Sales of high-end homes in Toronto have surged this year, outstripping the growth in sales of more modestly priced homes, reports The Globe and Mail.
Indeed, a number of markets across the country are seeing a strong pickup in the number of high-end homes that are selling. Real estate industry players say they think it’s because people are less worried about the housing market’s future.
A record 754 homes sold for more than $1.5-million in the Greater Toronto Area during the first four months of the year, according to statistics from the Toronto Real Estate Board. The corresponding number of homes that sold in that price range during the first four months of the year was 566 in 2013, 623 in 2012, 435 in 2011, 399 in 2010, 132 in 2009, 260 in 2008 and 250 in 2007.
So, sales over $1.5-million are up by more than 30 per cent from a year ago, while sales of homes at all price points in the GTA during the first four months of the year are up by about one per cent.