We’re proud to share the launch of our second Toronto office with our new franchise location in the heart of Downtown Toronto. The team is led by Managing Partners Peter Torkan and Paige Torkan, with Paul Greenberg and Scott Parkhill serving as Managing Directors. The Agency continues its Canadian expansion with several franchise offices located in Toronto, Waterloo Region, Oakville, Victoria, Cowichan, Calgary and Vancouver.
“We’re thrilled to continue The Agency’s strategic expansion throughout Canada and once again partner with Peter and Paige on our new franchise office in the heart of Downtown Toronto,” said Mauricio Umansky, CEO and Founder of The Agency. “The Toronto market has truly embraced The Agency brand and our unique culture, and we look forward to continuing to service buyers and sellers throughout the downtown area.”
“We are delighted to open our new office location in Downtown Toronto as we continue to showcase the power of The Agency brand throughout the city,” said Peter and Paige. “The opening of our second location is a testament to the demand we’ve experienced for The Agency’s unparalleled marketing and technology offerings, and we can’t wait to paint Downtown Toronto red!” The Agency Downtown Toronto will be located at 20 Maud Street, Suite 400, Toronto, ONT M5V-2M5.
The expansion comes as demand for homes in Ontario’s capital city continues to soar. As we reported in The Red Paper 2021 Annual Market Report, demand couldn’t be satiated with inventory dropping significantly across Toronto in 2021. It was a record-breaking year in terms of the number of homes sold and the average price increase. The number of single-family home sales rose 22% year over year while condo sales rose 50%. A lack of inventory is still the catalyst fueling price gains throughout the city, as residents met a new single-family home average price of $2.53M, a 13% increase over 2020, and a condo average of $754K, a 3% rise year over year.
Toronto is always a hotspot for international buyers, but this year, more locals purchased in their home city than ever before. It’s no wonder; with an abundance of entertainment and arts, this city is a vibrant, multicultural hub. Some buyers were looking to downsize, but many focused on upgrading their homes. While travel remained stagnant due to pandemic precautions, homeowners invested time, energy and money into their current properties, undergoing extensive renovations. Technology and lighting upgrades were at the top of their lists, and they were willing to pay top dollar for these enhancements.
2022 is expected to look similar to this past year, with Ontario real estate still in high demand, and the international buyers arriving back on the scene as borders continue to re-open.
Read more about the global real estate market as a whole in The Red Paper 2021 Annual Market Report.
