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Luxury real estate sales rise in Toronto, Montreal; fall in Vancouver, says report

The Canadian Press
Luxury real estate sales rise in Toronto, Montreal; fall in Vancouver, says report
SHUTTERSTOCK — Sotheby’s International Realty Canada’s mid-year real estate report states that property sales over $1 million increased by 12 per cent in the Greater Toronto Area in the first six months of 2019 compared to the same period last year.

TORONTO — A new report says luxury real estate sales in Canada’s top-tier housing markets headed in opposite directions in the first half of this year, with dwindling sales in Vancouver and gains in Toronto and Montreal.

Sotheby’s International Realty Canada’s mid-year real estate report says the Greater Toronto Area (GTA) saw healthy increases in sales of properties over $1 million, while Montreal experienced balanced gains.

In the GTA, 12 per cent more properties sold for over $1 million in the first six months of 2019 than in the same period last year.

In Montreal, sales of such properties rose five per cent, while sales of properties over $4 million jumped 267 per cent.

In Vancouver’s formerly heated housing market, luxury property sales continued to drop due to the fallout from government intervention.

The number of homes sold for over $1 million fell 33 per cent, while homes sold for more than $4 million fell 34 per cent.

 

© 2019 The Canadian Press

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