Sales of homes priced over $1 million were up year-over-year in Toronto, Vancouver, Montreal and Victoria in the first seven months of the year. Calgary was the exception; sales in the $1 million range decreased 28% over the same period in 2014.
In Canada’s two largest luxury markets, sales of homes $3 million and up saw impressive gains. In the Greater Toronto Area, sales in this range increased by 119% and in Greater Vancouver by 79% between January 1 and July 31.
The increase of sales at the top-end of the luxury market can be attributed to two factors. one is overall price appreciation in both markets, driven by low inventory and high demand for single family homes that has led to more homes meeting the higher dollar threshold. A second factor is high demand for luxury homes from foreign buyers in both markets.
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