for Toronto area real estate, but there is one housing type that has been seeing sales soar as others face a grim decline in buyer interest and a flood of listings from increasingly desperate sellers. luxury condos, townhouses, and mansions are hotter-than-ever commodities among the ultra-rich, with activity jumping double-digit percentages in 2024, according to a new report on the best of the best properties from RE/MAX.
During the last three months of the year, GTA homes in the $5 million to $7.5 million range saw the biggest frenzy, with 58.5 per cent more of them changing hands than during the same few months of 2023.Residential properties between $7.5 million and $9.99 million — unimaginable to the vast majority of locals — saw a similar uptick in sales, of 41.2 per cent year-over-year, as did homes between $3 and $4.99 million, sales of which increased by 40.5 per cent. Of the area's luxury segment, only estates above the $10 million mark saw no change in the amount of activity from the final quarter of 2023 to the same time in 2024. But, looking at the year as a whole, these over-the-top homes were surprisingly in-demand for those who could afford them. A total of 17.4 per cent more of this highest echelon of homes were sold last year than over the course of 2023 — not far behind the 18.0 per cent increase in sales of homes between $7.5 million and $9.99 million from one year to the next, and the 21.1 per cent rise in sales between $3 and $4.99 million during the same period. RE/MAX's report on luxury real estate in the GTA, published Wednesday, shows how the segment has bucked the trend of the region's market generally in the last year. In Toronto proper, RE/MAX writes that buyers were happily able to 'take advantage of suppressed housing values, particularly at uber-luxe price points between $5 million and $7.5 million,' with 53 per cent of all of these hundreds of high-end sales taking place within the city's bound