Toronto’s ultra-luxury real estate market has seen tremendous growth year-over-year, and according to Barry Cohen, Broker, RE/MAX Realtron Realty, foreign buyers are adding to the growth.

“The Asian influence is about 25 to 40 per cent and growing,” said Cohen in an interview with BNN. “In my neck of the woods, [foreign ownership] it’s up about 70 per cent in most luxury markets.”

Overall, he says year-over-year luxury end sales have increased at an incredible rate.

“Sales over $5 million are up actually 50 per cent, it’s incredible”, he said. “But sales over $2 million, which is the new luxury standard is way up, more than 70 per cent.”

Despite the increase in sales of luxury homes, Cohen says these properties aren’t being snatched up in a feeding frenzy.

“These homes have been known to take up to 18 months to sell,” he said.

Cohen has just listed a home on High Point Rd. in Toronto, in the Bridle Path neighbourhood. The home is owned by Robert Herjavec, Canadian businessman and television personality known for his role on the Dragon’s Den and Shark Tank television shows.

16 High Point Rd. is listed at $18.8 million, and comes with 10 bedrooms and 13 bathrooms. The home sits on 33,000 square feet and was built more than 25 years ago, according to Cohen.

Here’s a look inside the home:

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