Competition for 'landmark' Toronto luxury homes heating up

Sales of Toronto homes priced between $2 million and $4 million were up 17 percent from 2012 to 2013, and competition for “landmark” luxury properties continues to heat up, The Globe and Mail’s Carolyn Ireland reports.

Tighter restrictions on home loans implemented by Canadian regulators in 2012, including high-ratio mortgages of more than $1 million, may have dented sales.

But today, “there’s not an overwhelming supply of great product,” Jimmy Molloy of Chestnut Park Real Estate Ltd. tells The Globe and Mail. “There are people with $2 million or $3 million to spend and they’re frustrated.” Source: