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Toronto Luxury Real Estate

Toronto Luxury Real Estate

24.02.20

Fuelled in part by immigration and a booming tech industry, Toronto’s luxury real estate market is positioned for positive growth in 2020.

Toronto is an evolving world-class city, now joining the likes of New York and London. Toronto recently claimed the top spot as the fastest-growing city in North America with the population estimated to reach 9.4 million by 2041.

With major developments set to transform the city’s infrastructure, and several high-profile tech companies like Google and Amazon setting up headquarters, demand for Toronto real estate continues to soar and will help propel the luxury market in the city.

Growing population and immigration

Immigration will continue to play a vital role, as High Net Worth Individuals (HNWIs) from outside of Canada choose to make Canada their home. Approximately 4,000 HNWIs emigrated in 2018, according to the New World Wealth Report. The Economist Intelligence Unit’s 2019 Wealth Opportunity Index also anticipates HNWIs in Canada to double over the next decade to over 900,000.

Booming tech industry

Toronto broke records in 2019, investing $3.1 billion in tech startups. Google recently called Toronto home with a new HQ in the heart of the Financial District. They also intend to expand, building 3 new offices by 2022. Amazon has also expanded to have an HQ office in the city, promising more than 600 new tech jobs.

Continued demand for downtown luxury condos

Demand for luxury condos and properties continue to rise in Toronto. The appeal of urban cities with the convenience of local amenities like proximity to restaurants and shops; and building amenities that go beyond the conventional downtown living, from fully equipped fitness facilities, yoga studios, theatres, rooftop gardens, valet to dog walking, marks a new approach to luxury.

In 2019 Toronto was home to the most cranes in North America: with 67 skyscrapers, 31 current skyscrapers under construction and 59 proposed.

Immigration and the city’s tech industry are attracting a surplus of qualified residents

“The only market segment projected to continue to rise significantly in Toronto over the next few years are condominium sales,” Claudine Montano, a Certified Luxury Real Estate Specialist in Toronto says. “Penthouses are the Finest of the condominium market in the downtown core. With strong immigration and booming tech industry, Toronto’s Luxury properties are becoming highly attractive, both internationally and locally, and will help propel the luxury market towards steady growth.”

Find out more here: www.penthousequeen.com 

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