As a city bustling with first-class experiences, Toronto caters well to a wide variety of luxury markets. This is especially true in real estate. As the country’s largest urban centre, Toronto’s housing market has consistently been a hot topic over the past decade. However, the luxury market can differ significantly from general real estate trends. 

Here are 5 things you should know about Toronto’s luxury real estate market. 

1. Unique Conditions

Luxury real estate is exclusive in nature, catering to a distinct clientele in Toronto and beyond. Given its unique demographics, the luxury space does not always reflect the same market conditions as traditional real estate. For instance, many luxury buyers may own multiple properties. This factor alone can reduce buyer urgency and the need to use competitive tactics during the buying process – which in turn impacts the average time properties spend on the market and their final sale prices.

Upper-income clients may also find themselves unimpacted by certain economic factors that could otherwise influence the general market. For instance, rising interest rates are likely not a concern for many high-end buyers and therefore, have less of an impact on luxury buying trends. 

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2. Distinct Trends

Beyond market activity, luxury real estate’s distinct characteristics are reflected in its unique architectural and design trends. As you may expect, nearly every element of the high-end market directly caters to its affluent demographic. These trends are typically well-displayed during the staging process. 

For luxury sellers, pre-listing preparations such as staging are an essential step in capturing the eyes of their prospective buyers. In Toronto’s luxury real estate market, home staging often focuses on blending timeless design elements and thought-provoking modern concepts to make properties shine. 

Want to know more about ongoing design trends within the luxury market? Explore our blog post on the topic here. 

3. Global Activity

As a world-class city, Toronto attracts affluent clients from across the globe. High-end properties in the city often yield interest from international buyers when entering the market. As a result, many luxury sellers market their properties on both domestic and global listing sites in order to reach a broader buying audience. Agents who specialize in the luxury market often have a vast network of international real estate partners in order to support their clients. 

4. Luxury in Service

Beyond properties and demographics, luxury real estate in Toronto can ultimately be defined by its standard of service. A truly luxe real estate experience is thoughtful, client-focused and impeccably curated to suit the client’s needs. 

For both buyers and sellers, the upmarket’s key distinctions make working with a luxury specialist essential. However, a genuine high-end experience extends far beyond the basic factors of real estate. Affluent homeowners accustomed to world-class experiences expect no less from their real estate journey. Luxury agents can effectively cater to elevated tastes through their level of service. 

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5. Diverse Locations

While the luxury market sees a majority of its activity in upmarket neighbourhoods such as Bridle Path, Rosedale and Forest Hill South, not all clients share the same tastes. Affluent homeowners often have the financial flexibility to bring their distinct vision to fruition. Therefore, some luxury buyers decide to branch out from the city’s traditional elite neighbourhoods and opt to buy or build in unique destinations. 

Nearly every neighbourhood in central Toronto has seen some older homes purchased and torn down to be replaced with modern luxury properties. In addition, the rise of remote working following the COVID-19 pandemic led to a greater luxury interest in suburban and exurban communities.

Have questions about Toronto’s luxury real estate market? We’re here to help. Contact us.