Chinese buyers help boost Toronto’s luxury housing market

By Jessy Bains | Yahoo Finance Canada

Deep-pocketed buyers are coming back to Toronto’s high-end real estate market.

Sales of homes above $5 million, or ‘uber-luxe’ homes as RE/MAX calls them, were up 8.5 per cent in October compared to last year.

The company says 100 of them changed hands last month, and it expects luxury home prices to rise in tandem.

RE/MAX says rising ‘regular’ home prices trickling into the uber-luxe segment is a natural phenomenon.

“The one consistency in Toronto’s real estate market throughout 2019 has been value – and it’s evident from the bottom end of the market to the top,” said Christopher Alexander, executive VP and regional director at RE/MAX of Ontario-Atlantic Canada, in a release.

“Homebuyers at virtually all price points – including uber-luxe – are kicking the tires once again.”

But it’s not only domestic buyers that are scooping up mansions in Canada’s biggest city. RE/MAX says buyers from mainland China are making their way back into the market. 

Here are a few examples of homes RE/MAX says it sold above $5 million in Toronto recently.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

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Original Source

6 The Bridle Path
Sold for $11,250,000:
6 bedrooms, 12 rooms, 10 bathrooms (RE/MAX)
10 Suncrest Drive
Sold for $6,395,000:
4 bedrooms, 8 rooms, 7 bathrooms (RE/MAX)
49 Nanton Drive
Sold for $6,200,000:
6 bedrooms, 13 rooms, 5 bathrooms (RE/MAX)
11 Park Avenue
Sold for $5,900,000:
4 bedrooms, 9 rooms, 6 bathrooms (RE/MAX)
5 Pine Hill Road
Sold for 5,672,000:
4 bedrooms, 9 rooms, 5 bathrooms (RE/MAX)
19 Ashley Park Rd
Sold for $5,250,000:
5 bedrooms, 12 rooms, 8 bathrooms (RE/MAX)