Forma Featured In Globe & Mail: Luxury real estate market a ‘bulwark of strength'

Buyers focused on quality and lifestyle appear undeterred by rising rates
If you’re going to talk luxury market trends, one theme that has emerged above all others, according to Andy Taylor, senior vice-president of sales for Sotheby’s International Realty Canada, has been a “flight to quality.”

Taylor just got back from a gathering in Los Angeles involving a Sotheby’s group called “Market Leaders,” comprising 50 of North America’s top agents in markets such as New York, Miami, Los Angeles, Vail, Aspen and Chicago. All the major markets, including Toronto, he says, appear to be flying above impediments such as rising interest rates and taxes on foreign buyers. The luxury buyer is concerned more with lifestyle – that is what’s driving their investment decisions.

“There’s still interest in top properties in the city,” he says. “That’s the main, overlying message. Homes that are needing work, needing a renovation, are less desirable than properties that show triple-A, that are 10-plus. And homes that are rare – we have a very short supply of larger condominiums in luxury buildings, and those are still seeing buyers.”

Read full article at The Globe & Mail

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