Cable Wine Systems (www.CableWineSystems.com), creators of the most versatile and sophisticated wine racking system on the market, is weighing in on Toronto being listed as the world’s second hottest luxury real estate market.
Christie’s International Real Estate and Chestnut Park Real Estate of Toronto released a report naming Toronto the second hottest luxury real estate market in the world. According to the report, the two organizations calculated that the market in Toronto grew by 48% over the last year. (Source: “Toronto is World’s Second Largest Luxury Real Estate Market, Says Christie’s International Real Estate Report,” May 12, 2016; http://finance.yahoo.com/news/toronto-worlds-second-hottest-luxury-132700973.html.)
“It seems a little surreal to think that Toronto is a city with that much luxury all around its residents,” says Janice Bednarz, general manager of Cable Wine Systems. “That said, Toronto is certainly a world-class city and anyone living in and around Toronto knows the insane amount of ongoing construction for homes and condos, so this probably shouldn’t be as surprising as it sounds.”
For the purpose of the report, a luxury home in Toronto was defined as a property worth US$3.0 million or more; that is above the world’s average starting point for luxury, which begins at US$2.2 million. On top of this growth in the real estate luxury, the report also indicated that Toronto sells luxury homes faster than any other city in the world, taking only 28 days to close a luxury property compared to 195 days on average for the rest of the world.
“This is an incredible market for luxury real estate,” Bednarz adds. “Toronto has so many little pockets of communities and even in luxury areas, it remains diverse. It’s amazing to watch all of this happen and for those in the city to be part of it in some way.”
Bednarz points out that the likely reason for Toronto’s scorching luxury real estate market is simple supply and demand. Canada’s stable government and stability in banking make it attractive for foreign luxury home buyers.
“The experts at Cable Wine Systems know all about the luxury home market,” Bednarz concludes. “That’s because homeowners that purchase the CABLE WINE SYSTEM, our revolutionary wine racking system, often fall under that bracket and have a true appreciation for wine.”
For more information about how Cable Wine Systems caters to luxury homes, contact Cable Wine Systems at www.CableWineSystems.com.