Toronto’s Healthy Luxury Real Estate to Continue in 2017
Amid his rising pop-stardom, rapper Drake reportedly unloaded his swanky Toronto condo in 2013 for C$3.75 million—back when housing prices in the Canadian city were rising at an annual rate of about 4%.
That was near the bottom, now we’re here.
The Canadian city has watched housing prices skyrocket over the last four years, thanks to tightening inventory, low interest rates and population growth (including steady immigration). In December, the average sales price was 20% higher than a year earlier, and Toronto saw the strongest sales gains of any Canadian metropolitan area in 2016, according to the Toronto Real Estate Board (TREB).