Over the last 18 months, the luxury real estate market in the Greater Toronto Area has rebounded and even during the throws of the initial pandemic, it didn’t slow down for long.
A team at Royal Lepage’s luxury real estate brokerage Johnston & Daniel reported that by June 2020, the market for luxury home sales had returned to growth mode, and over the course of 2021, the area broke its previous luxury home sales record. This applies to homes with over eight-figure price tags
A manager at the brokerage even told Storeys that $12 million is the new $8 million.
While this is sadly bad news for billionaires and millionaires, for the rest of us, it’s a glum reminder of how much further away home prices are getting.