Luxury Toronto real estate sales continue to escalate beyond the historic highs of 2021, with sales increasing by 16% despite interest rate hikes. This is largely due to the irresistible allure of high-end urban living as the pandemic starts to wane.
Are you drawn to the appeal of a plush home in the heart of Toronto’s vibrant cultural and entertainment scene? Keep reading for our top tips for finding your dream home in Toronto.
1. Where To Find Luxury Real Estate in Toronto
Every city has areas where the affluent congregate, but you’ll find luxury real estate in Toronto scattered across a diverse range of neighborhoods.
That’s because wealthy people can afford to buy a cheaper home in a more remote area, tear it down and build the mansion of their choosing.
So, you might find a palatial house in any one of Toronto’s neighborhoods, but these are the best areas to start your search for luxury Toronto real estate listings.
- Bridle Path
- Forest Hill South
- York Mills
Elegant penthouses are particularly prominent in Toronto’s trendy downtown area, discover more here.
2. What to Expect From the Toronto Real Estate Buying Process
Shopping for luxury property works a little differently from the norm. When you buy an ordinary residence, you’ll attend home viewings with your agent and openly discuss the home’s pros and cons as you go along.
When viewing a luxury home, you’ll meet with the listing agent on-site. This changes the dynamic completely, so make sure you ask everything you need to while you have their attention.
Luxury listing agents have a lot to gain from selling the home, so make sure you know exactly what you want before attending the viewing. This makes it easier to resist a high-pressure sales pitch.
3. Choosing the Right Toronto Real Estate
When you’re looking for a regular home, it’s easy to eliminate prospects if they fail to tick every box on your checklist. When viewing luxury real estate in Toronto, it’s unlikely any of the properties will fall short in these areas.
Most luxury homes in the $4 million price range have everything any home buyer could desire, and then some. This means you’re likely to make your choice based on emotion alone.
It’s important to enlist the help of a real estate agent who is familiar with the luxury real estate market in Toronto. They can help you choose a home that represents a great investment, and is also a good choice for your family.
Toronto, Canada, Real Estate Wrap Up
To sum up, buying luxury real estate differs from regular home shopping in many respects, which makes it a little more complex.
Start your search by enlisting the help of an agent, they’ll help you maintain your focus during home viewings, help you pick the best area to invest in, and help you avoid emotional decisions.
Buying a home is one of the most expensive things you’ll ever do, and it’s even more so when you’re considering luxury Toronto real estate.
Are you not quite ready to invest several million dollars in a home? Browse our blog for all the best tips on everything to do with all kinds of homes.
Alison Lurie is a farmer of words in the field of creativity. She is an experienced independent content writer with a demonstrated history of working in the writing and editing industry. She is a multi-niche content chef who loves cooking new things.