Luxury Home Sales on the Rise Across Canada
While most of the country is seeing a decline in home sales, luxury home sales in four of Canada’s largest markets are seeing steady growth in real estate over $1 million.
August 8th, Oakville, Ontario, Canada
While most of the country is seeing a decline in home sales, luxury home sales in four of Canada’s largest markets are seeing steady growth in real estate over $1 million. In fact Toronto, Montreal and Calgary are all seeing double digits increases in luxury home sales this year.
This report assembled by Sotheby’s, looked at the number of million dollar homes sold in Montreal, Toronto, Vancouver and Calgary from January to June 2011 and January to June 2012 respectively. It measures the percent of luxury homes sold over the asking price, days on the market, the inventory of all listings and of course the sales volume.
Toronto and the GTA, including Oakville real estate, were at the very top of the list, showing the highest level of growth in luxury real estate across Canada. Toronto, in fact, showed an incredible increase of almost 30% in sales for properties over one million dollars, having had over 3,000 sales of these luxury properties in the first half of the year alone. Across the entire GTA, things were looking even better with a 31% increase in sales of luxury homes in Oakville and surrounding areas.
In other areas of the country, Calgary saw an almost 20% increase in luxury real estate sales, along with a rather large increase in the total number of million dollar properties listed on the market in the first half of the year. In Vancouver, the hotbed for luxury homes in Canada, has seen a small correction this year in sales, however, they’re still seeing steady increases in sales, with an 11% increase in properties sold over this time last year. Montreal has also seen solid growth with an increase of 15% since 2011.
According to many analysts, the increase in sales can be partially attributed to the stability of Canada’s real estate markets over their American and European counterparts in recent years.
The Goodale Miller Team is based in Oakville, Ontario is Canada’s #1 Century 21 team for 8 years running.
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