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According to the released report by Sotheby’s International Realty Canada, the sale of $4 million-plus real estate in the Greater Toronto Area (GTA) and Vancouver increased significantly during the first six months of 2016, despite stark contrasts within the $1 million-plus real estate markets across Canada’s four major metropolitan centres.

The GTA (Durham, Halton, Peel, Toronto and York) and Vancouver continued to lead Canada’s $1 million-plus real estate market as a whole, as robust market fundamentals buoyed year-over-year luxury real estate sales over $4 million. While sales over $1 million soared across the GTA region and the number of units sold over $1 million in the city of Toronto exceeded that within the city of Vancouver, it was Vancouver that saw the greatest year-over-year percentage gains in sales volume over $4 million relative to the city of Toronto proper. Montreal’s top-tier real estate market remained balanced and increased sales activity in late spring in Calgary resulted in a modest uptick.

“Demand for luxury real estate in Toronto and Vancouver remains unrelenting, far outstripping supply in the higher price spectrums of the market,” says Brad Henderson, President and CEO of Sotheby’s International Realty Canada. “There are signs that lack of inventory is causing gridlock in the market for homes closer to $1 million, now the typical price for a conventional, detached home in both markets. The options for real estate consumers are slim, and this is beginning to reflect in market activity.”

According to Henderson, sales gains in the market for real estate over $1 million are expected to continue through the remainder of 2016 across the GTA and Vancouver, with further increases projected in the $4 million-plus segment as local and international demand continues to reinforce both markets’ position as global real estate market leaders. With sustained political stability forecasted, Montreal’s high-end real estate market is expected to remain balanced into the summer and fall, while anticipated price declines are expected to increase activity in Calgary’s top-tier real estate market in fall 2016.

Source: http://sothebysrealty.ca/

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