Luxury condo sales skyrocketed in Toronto this year
Toronto's real estate market might be in flux right now, but the market for luxury properties was still smashing records this year.
According to a new report from Sotheby's International Realty Canada, for the first half of 2017, 14,292 properties sold for over $1 million in the GTA. That's up 41 percent since last year. Sales over $4 million were up 93 percent since last year.
Condos, as Sotheby's notes, proved extremely popular.
"With consumers seeking alternatives to limited single family home options, $1 million-plus condominium and attached home sales [townhouses] soared," said a news release.
In the GTA, condos sales over $1 million increased 98 percent year-over-year with 758 units sold. Condo sales over $4 million went up 150 percent (with 15 units sold).
While condo sales boomed, the biggest gains were still in detached homes in the first half of this year. Sales over $1 million were 1111 percent and 80 percent sold over asking.
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