The high-end real-estate market may not be as tough as we thought

The high-end real-estate market may not be as tough as we thought

(Image: courtesy of Sam McDadi Real Estate Inc., Brokerage) (Image: courtesy of Sam McDadi Real Estate Inc., Brokerage)
 

The story of high-end real estate in the GTA can sometimes seem to be a depressing one. Multi-million-dollar properties often languish for months, sometimes selling for millions under asking. And yet, the market in expensive homes may be more robust than we knew. According to the Globe, an analysis of new numbers from the Toronto Real Estate Board shows that 754 GTA homes have sold for more than $1.5 million during the first four months of this year, the highest number since at least 2007. (Last year’s figure during the same period was 566.) And that’s not the only evidence that high-end home sales are surging. A Sotheby’s report released in January says Toronto saw about 600 more million-dollar-plus sales in 2013 than it did in 2012. Granted, a million dollars these days won’t necessarily get you a mansion. (It’s about the price of a Dufferin Grove fixer-upper.)