Real Estate News

Canadas Real Estate Market Experiencing The Boomerang Effect

Photo by Jacob Mathers on Unsplash

Real estate brokers are balancing sleepless nights with black tie launches as the bids keep rolling in. Canada’s real estate market has almost returned to its 2017 heyday as benchmark prices in Toronto jumped 5.2 per cent to $805,500 this September compared to the same time last year. That’s only $10,000 less than its value in 2017.

Despite demand continuing to outstrip supply, luxury home developers are still hosting lavish launches at presentation centres. Among ahi tuna hors d’oeuvres and champagne, would-be condo buyers and brokers circulated at a 62-story proposed skyscraper in Yorkville, a neighbourhood best known for its Chanel and Prada outlets.

“They’re selling out like crazy,” said Dawna Borg, a broker at RE/MAX Premier Inc., who struggled to purchase enough units for her clients. “We had to go back Sunday and just wait for a new allocation to come out, and we still didn’t 100 per cent get what we wanted.” The in-demand units featuring black marble kitchens with built-in wine troughs ranged in price from $650,000 to almost $1.97 million for a 1,163 square foot three-bedroom suite. A parking spot here can cost you upwards of $169,000.

Continue to read on: Toronto Storeys

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