Luxury market ‘exceeds expectations’ – Sotheby’s June 2015
Sotheby’s International Realty says 2015 activity shows a return of buyer confidence in luxury residential real estate in Canada’s largest cities.
Despite a sluggish start to 2014, the luxury real estate market exceeded experts’ expectations in the latter half of the year. Vancouver, Toronto and Calgary all ended 2014 with positive year-over-year sales growth, with 19 per cent (Vancouver), 13 per cent (Toronto) and 33 per cent (Calgary) gains respectively. Montreal stood as the only major urban centre in Canada to post negative sales growth for 2014 year, reporting an eight per cent decrease in homes sold over $1 million compared to 2013.
Sotheby’s Realty Canada CEO Ross McCredie says, “2014 proved to be a year that defied many analyst predictions. We expect to see continued growth in western Canada’s high-end housing market. Entering 2016 we also anticipate Toronto maintaining its current upward sales trajectory.”
Top-tier residential real estate sales in the Greater Toronto Area, including Durham, Halton, Peel, Toronto and York saw continued upward luxury sales momentum in 2014. This trend came in spite of a year in which many analysts called for a “cooling”, particularly in luxury condo sales. Toronto’s 2014 top-tier residential home sales saw resurgence the latter half of the year. A total of 5,449 properties (condominiums, attached and single family) sold in 2014 over $1 million, representing an increase of 13 per cent over 2013. Attached homes saw the greatest movement as a category, selling 23 per cent more in 2014.
We specialize in the sale and marketing of luxury estates and properties of distinction within Aurora and King Township. York National Realty Inc. deals with international buyers looking to invest in Canada’s robust and flourishing real estate market. If you are thinking of selling or purchasing in our area, contact us and we would be glad to provide a detailed and comprehensive evaluation of the market. These complimentary evaluations can help determine the appreciation trends in the neighborhood and other important statistics.