Royal LePage Carriage Trade Luxury Property Report: Canadians are embracing luxury living more than ever before

Submitted by Jasmina on Sat, 2006-11-25 01:10.

Press Releases - Canadian Real Estate and MLS Listings (TORONTO, November 24, 2006): Canadians are embracing luxury living more than ever before - and if they are not currently living in a luxury home, many aspire to someday live in the lap of luxury. As a result, the number of unit sales of luxury homes has skyrocketed in Canada's major markets.

Greater Toronto Area

In Toronto, the number of luxury home sales at the price of $1-million and above has increased by 20.3 per cent year-over-year, in the first nine months of 2006. During January to September 2006, 1,309 units were sold, compared to 1,088 units sold in the same period in 2005. Rosedale (C09) and Forest Hill (C03, C04) remain the most sought-after areas to purchase a luxury home within the city’s downtown core, while areas such as Lawrence Park (C12), Hoggs Hollow (C12) and Post Road (Bridle Path area - often referred to as "Millionaires Row" also in C12) offer luxury living slightly north of the city – providing homeowners with more land, usually used to accommodate outdoor amenities such as pools, elegant gardens, tennis courts or additional garage space.

Luxury homes in Toronto are redefining how people live. It is increasingly common for these properties to feature professional calibre kitchens equipped with high-end appliances, custom-built cabinets and flat screen televisions, providing a wonderfully indulgent spin on the ubiquitous kitchen party. Buyers also favour bathrooms designed as mini-spas with steam showers with benches. They often have very specific requirements for amenities and will wait longer to find an ideal home that suits all of their needs, favouring completely finished homes that have been recently or fully renovated. Homes that have maintained a traditional façade while having a completely updated interior are most popular. Some purchasers are looking to new construction projects to allow them to tailor a home specifically to their needs.

Other interesting findings

  • Over one-third (37%) of Canadians aged eighteen and older, currently live in a luxury home, plan to buy a luxury home soon, or aspire to one day live in a luxury home.
  • The three most important criteria when choosing a luxury home are: investment potential (25%), proximity to excellent schools (19%) and the prestige of the neighbourhood (17%).
  • The three most important amenities when choosing a luxury home are: commercial style kitchen (21%), indoor or outdoor swimming pool (14%) and smart wiring (12%).

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