Toronto To Take Lead In High-End Housing Market

The Greater Toronto Area is expected to lead the sales of high-end homes during the fall, with their figure for homes showing strength of over $1 million, while those more than $4 million will be way higher in the area as compared to the country’s benchmark.

There was 65 percent increase experienced by GTA in sales over the years in the first half of this year. The figure was more than $1 million, alongside an increase of 35 percent in Toronto. Also in July and August, there was a 74 percent increase in the sales of homes, which was above $4 million in the GTA, while the ones that were more than $1 million went up to 83 percent. There was an increase of 89 percent in the sale of expensive condos.

According to what Sotheby’s International Realty Canada said, Vancouver experienced a rise in high-end sales to 26 percent for the first half of this year; however, they are expecting the pace of sales to come down to a more moderate level in autumn. The two previous months have shown signs of sales becoming regulated, with the sales of $1 million-plus homes decreasing by 30 percent and the single-family homes, by 65 percent.

In Montreal, the growth of homes sales will be modest yet continuous, with a 16 percent rise that followed in the first half of this year. Prices are expected to come down for expensive condos because of the inventory that has gone up. The sales in Calgary will continue to fall, followed by a 9 percent increase for the first 6 months, even though there was a yearly rise of 11 percent increase during the past two months.