In recent times, the global luxury real estate segment is getting costlier, and Toronto seems to be way ahead of others. Knight Frank, a global real estate agency, has recently reported that the luxury housing market is surging, leading the way to move into the second half of 2021. Furthermore, the report shows that the average price of luxury homes witnessed a spike of 8.2 percent compared to the previous quarter’s 4.6 percent. The global price index for the same was evaluated from 46 urban localities.
Throughout Canada and the US, cities were able to see 16 percent of the growth in the luxury real estate segment. Greater Toronto Area is leading the char where the properties’ value increased by 27 percent. The data from the reports show that luxury home prices grew in double-digit percentage. Even reports from Engel and Volkers 2021 mid report showed that the luxury real estate segment grew at an unprecedented pace in the first half of 2021. The ongoing pandemic has made people question their present home’s amenities and abilities. They want to thrive and exist in their current properties. Lack of perceived options and products is forcing those with money to shell out more.