Canada’s luxury homes are selling like hot cake

CBC.ca
Sales of houses that cost at least $1 million are booming in Canada’s four biggest cities, high-end real estate firm Sotheby’s International Realty Canada says. Sales of homes priced higher than $1 million increased in Vancouver, Calgary, Toronto and …

CTV News

Joe can’t afford the mortgage, Jane couldn’t even have what it takes to pay just the taxes.

So, just who is buying ?

Aliens?

Why?

Foreigners wanted a Canadian passport?

Why not just sell them passport … $5M for one, $10M for three (family package) … and distribute $10 to each of us the poor guys in the street ?

Well … How about Birth Tourism ?

I offer packages to make and deliver babies … on turnkey basis.

125 Macpherson Avenue – SUMMERHILL

This house has been listed for a LONG time.
It is a 2+1 bedroom, 4 bathroom semi on an 18.75 x 120 foot lot at 125 Macpherson Avenue in Summerhill and it was listed last March.
Though it had an extensive renovation with an addition and a terrific wall of glass at the back, I thought the asking price of $2,195,000 was kind of crazy.
I thought it was more of a $1.66…maybe even $1.75 house.
It didn’t sell and the price was dropped tp $2,095,000 at the end of April.
By June, the price was dropped to $1,995,000.  I thought we would see another price drop soon but we didn’t see one until September.
The price was dropped to $1,895,000.  I thought it was time to start writing up the price drop #4 post!
But even though there WAS a fourth price drop, I missed it.
Two weeks ago, the price was dropped a 4th time to $1,879,000.
It has finally sold…
For $1,820,000.
So….what is 10% (the rate I feel the market has been growing annually) on top of my $1,660,000 guess last March?
It’s $1,826,000.
So…considering the costs to keep the house for a full year are WAY less than $166,000…
This whole year long wait may have been a good thing for the seller after all!