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.
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.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: