When compared with data from 2013, sales of GTA homes over $1-million (luxury sales) grew by a staggering 38 per cent in 2014, says Sotheby’s International Realty Canada (Sotheby’s). In an annual report, the real estate sales and marketing company found that, across several of Canada’s major real estate markets, luxury sales finished the year with positive year-over-year growth.
According to the analysis, Vancouver, Montreal and Calgary also witnessed gains in luxury sales with year-over-year increases reaching 25 per cent, 21 per cent and 16 per cent, respectively.
“2014 was another benchmark year for high-end real estate in Canada, as demand continued to be fueled by historically low lending rates, a strong economy and steady immigration and migration into Canada’s major cities,” says Ross McCredie, Sotheby’s President and CEO. “We expect the market to remain strong in the GTA and Vancouver well into 2015, and for demand to outweigh available inventory, especially when it comes to detached single family homes. The outlook for Montreal and Calgary is positive, but more conservative- both cities are heading into the year positioned to maintain balance.”
Of all four of the top-tier markets analyzed, Toronto’s condominium sector saw the greatest gains in $1-million-plus sales, registering a 46 per cent increase in units sold over the previous year. The remaining markets studied revealed both sales gains and losses in the luxury condo category:
- Vancouver – 38 per cent increase;
- Calgary – 22 per cent decrease; and
- Montreal – 4 per cent increase.
In Vancouver, the substantial increase in luxury condo sales represented the greatest percentage gain of all $1-million-plus residential housing types in the region.