TORONTO — Recent data from Sotheby’s International Realty Canada shows real estate sales in the country’s four largest markets – Vancouver, Calgary, Greater Toronto Area and Montreal, are signaling a healthy growth and stability, especially in luxury real estate.
Data from Sotheby’s reports the greatest gains in comparison from year to year are in the Greater Toronto Area with real estate over $1 million, including condos attached and single family homes. During the first two months of this year, sales volume increased 87 percent across the region, according to Sotheby’s data. Also in the Greater Toronto Area, the city of Toronto saw a jump of 44 percent in sales and luxury real estate over $4 million jumped 144 percent.
Data also showed a 13 percent increase for Montreal in $1 million and over real estate sales during the first two months of this year. However, Calgary’s numbers remained the same with 2017 levels, according to the data. Sales over $1 million in Vancouver fell by 45 percent after its recent historic highs.
Sotheby’s International Realty Canada president and CEO Brad Henderson said positive consumer outlook in these markets will help the sales numbers to continue to increase.
“The Toronto real estate market has pulled into a league of its own and we expect to see all-star performances across the luxury segment, single family and attached homes, as well as unprecedented performance in the luxury condominium market,” Henderson said.
“At the same time, rising Canadian consumer optimism will add positive colour to the markets in Vancouver, Calgary and Montreal in the coming months,” said Henderson.