Real Estate Latest Toronto stats

7,000 condo projects approved by Toronto City Council

These 7,000 condos are in addition to the almost 70,000 projects that are slated to be built. Toronto is among the leaders of the world in the highest rate of development. This has recently been dubbed the ‘Manhattanization of downtown Toronto.’

34% increase in luxury home sales

Toronto’s luxury home market was only second to Vancouver as of this spring in sales, but is expected to outpace them by 2015, according to a report from Sotheby’s International Realty Canada. The shortage of detached, single-family homes in Toronto, and the influx of international buyers, combined with low interest rates, has lead to a 34% increase in the luxury home sale market.

39,000 active realtors

With all the action the housing market is seeing, it only makes sense that there would be enough realtors to keep up with the demand. According to the Toronto Real Estate board, there are currently 39,000 active realtors on the market—this is up from 20,000 realtors ten years ago. 

$33 million—one of Canada’s most expensive condo

One of the country’s most expensive units is in Toronto and is selling for $33 million. Dubbed the “Super Penthouse,” it is located in the Trump Towers and has just under 12,000 square feet of space. This, oddly enough, is considered a bargain price, where units in places like Hong Kong, London and New York can reach beyond hundreds of thousands of dollars.

$965,000—average price of single-family home

This previous spring, detached homes in Toronto hit an average of just under 1 million dollars. This is a 13% increase from the previous season. Ten years ago, detached homes were selling for just $486,489. A shortage of available homes, and a high demand has helped drive up prices. This spring, after a major bidding war between 72 people, a North Toronto home sold for double its list price of $699,000.

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Rudy Reznik

Rudy Reznik

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CENTURY 21 Atria Realty Inc., Brokerage*
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