Toronto and Vancouver luxury real estate sales to soar in fall 2015
This includes building momentum in luxury sales over $4 million, reinforcing both cities' positions as international market leaders in top-tier real estate.
Considerable sales gains are projected for both markets across all product categories, while overall market balance is anticipated for Montreal. Calgary is expected to experience slowing sales and absorption rates.
Sotheby's International Realty Canada's mid-year 2015 Top-Tier Real Estate Report indicated divergence in the performance of major Canadian real estate markets during the first half of 2015.
Sales of units over $1 million (condominiums, attached and detached single family) increased 56%, 48%, and 20% year-over-year in the Greater Toronto Area (GTA), Vancouver, and Montreal markets respectively, while sales volume decreased 36% in Calgary. At the same time, luxury real estate sales in the $2-4 million and $4 million-plus ranges surged 52% and 71% in Vancouver, and 46% and 72% in the GTA.
Limited inventory, historically low interest rates, heightened consumer confidence, and increased international demand are expected to accelerate growth in Vancouver and the GTA, and to sustain market balance in Montreal.
The performance of Calgary's high-end real estate market will remain contingent on the state of the oil and gas industry, employment rates and net migration. ■