Toronto luxury market hits new record while Vancouver slumps (July 16, 2017)

Toronto luxury market hits new record while Vancouver slumps -> LINK

Sales of homes priced at $1 million or more were up sharply in the GTA in the first half of 2017 while Vancouver felt the impact of the foreign buyers’ tax.

 

Luxury sales in the GTA jumped 41 per cent compared to the first half of 2016 and for homes over $4 million there was a 93 per cent surge. This was driven by a 33 per cent increase in sales of single-family homes over $1 million (12,146 sales) and a 98 per cent rise in condo sales over $1 million (758 units).

However, Sotheby’s International Realty Canada reports that activity in the GTA has begun to cool since the introduction of the Ontario Fair Housing Plan.

 

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