Luxury home sales plummeted in Toronto last year
Houses worth more than $1 million were anything but hot in Toronto over the past six months, according to Sotheby's International Realty Canada.
A new report from the real estate broker shows that, while the luxury home market was booming during the first half of 2017, those sales tapered off by a whopping 56 per cent in the second half of the year.
Houses between $2 million and $4 million saw the steepest drop at 62 per cent in late 2017.
A decline in home sales is normal during the latter half of a year but, as The Globe and Mail notes, 2017's was a lot more noticeable than the year previous.
Sales of luxury homes tumbled only 6 per cent in the second half of 2016 compared against the first half – a full 50 per cent less, on average, than what we saw happen between the first and second halves of 2017.
Luxury condos, on the other hand, are entirely different story.
Within the City of Toronto, sales of condominiums worth more than $4 million skyrocketed in 2017, up 82 per cent over the previous year.
That number is even higher when you factor in the entire GTA.
"Sales of $1-million-plus condominiums were up 59 per cent year-over-year within the region, with luxury sales over $4 million up 91 per cent over the previous year," reads Sotheby International Realty Canada's 2017 year-end Top Tier Real Estate report.
Calling it "the year of the condo" across Canada, Sotheby's CEO Brad Henderson confirmed that the phenomenon is happening all over North America.
Still, he says, "the performance of the GTA's top-tier condominium market eclipsed that of other major Canadian markets in both sales volume and percentage gains in 2017."
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