Driving demand for upscale luxury homes in eastern York region and Stouffville are a few notable trends. For homesellers looking to get rich, the scarcity of homes in York region is perhaps the key to rising selling prices.
If you’re planning to sell or flip a house there’s a good chance you’ll make a killing in 2015 or 2016.
2014 was a very good year for luxury home sales in the GTA region. 7527 homes and condos sold above the $1 million mark. That’s a whopping rise of 46% over 2013, which itself was a very good year
Sales of homes between 2 and 4 million dollars rise 38% and for $4 million+ homes, a rise of 10%. The scarcity of available property and homes is a major factor in the rise in price. If current economic conditions persist, the next two years should see similar growth in sales and prices.
Houses in the $1-million to $2-million range are highly sought after in Toronto, the report says, and are no longer considered a luxury. Now, that price range is considered fairly average for a conventional single family home in Toronto.
The dearth of listings below $2-million has pushed some buyers to take advantage of low interest rates to get into the $2-million to $4-million tier, says Sotheby’s International Realty Canada. Sales in that segment rose 40 per cent in Toronto and 50 per cent in Montreal in 2014 compared with 2013, the report says.
– From a Globe and Mail Report.
Wealthy Business People will be Buying Upscale Homes
The rise in demand is likely due to improving fortunes of wealthy business owners in York Region and the GTA. Other real estate investors are likely a factor too, seeking to capitalize on a once in a lifetime opportunity.
Growing exports to the improving US economy, falling loonie, and low oil prices is fattening the wallets of many business owners who are not necessarily hiring new workers. The word is, they’re earning a lot of money but not quite ready to hire. It’s a wait and see game for them.
Job growth and economic growth is expected to be strong, so the outlook for luxury home sales looks very good.
Your Home Selling Strategy
I’m not going to suggest your realtor is wrong about what to renovate in your home, but certain renovations and upgrades might increase your home value more. You can renovate your garage, kitchen, basement, bathroom, or do some landscaping. How about a new floor plan?
The Allure of Glass
To lift your Stouffville property valuation up into the million dollar zone, you may want to enhance it with glass. The wealthy prefer enhancements that are uncommon, tasteful, customized as well as dazzling. Glass is something you don’t see too much of, except in luxury homes where walled windows and solariums let in a lot of light.