Toronto real estate is attractive to foreign investors thanks to the currency exchange rate on the Canadian dollar, rising home values and political stability. Vancouver has shared Toronto’s international real estate investment appeal until now. The news that foreign investors will be taxed an additional 15 per cent on top of their real estate purchase price is redirecting potential buyers to Toronto.
A recent sale in Etobicoke illustrates the increased attractiveness of Toronto’s luxury market. The buyers paid $2.05 million for five bedrooms, six bathrooms, a finished basement and a high-end kitchen plus the property’s furniture. The property’s listing agent noted the buyers specifically turned their attention to Toronto due to the large tax in Vancouver.
The influx of foreign buyers deterred from Vancouver real estate will intensify the competition for luxury properties in the Greater Toronto Area. Foreign momentum in the GTA has been strong all year, thanks to stock market stability, low interest rates and economic improvements. Total sales volume and average sale prices were already trending towards record-breaking numbers for 2016; the new measures aimed to balance real estate growth in Vancouver are sure to bolster sales in all market segments in the GTA.
The ultra-luxury segment already has reported record movement in 2016. Last year 77 units sold for $5 million or more. In the first six months this year, 137 super-luxury property transactions closed. Increasingly tight market conditions in the enclaves south of the 401 will create more demand with a higher number of affluent investors competing against local executives and professionals waiting for the right purchase.
Barry Cohen is the top Toronto agent for luxury home sales for the last five years. Having worked extensively with foreign investors, he intimately understands their real estate needs. For the best in buying or selling Toronto real estate, contact Barry today.
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