Luxury home sales in Toronto are showing no signs of slowing down.
According to Sotheby’s International Realty Canada, sales of $1M-plus homes will be strongest here, with sales of homes over $4M anticipated to significantly outpace other Canadian cities.
The luxury real estate market is expected to moderate somewhat in Vancouver, with the recent introduction of a 15% foreign buyers tax.
Sotheby’s data finds the GTA had the greatest year-over-year gains in sales over $1M in the first half of 2016, with a 65% increase. For Toronto, sales were up by 35%.
Low interest rates, the low Canadian dollar, and consumer demand are just a few of the factors affecting the housing market and sales.
“The two cities that have been at the forefront of the Canadian real estate market have been Toronto and Vancouver, and we are going to see a clear divergence between their performance this fall. Vancouver’s record-setting sprint will return to a more moderate pace, but Toronto’s market cadence is set to accelerate.” – Brad Henderson, President and CEO of Sotheby’s International Realty Canada.