Insatiable demand and meagre supply in the GTA’s luxury residential property market are sparking bidding wars and significant price escalation, a new report says.
Insatiable demand and meagre supply in the GTA’s luxury residential property market are sparking bidding wars and significant price escalation, according to a report released Wednesday by Sotheby’s International Realty Canada.
Don Kottick, president and CEO of Sotheby’s International Realty Canada, says the luxury condominium market is booming due to a confluence of factors. “With the pandemic, we had the perfect storm: low interest rates at the time, the great generational wealth transfer, and millennials and the Gen Zers coming into the market,” he explained. “With the pandemic, we also saw a lot of people looking further afield.
“You’re buying the lifestyle; that’s really what luxury condos are all about,” said Taylor. “And the demand over the past few years has only increased with COVID and domestic buyers looking to move out of a house and into larger units.”