Toronto's ultra-rich are buying up monster homes at an increasing pace
In a city where the words 'property owner' hold more weight than 'millionaire,' wealth can be pretty subjective. Million-dollar homes, once classified as luxury in Toronto, are now the average, and it’ll cost you a fair bit more than a cool million to live among the movers and shakers.
But more and more people are shelling out big bucks to live in a class above us normies according to the RE/MAX 2022 Luxury Market Report, which shows an increase in demand for luxury homes in practically every Canadian market last year, and predicts similar growth for 2022.
Though Toronto failed to rank in the top five for cities with sales of homes worth more than $3 million, Canada's largest city and its surrounding suburbs registered a spike of 112.8 per cent in 2021 with 2,247 of these high-priced units sold compared with 1,056 the previous year.
And that's only the entry-level of buyers who can call themselves rich these days, though the ultra-wealthy were also buying homes at an increased rate. GTA homes priced at $10 million or greater saw a spike of 156 per cent last year.
As pronounced as the growth has been in Toronto's monster home and luxury condo markets, other Ontario cities are experiencing even greater spikes in the sale of homes priced over $3 million. Barrie experienced an astounding surge of 517.8 per cent with 278 of these exclusive residences sold, the third-largest spike in Canada.
Only Saint John and Moncton saw larger spikes of over 1,400 and 600 per cent, though these numbers are deceiving, the two cities only combining for 22 luxury homes sold in 2021.
Following Barrie in third place, London luxury home sales spiked by just over 255 per cent to 561 units, while Kitchener-Waterloo's luxury market grew by 208 per cent with 1,312 units sold.
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