Courtesy of Daniel Milstein with Forest Hill Real Estate
Toronto. The elite, the fashionable, the advantageous and most importantly, the luxurious. A thriving city and recently taking the title for 4th largest in North America (beating Chicago, sorry!); the upwards rise in the Toronto popularity game has been steadily growing over the last 10+ years, and there is absolutely no surprise why. According to a 2014 summer quarterly report conducted by Sotheby’s International and the Canadian Real Estate Association, 36 per cent of condos listed at between $1- 2 million sold above asking price; 41 per cent of those listed between $2-4 million also sold above asking and all of those listed above $4 million got more than asking. Sotheby’s also mentions that “Given strong economic fundamentals, increased consumer confidence and mortgage lending rates that remain at historical lows, all markets are expected to gain momentum in the latter part of 2014,” which has evidently proven correct with average Yorkville condo sales in the shy of 965k mark from Toronto Real Estate Board Stats.