By Tess Kalinowski Real Estate Reporter Wed., Jan. 9, 2019 Shaky stock markets, Brexit turmoil and trade disputes that rattled consumer confidence in Canada’s high-end real estate market last year will continue into 2019. But the strong employment and above-average population growth in Toronto mean the region is poised to weather global forces better than most cities, says Brad Henderson CEO of Sotheby’s International Realty Canada. The company’s 2018 year-end report, released Thursday, points to looming financial volatility that could stall the luxury real estate market in 2019. But Toronto-area housing remains “the most blue chip of Canadian real estate at this point in time,” said Henderson, who acknowledged that the $1 million-and-up price point spells luxury in other cities but is about the average cost of a detached house in the Toronto region. “If (U.S. President Donald) Trump is impeached, if China puts trade embargoes on other countries it will have an effect, but nothing near the effect people losing their jobs would,” he said. Article Continued Below As positives, Sotheby’s cites the region’s 2.3 per cent economic expansion last year, its low 6.2 per cent unemployment rate and 2.5 per cent population growth over 2017. Read more: Toronto… Read full this story
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