Toronto is the No.1 fastest-growing luxury home market in the world. Christie’s International Real Estate bestowed the distinction upon the city this spring after their annual sales study found Hogtown’s high-end housing demand trumped that of other markets, including Hong Kong, New York and Paris. Today, buying into luxury downtown will cost more than $3.6 million for a detached home and $1 million for a condo.
“The luxury market in Toronto is coming of age,” says Jimmy Malloy, a real estate agent for Chestnut Park Real Estate. He’s witnessed the high-end home market’s transformation first-hand. “Twenty or 30 years ago, it was all about (buying big homes), but as any market matures, it becomes more sophisticated… It’s quality over quantity.”
The sudden surge in interest for luxury is driven more by dreams than by necessity, he says. “People moving from $500,000 to $700,000 are usually doing so because of need — they need another bedroom or a new school district. People moving from a $2 million to a $5 million home are usually doing so for aspirational reasons.”
Sellers interested in attracting this kind of clientele, Malloy says, should focus on upgrading their space with above-average items or layouts.
“When it comes to the world of luxury upgrades, the common denominator is the equality of ‘his and hers.’ From his-and-hers ensuites, his-and-hers walk-in closets in the master to his-and-hers workout areas, the luxury market in Toronto is dominated by the power couple, where the wife and the husband spend as much time at the boardroom table as they do at the kitchen table,” he says.