This post is a summary of Sotheby’s Top-Tier Real Estate: Mid-Year State of Luxury 2024 report.
The luxury market in Downtown Toronto remains resilient despite economic headwinds such as higher interest rates and market uncertainty. If you’re considering buying or selling, here’s what you need to know.
For Buyers
Downtown Toronto is offering some of the best opportunities since 2017. Elevated inventory levels are giving buyers more options and greater negotiating power. In fact, luxury listings, particularly in the $4 million-plus range, have grown, providing a rare chance to find the perfect home or investment at competitive prices.
Key Market Trends
- $4 million-plus properties: Sales have increased by 4% year-over-year within Toronto, showing strong demand, but an influx of listings gives buyers leverage.
- $1 million-$2 million homes: This segment represents the bulk of Toronto’s luxury market. You’ll find plenty of variety, especially with buyers being more selective.
- Condo market: Lux condos are increasing for sale, and price negotiations are common. If you’ve been eyeing a downtown penthouse, this may be the time to buy.
Buyer Tip: With many listings available, could you take your time to evaluate and negotiate? Sellers are more open to discussions, especially for properties on the market longer.
Looking to make the most out of your next home purchase? Check out these blog posts for unique pointers on buying.
- 3 Neighbourhoods That Are Perfect For First-Time Homebuyers
- How Many Real Estate Agents Should You Interview Before Choosing One?
- How to Realistically Save For a Downpayment in Toronto
For Sellers
Though buyers enjoy more favourable conditions, Downtown Toronto’s luxury market remains robust, especially for well-priced, move-in-ready homes. Buyers are still active, but they expect value.
Seller Recommendations
- Pricing is key: The market favours realistic pricing. Homes listed above market value may sit unsold. Properties in prime condition and priced competitively are still attracting attention and can even spark multiple offers.
- Highlight amenities: Homes with modern upgrades, such as cutting-edge technology or security, are highly sought after, especially in top-tier neighbourhoods.
- Condo sellers: With more buyers hesitating, ensure your unit stands out through pricing and quality.
Seller Tip: Work with your realtor to set the right price. In a market where buyers are in control, correctly positioning your property ensures you sell without prolonged listing times.
Ready to head to the market? As Toronto’s leading real estate experts, we can help you find a home that speaks to your heart. Send us an email or call 416-587-3300 to discover your path to success.
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