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Luxury Home Prices in Toronto Forecast to Increase Up to 7% in 2020: Report
Toronto’s luxury real estate market continued to heat up in 2019 and is showing no signs of slowing down, according to the latest report from international real estate firm Engel & Völkers Americas.
The report, which focused on homes exceeding $1 million in primary real-estate markets like Vancouver, Toronto, Montreal, and Ottawa, provided an analysis and 2020 forecast for each metropolitan market.
Overall, the luxury real estate firm forecasts Canada to have a 4% growth in resale price as a result of strong demand drivers and 2019’s housing market resilience.
“The overall residential real estate market in Canada remains strong and indicators for 2020 point toward continued growth and, in some areas, welcomed stability,” said Anthony Hitt, president and CEO, Engel & Völkers Americas.
Here in Toronto, in 2019, Engel & Völkers Americas says the real estate market proved “buoyant” and found its footing in the second part of the year to continue holding its position as a seller’s market thanks to a strong economy and healthy population growth, as well as domestic and foreign immigration.
Additionally, in the past year, the firm said home prices in Metro Toronto continued to rise while market conditions provided a negotiating advantage for sellers.