luxury home sales toronto

Luxury home sales take a huge dive in Toronto

Toronto's market for high-end homes continues to struggle as we move into the second quarter of 2018.

A new report from the luxury property broker Sotheby's International Canada shows that houses worth more than $4 million are selling like cold cakes. As in, the opposite of hot cakes. As in, they're not selling very well at all.

January and February marked a 55 per cent year-over-year decline in both the $1-million-plus and $4-million-plus categories locally, according to Sotheby's.

Of course, the beginning of last year was atypically hot.

Sales of luxury homes were booming during the first half of 2017, according to a previous Sotheby's report, but tapered off by a whopping 56 per cent over the second half of the year.

Knowing this, the findings for January and February show more of a stagnation than a dramatic plunge – but a 55 per cent year-over-year drop is still pretty jarring, especially in the typically stable luxury market.

Sotheby's Canada CEO Brad Henderson says not to worry, calling the steep decline a "statistical aberration."

He predicts that sales numbers and prices will rise again in the City of Toronto later this season, based on a slight increase in the average home price he's seen already this year.

The "continuing heat in the condo sector and detached houses" should further buoy the market – and if one thing is for sure, it's that condos are hot as heck right now.

Lead photo by

housemax


Join the conversation Load comments

Latest in City

Toronto residents put up hilarious posters around the city to help a friend find love

This is when and how badly Ontario's second wave of COVID-19 could peak

Toronto is extending the ActiveTO major road closures

Ontario medical officer says not to undercook turkey when asked about Thanksgiving risks

Toronto's new bike lanes are saving lives according to just released report

Multiple incidents of taxi fraud scams reported in Toronto

There's a new way to track wait times at COVID-19 testing centres in Toronto

How to find out if you may have been exposed to COVID-19 at a Toronto grocery store