Toronto’s real estate has had a tough time lately. Earlier in the year sales slumped thanks to the foreign buyer tax, tighter mortgage restrictions, skyrocketing prices, and increased interest rates. However, the GTA’s real estate market is now bouncing back.
A new report by Sotheby’s International Realty Canada showed that luxury home sales have boomed this summer. Luxury homes are defined by anything over $1 million. Sales for luxury homes have climbed more than 19% in July and August.
Home’s prices over $4 million saw an even greater increase. Homes sold at this price point saw a 34% increase!
Experts say that this trend will continue into fall and will “run at full throttle”. Home sales in at this price point also increased in Montreal and Calgary, at 19% and 9% respectively. Vancouver wasn’t so lucky, with luxury home prices in the city down 21% in July and August.
For those that had any concern about building a beautiful luxury custom home put your fears to rest. Toronto’s real estate market is booming and is even pushing the nation’s market. Nationwide transactions rose 1.9% in June, bringing them closer to the 10-year average. Toronto has the highest increase in sales, growing by 7.7%.
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