Lofts

Modern Toronto Lofts

Not just converted lofts, I can help you find the latest cool and modern space. There are tons of new urban spaces across the city.

Unique Toronto Homes

Unique Toronto Homes

More than just lofts, I can also help you find that perfect house. From the latest architectural marvel to a piece of our Victorian past, the best and most creative spaces abound.

Condos in Toronto

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

Luxury home sales expected to heat up this fall, as high-end condo sales pick up in Toronto

Alexandra Posadzki – Canadian Press

Sales of luxury homes will likely gain momentum in the fall, fuelled by demand from international investors, according a new report from real estate sales and marketing company Sotheby’s International Realty Canada.

The company said Tuesday that sales of high-end homes worth at least $1-million were up in major Canadian urban markets in the first half of the year compared with the second half of 2012.

Sales were up 65% in Vancouver, 67% in Calgary, 61% in Toronto and 29% in Montreal.

The real estate company says buyers from China, Russia, the Middle East, India and the U.S. are expect to continue to fuel demand for luxury homes this fall.

The report also notes that the high-end condo market in the Greater Toronto Area has rebounded after a slower start to the year, a trend that is expected to continue into the fall.

“There were a lot of numbers that were starting to look worrisome in Toronto,” said Sotheby’s president and chief executive Ross McCredie.

However, while some economists are cautioning about an oversupply of condos about to hit the Toronto market, McCredie notes that there are far fewer high-end units available.

Comment: Yet again, there cannot be an “oversupply” of condos. They are bought before they are built. Finished condos are 90% sold, maybe 91%. There is not some huge glut going to hit the market all at once. If 15,000 are scheduled to complete, 13,500 are already sold and paid for. The builders rent some out, sell some privately, maybe put 10% of their inventory on MLS. That is 150 units – over the course of a year.

“It’s not like the $600,000 shoebox condos where you’d have investors buying them and looking to renting them out,” he said.

“If it’s a well-built building in a good location, people want to live there, so it’s more about lifestyle than pure investment.”

McCredie also notes that those in the market for a luxury home are less likely to be deterred by short-term fluctuations.

“They’re not first-time homebuyers,” he said.

Comment: And they don’t care about mortgage rates.

“They’ve seen cycles before. Most of our clients remember what it was like in the early 80s and the early 90s, when you had major corrections, so they’re not going into these markets blindly.”

Comment: And they are smart enough to know that things are NOT the same now as they were then.

Sales of luxury homes are also expected to gain traction in Calgary and Vancouver and remain balanced in Montreal, according to Sotheby’s.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto Realtor with Century 21 Regal Realty. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.

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