In the first half of 2016 the GTA saw a 65 per cent increase (year-over-year) in sales over $1 million with a 35 per cent rise in the city of Toronto. There was a 74 per cent rise in sales of homes above $4 million in the GTA in July and August while those above $1 million increased 83 per cent. High-end condo sales were up 89 per cent.
Sotheby’s International Realty Canada says that in the first 6 months of 2016 Vancouver saw a 26 per cent rise in high-end sales but forecasts that it will see a more normal pace of sales in the fall. July and August have already shown moderation with sales of $1 million-plus homes down 30 per cent and 65 per cent for single-family houses.
For Montreal, there should be a sustainable but modest growth in home sales following a 16 per cent rise in the first half of 2016. Softer prices are expected for high-end condos due to increased inventory.
Calgary will continue to see a decline in sales following a 9 per cent rise in the first half of 2016 and despite a rise of 11 per cent year-over-year during July and August.
More market update:
The sale of high-end homes is expected to be led by the Greater Toronto Area in the fall, with strong sales of homes above $1 million while those above $4 million will be significantly higher in the region compared to the national average.