Toronto Luxury Real Estate Report
Toronto Luxury Real Estate Market on fire!
Sales of homes priced over $1 million were up year-over-year in Toronto, Vancouver, Calgary, Victoria and Oakville in the first nine months of 2016. In the Greater Toronto Area and Vancouver, Canada’s largest high-end housing markets, sales of $3 million-plus homes saw significant increases, of 86 per cent in the GTA and 41 per cent in Vancouver.
High demand in the GTA and Vancouver has resulted in a spillover effect in neighbouring markets, as buyers look further out for more selection and value. In Oakville, an affluent suburb to the west of the GTA, sales of $1 million-plus homes increased by 111 per cent year-over-year, driven by price appreciation throughout the market as well as increased interest from foreign buyers.