Toronto Luxury Home Sales Are Booming, Vancouver’s Are Toppling [REPORT]

For sale: 124 Park Road, Toronto, $22.8 million (Photo courtesy of Sotheby’s International Realty Canada)

Toronto luxury home sales have more than bounced back.

A report released Wednesday by Sotheby’s International Realty Canada, finds that while home sales for $1 million or more in the Toronto area slowed down earlier this year, they have climbed 19 per cent in July and August, from the same period in 2017.

But the numbers get even more luxurious …

READ: This Historic Mansion Is For Sale: Own A Piece Of Toronto’s History For $22.8 Million

The increase was even greater with the higher-end properties. Transactions priced over $4 million, saw an increase of 34 per cent in the same time frame.

READ: Toronto Condo Prices Hit A New All-Time High — Again

The report also expects Toronto’s top-tier market to “run at full throttle” this fall, despite the introduction of Ontario’s Fair Housing Plan in April 2017, higher borrowing costs, and stricter lending guidelines, according to Brad Henderson, the brokerage’s president and chief executive officer.

In Canada’s other expensive housing market, it’s another story.

READ: Canada’s Most Expensive Home Is For Sale. Prepare To Have Your Mind Blown.

Vancouver sees its high-end sales and prices softening. Henderson says that market will see buyers with the upper hand.

Sales in Vancouver are still adjusting to new regulations. A provincial foreign buyers tax and speculation tax, along with the rising interest rates are proving challenging for its housing market.

Vancouver sales for $1 million or more fell 24 per cent, while $4-million-plus home sales dropped 33 per cent.

READ: Drake Is Building An NBA-Sized Basketball Court In His New Toronto Home

Not to be overlooked however is Montreal’s luxury home sales market. In July and August, it saw its $1 million-plus sales jump 19 per cent — the same increase Toronto experienced.

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